The Minnesota Cup, the largest statewide startup competition in the United States, moved into the semifinal round yesterday. This year’s competition will award over $450,000 in seed funding to emerging businesses across eight different divisions. One entrant from Olmsted County, the minority and women-led tech startup Via, moves on into the Minnesota Cup semifinal round in the Youth Division.
This year’s Minnesota Cup competition began in late March with an application launch party and culminates in a final awards event on October 9th at the McNamara Alumni Center in Minneapolis.
This is the 13th year of the competition.
Since its inception, Minnesota Cup has drawn in over 12,000 Minnesota-based startup participants from 93% of Minnesota counties. Finalists have raised over $230M since 2005.
Any startup in Minnesota with less than $1M in annual revenue can enter the Minnesota Cup competition in eight different divisions: Food/Ag/Bev, General, High Tech, Energy/Clean Tech/Water, Impact Ventures, Life science/HealthIT, Student (anyone enrolled in graduate or undergraduate school between the ages of 19-30), and Youth (anyone under 18 years of age).
Besides gaining access to seed capital, throughout the Minnesota Cup competition startups receive input on their business plan, gain access to mentorship opportunities with key industry leaders, and receive media coverage.
On May 30th, the eighty semifinalists for the 2017 competition were announced, ten from each division. Over the next seven weeks, the semifinalists will be paired with mentors, tweak their business plans, and compete for the top spot in their respective divisions.
Each divisional winner will receive $30,000 in seed capital and move on for the chance to win the $50,000 grand prize. The youth division leader will be awarded $20,000 and will also move on in the competition.
This year, both student and professional division winners in Walleye Tank, a life science business pitch competition developed in Rochester, gained automatic entry as life science division semifinalists. Look for the Twin Cities-based startups Dolore Biotechnology and Dose Health as Minnesota Cup progresses.
In Olmsted County, one entrant moved on to the semifinal round, the Youth Division tech startup Via.
Via is addressing the prevalent health issue of distracted driving from texting, especially among teens. Via is developing an easy to use app that places phones into “driving mode” when the user is operating a vehicle to mute notifications and avoid unnecessary health risks.