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Minnesota Cup seeks startups for $300,000 in prizes

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Do you have an amazing idea that the world would embrace, if only you had the funds and know-how to bring it to market? Then the Minnesota Cup wants to hear from you.

KARE  reported that the 10th annual competition officially kicks off on Monday. According to the Minnesota Cup's website, the competition is the largest statewide new venture competition in the United States.

State residents have until May 9th to submit entries to compete for a total of $300,000 in prize money. Tech.Mn has the information release about the award.

Last year, some 1,100 firms submitted ideas. The big winner in 2013 was Preceptis Medical, a Plymouth-based developer of surgical tools to simplify pediatric ear procedures. Preceptis was awarded $40,000 plus donated professional services and other benefits.

The website says that the Minnesota Cup seeks to support and accelerate the development of the best breakthrough ideas from across Minnesota. The competition is set up to provide an opportunity for entrepreneurs, inventors or small business owners working on innovative new business concepts, or for those who have already started a business but are generating less than $1 million in yearly revenue, to help move to the next phase.

In 2014, one new category has joined the lineup: a Food/Agriculture/Beverage division has been added to the six returning divisions: Energy/Clean Tech/Water, General, High Tech, LifeScience/Health IT, Social and Student. The lead sponsor in the new food division is Golden Valley-based General Mills. The company will recruit local judges, sponsors, and mentors.

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