The annual competition gives Minnesota-based startups and small businesses a chance to compete for up to $75,000 in seed capital.
MINNEAPOLIS — On Monday the University of Minnesota’s Carlson School of Management named 27 finalists in the MN Cup. The annual competition allows startups and small businesses with innovative ideas an opportunity to compete for up to $75,000 in seed capital.
The champion in each of nine divisions will receive $50,000, and the grand champion among all the divisions will receive an additional $25,000.
The competition was launched in 2005 and started as a student competition. Today, it’s now open to any Minnesota business with less than $1 million in revenue.
Participants work on their business plans through written proposals, presentations and videos, then present their pitches to a panel of judges that include industry experts and seasoned entrepreneurs. Semifinalists are also assigned mentors to hone their entries.
John Stavig, director of the Holmes Center for Entrepreneurship at Carlson, says each year yields a lot of ideas that have the potential to have large industry impacts.
“When you get nearly a thousand ideas coming in each year, most of them are really at the cutting edge,” he said.
“[These startups are] looking at the problems and getting in early, and playing a lead role in solving meaningful problems.”
Out of the more than 2,500 Minnesotans who applied, 27 finalists were named — three in each division. One business that made this year’s finals in the “impact ventures” division is TurnSignl, an app that aims to deescalate roadside interactions between drivers and law enforcement.
TurnSignl was founded just over two years ago by three Black men, all Twin Cities natives, who have backgrounds in law, computer science, and finance. With the touch of a button or a voice command, the app user’s phone immediately starts recording video while also connecting to a lawyer who can serve as an observer throughout the interaction.
“The mission is simple: To protect drivers’ rights, to de-escalate that roadside interaction, and third and most importantly, to ensure all drivers and law enforcement return home safe at the end of the day,” cofounder Jazz Hampton said.
Hampton said his team has already learned a lot, not only from their mentor and judges, but from their fellow competitors.
“Competition can sharpen you, and you can learn so much from the people you’re in competition with,” Hampton said. “There’s so many people both within our category and outside of our category doing really great work. Seeing the way they explain their businesses that do totally different work than ours, and seeing how they position themselves in their individual markets, has really made a big difference in how we’re doing it as well.”
He also added the expert feedback has been invaluable.
“I have family members [and] friends that will call and talk about the business, but no one who has built a company from ground to IPO, or been in several different start-ups that have successfully exited or entered channels, or pivoted,” he said. “So many people are part of this Minnesota Cup ecosystem to support you, and we’re thrilled to have that support system around TurnSignl, it’s only making us stronger.”
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