Got a great business idea? Minnesota entrepreneurs, inventors and anyone else with one are encouraged to enter the 2011 Minnesota Cup competition but you’d better hurry…the deadline is approaching fast!

The entry deadline of 11:59pm on May 20th is fast approaching so begin your entry ASAP. At last year’s event, co-founder Scott Litman joked that numerous entries came in just before midnight on the last day several years in a row! Don’t procrastinate and make Scott stay up late…this competition is just too valuable to ignore and you’ve got your value proposition nailed down anyway, right?

The best part is the chance to win big money to fund your idea, right? Well get this: the competition’s total prize money just increased to $185,000. But it’s just not the dough: prizes include a bunch of other valuable awards, access to mentors and other entrepreneurial resources.

The Minnesota Cup is once again looking to support and develop the next generation of breakthrough ideas and yours could be one of them.  Entries may be submitted in the following divisions: Clean Tech & Renewable Energy, BioSciences, High Tech, General and Student.  More information and entry instructions can be found at www.minnesotacup.org.

Last night’s turnout at the James J. Hill Library for the Minnesota Cup Semifinalist kickoff was impressive and quite large for an event of its kind. In attendance were 125-140 entrepreneurs, investors, sponsors, MN Cup judges and those of us covering the event (Minnov8 and tech.mn) as well as the people who were the entire reason for the kickoff itself: the semifinalists.

If you don’t already know about the Minnesota Cup, it is an annual, statewide competition that seeks out aspiring entrepreneurs and their breakthrough ideas and is open to all entrepreneurs, whether your breakthrough idea is high tech or no tech, whether you are just putting your ideas into a business plan or if you’ve already been actively building your venture for some time.

James J. Hill

After some initial networking and refreshments, the evening festivities were kicked off by Anne Rasmussen, JJHill Library CFO/COO. She dropped some factoids on us about the Hill Library being one of the top business libraries in the nation, is fully self-supporting, and she ended her remarks by referring to how fitting it was that the entrepreneurs in attendance were sitting beneath a portrait of James Jerome Hill himself.

As you are undoubtedly aware living here in Minnesota, Hill was an incredibly successful entrepreneur who began his railroad empire in the 19th century and whose heirs established the library we were sitting in last night. (One factoid she didn’t mention–and one I’ve always found intriguing–was the supposed inspiration Hill’s life and empire building gave Ayn Rand for her character Nathaniel Taggart in her novel Atlas Shrugged).

Next up was Scott Litman, co-founder of the MN Cup (along with his business partner, Dan Mallin). Scott walked through the particulars of participating in the competition, what it took to deliver on it successfully as a competitor, a bit about the prize money, and gave the semifinalists the information they required to complete their business plans and make sure they submitted them by the deadline of July 23rd at 11:59pm (on a humorous note, Scott mentioned that historically something like 1/3rd of the plans are submitted within the final six hours!).
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