Money waiting for the next great lakes area idea

Do you have Minnesota's next million-dollar business idea?

The Brainerd Lakes Area Development Corp. and the North Central Regional Small Business Development Center at Central Lakes College are encouraging Brainerd lakes area residents to come forward with the next great business idea and enter the sixth annual Minnesota Cup.

The Minnesota Cup is an annual statewide competition that seeks out aspiring entrepreneurs and their breakthrough ideas. This competition is for all entrepreneurs, whether the breakthrough idea is high tech or no tech, whether the idea is just at the business plan stage or if it's been already released in the market.

Up to $130,000 is available across six award divisions: High Tech, BioSciences, Clean Tech & Renewable Energy, Social Entrepreneurship, General and Student (for full-time students ages 19 to 25). Winners also receive free professional services from select Minnesota Cup sponsors.

Sheila Haverkamp, BLADC's executive director, reported that 2009 competition finalists have taken their Minnesota Cup experiences and gone on to secure more than $8 million in capital and brokered numerous business partnerships, collaborations and distribution agreements.

"It's an incredible opportunity for some business owner," Haverkamp said in a news release. "We want the next great success to be from the Brainerd lakesarea."

"Cup participants can receive seed capital and assistance that can be valuable in helping a fledgling business move to the next level," said Greg Bergman, regional director for the SBDC.

Contest organizers include the University of Minnesota, Wells Fargo, the state of Minnesota and new competition host, the Arrowhead Growth Alliance. Sandy Layman, commissioner of Iron Range Resources on behalf of the Arrowhead Growth Alliance, said, "The Minnesota Cup increases the pace of new business formation, while simultaneously improving entrepreneurial support systems."

Since 2005, nearly 4,000 participants from across Minnesota have entered the Minnesota Cup competition.

Submission deadline is May 21.

For more information on the Minnesota Cup competition or to apply, go online to www.minnesotacup.org. BLADC and SBDC work with entrepreneurs to develop business plans and help business grow. For more information, contact BLADC at 828-0096 or the SBDC at 855-8140.