Got a great business idea?

DULUTH – Do you have a creative, entrepreneurial idea to generate new jobs and business? Are you a business less than five years old with plans for growth?

If so, Arrowhead Growth Alliance (AGA) members encourage you to take part in the 6th Minnesota Cup competition.

Last week the AGA announced a collaboration with the Minnesota Cup aimed at recognizing and promoting northeastern Minnesota’s most innovative business ideas through a statewide competition that encourages entrepreneurs and inventors to submit their next breakthrough ideas.

The goal is to accelerate new business formation, job creation and help area entrepreneurs gain greater exposure and potential funding for innovative business ideas.

The Arrowhead Growth Alliance is a coalition of public and private organizations committed to advancing regional economic development within the seven counties of northeastern Minnesota and Douglas County, Wisconsin. AGA members co-sponsoring the 2010 Minnesota Cup include: Iron Range Resources, Blandin Foundation, Greenstone Group, Northland Foundation, Area Partnership for Economic Expansion and Minnesota Power.

“The entrepreneurial spirit is growing in northeastern Minnesota,” said Mary Mathews, president and chief executive officer of the Northeast Entrepreneur Fund, developer of the Greenstone Group initiative. “The Greenstone Group is investing in the Minnesota Cup to raise awareness and visibility of the entrepreneurial talent in this region, raising awareness locally and across the state. Our region has inspired many entrepreneurs. We are, now, through regional initiatives, growing the next crop of strong entrepreneurs and businesses.”

Mathews said that the AGA had been thinking about doing some type of business competition for some time and had researched other competitions across the country. Instead of reinventing the wheel, so to speak, they decided to collaborate with the Minnesota Cup. “We believe we’ll have more impact this way, by banding together.”

Last year there were 40 applications from the region (1000 statewide), and no winners, but there was little promotion of the contest. Mathews expects more applicants with the increased promotion this year. Some businesses apply more than once, and last year a couple of the winners had applied two or three times.

“We want to work with businesses and individuals to make their applications as strong as they can be, and to continue working with those people whether they win the contest or not,” said Mathews. “The prize is great, but it’s not enough, though many winners have used it to attract a fair amount of capital.”

The 2010 Minnesota Cup features six divisions for entrepreneurs, inventors, small business owners or persons with innovative business ideas. The divisions are: High Tech, Clean Technology & Renewable Energy, Social Entrepreneur, BioSciences, General and Student. The contest is free to enter and the brief initial entry form is available at minnesotacup. org.

The contest awards $130,000 in prize money across the six divisions. Winners receive free professional services from select Minnesota Cup sponsors. In 2009, the 2009 Minnesota Cup finalists went on to secure more than $8 million in capital.

The deadline for Minnesota Cup entries is May 21, 2010.