Twin Cities Startup Week News for Oct. 10, 2018:
10 Finalists Named in $1 Million Ethnic Minority Entrepreneurs Challenge
and $30,000 in Cash Prizes Awarded
Seven Minnesota Businesses Make it to the Final Round
St. PAUL, Minn. (October 10, 2018) – Ethnic-minority business owners from across the country competed in a speed pitching event in Saint Paul on Wednesday night as part of Twin Cities Startup Week. Ten companies were selected to advance to the final round and two were singled out to receive a total of $30,000 in cash prizes. The challenge is being held by the Metropolitan Economic Development Association (Meda), the top-performing minority business development agency in the nation, and the City of Saint Paul. Chase is the presenting event sponsor.
Wednesday’s top scoring entrant, HabitAware received a $15,000 cash prize. The top woman-owned entrant, also HabitAware, received an additional $10,000 in cash and $5,000 was awarded to runner up, Cytilife Inc. A panel of 16 judges evaluated each company on its potential for growth and success.
In all, more than 200 businesses applied to participate, and 19 semi-finalists competed. The following 10 companies were named as finalists.
The finalists will now participate in a “boot camp” offering investor and industry feedback, mentorship, exposure and professional connections. These finalists will return to Saint Paul in January for the final round, which will award up to $1 million dollars in financing.
Minority business owners have historically found it difficult to gain access to capital. This type of funding often plays a big part in determining the success or failure of the business. Studies have shown that financial, human, and social capital, as well as racial discrimination, are primarily responsible for disparities between non-minority and minority businesses. Achieving parity is key to significant U.S. economic growth, creating new jobs and raising wages in economically disadvantaged communities. To help solve this dilemma and bring attention to this issue, Meda, the City of Saint Paul, and Chase are hosting this first-ever ethnic-minority Million Dollar Challenge.
Meda was founded by a group of Minnesota business leaders who saw minority business ownership as a positive, long-term response to rising economic inequity within minority communities in our state. Meda provides business development services, access to capital and corporate and governmental market support for minority entrepreneurs. Over the years, Meda has helped launch more than 500 minority businesses and assisted more than 20,000 Minnesota minority entrepreneurs. Today, Meda clients employ 6,000 Minnesotans and have a combined annual revenue of $1 billion. Meda operates a growing Community Development Fund Institution (CDFI) that provides needed capital for minority businesses to become sustainable. Meda is also the host organization for the Minneapolis Minority Business Development Agency (MBDA) Business Center, which has been recognized by the MBDA as the top performing center three consecutive years. For more information, visit meda.net.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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