FOR IMMEDIATE RELEASE
Meda Announces Finalists for Fourth Annual Million Dollar Challenge
Twelve BIPOC entrepreneurs advance to the finals of the nation’s largest minority entrepreneurial competition
MINNEAPOLIS (August 5, 2021) – Meda (Metropolitan Economic Development Association) has announced the twelve finalists for the fourth Meda Million Dollar Challenge. Nearly 200 BIPOC entrepreneurs applied for the competition and the following twelve have been chosen as finalists to compete in the virtual Boot Camp for Successful Pitches.
“The innovation, dedication and enthusiasm among this year’s applicants has left those of us at Meda beyond impressed,” Alfredo Martel, President and CEO of Meda said. “As we continue to recover from the past year, the resiliency of these companies is inspiring. We are excited to see the results of the finalists’ hard work and growth from bootcamp at the final stage of the competition.”
Meda is a nonprofit organization dedicated to helping BIPOC businesses succeed. The past three years of the Million Dollar Challenge resulted in 18 BIPOC businesses from around the country receiving financial awards, totaling $3.8 million.
The Boot Camp for Successful Pitches will take place from July through September and will prepare them for the final pitch event. The finalists will then give their final pitch on Sept. 21, 2021, during Twin Cities Startup Week.
Meda’s services include business consulting, financing solutions and corporate and government opportunities, such as contracts and funding opportunities. Since its inception in 1971, Meda has assisted more than 23,000 BIPOC entrepreneurs and helped start more than 500 BIPOC-owned, small businesses. Studies reveal that there is large disparity between the success of non-BIPOC and BIPOC business due to lack of financial, human, and social capital as well as racial discrimination. Meda hopes to shed a light on this issue and work to develop more investment opportunities in BIPOC businesses through the Million Dollar Challenge.
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About the Metropolitan Economic Development Agency (Meda): Meda was founded by a group of Minnesota business leaders who saw BIPOC 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 BIPOC entrepreneurs. Over the years, Meda has helped launch more than 500 BIPOC businesses and assisted more than 23,000 Minnesota BIPOC entrepreneurs. Meda operates a growing Community Development Fund Institution (CDFI) that provides needed capital for BIPOC 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 four of the last five years. For more information, visit www.MedaVision2025.net.