Telo Wins Innovative BIPOC Entrepreneur Prize
Meda and JPMorgan Chase award $25,000 at the Minnesota Cup
ST. PAUL, Minn. (Sept. 20, 2021) – The Metropolitan Economic Development Association (Meda) and JPMorgan Chase have awarded Telo the Innovative BIPOC Entrepreneur Prize of $25,000 as part of the Minnesota Cup. For six years, JPMorgan Chase and Meda have collaborated to offer the prize to BIPOC-led division finalists at the Minnesota Cup. Past winners of the prize include Pikup, Phenomix Sciences, ASIYA Modest Activewear, UnderRecruited Preps and HabitAware.
“I am excited to award the $25,000 JPMorgan Chase / Meda Innovative BIPOC Entrepreneur to Telo,” said Meda CEO Alfredo Martel. “Telo is a BIPOC-led business with a cutting-edge product, and we are thrilled to grant this support. Our goal is to provide additional incentives for BIPOC-led businesses to enter in the Minnesota Cup. We also want to invest needed capital in these innovative businesses. This is an important competition and we are so proud to be involved.”
All BIPOC entrepreneur finalists of the Minnesota Cup were invited to participate in a private pitch event to Meda’s business consultants, lenders and staff. From there, two finalists were chosen to do a final private pitch to JPMorgan Chase leaders and Meda’s Board of Directors. A total of nine BIPOC entrepreneurs pitched the panel this year.
“Encouraging BIPOC entrepreneurs is as vital today as it ever has been,” said David Rudolph, Managing Director, Commercial Lending for Chase. “Oftentimes there is a gap between talent and opportunity. Teaming with Meda and MN Cup has helped bridge that gap and support Minnesota’s BIPOC entrepreneurs and businesses. We’re confident this year’s entries will reflect the thriving entrepreneurial community in the Twin Cities.”
Telo was awarded the Minnesota Cup Award on Sept. 20, 2021, during Minnesota Startup Week. Started by four University of Minnesota students in an entrepreneurship course, Telo has created the first significant design change to the rollator walker in more than 40 years. In May 2021, Telo won the junior division of Minnesota’s Walleye Tank pitch competition.
MN Cup is a community-led, public-private partnership supporting Minnesota’s entrepreneurs. The University of Minnesota Carlson School of Management hosts the annual competition that reaches emerging entrepreneurs from across the state and connects them with education, mentorship and support to launch and accelerate the development of their new ventures. The competition and events are free, and no equity is taken in exchange for the seed funding that is awarded.
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About the Metropolitan Economic Development Association (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.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 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 jpmorganchase.com.