The state's entrepreneurs and inventors can win tens of thousands of dollars by submitting what are considered “innovative business ideas” to the annual Minnesota Cup contest.

This will be the ninth year for the Minnesota Department of Employment and Economic Development's event to encourage breakthrough business products and services.

The deadline is May 17 to compete for $200,000 in prize money in six categories. The contest is decided Sept. 11 at the McNamara Alumni Center at the University of Minnesota, when division winners will present their ideas to a review board and the grand prize winner will be announced.

"The Minnesota Cup is a tribute to Minnesota's tradition of innovation and entrepreneurship," said DEED Commissioner Katie Clark Sieben in a statement. "This event encourages innovative ideas that generate new jobs and businesses, contributing to the growth of the state economy."

Last year's grand prize winner, Julie Gilbert Newrai, won $65,000 for developing PreciouStatus. The mobile application platform allows daycare providers, hospital and other care facility workers to communicate in real time with their own loved ones.

Event co-founder Scott Litman said about 7,000 people have participated in the event since its inception in 2005.

"Finalists from just the last four years have gone on to raise more than $60 million in capital to support the development of their ideas, create jobs and broker numerous business partnerships, collaborations and distribution agreements," he said.

Only Minnesotans may participate in the following categories:

  • Energy/clean technology
  • General
  • High tech
  • Life science/health information technologies
  • Social entrepreneur
  • Student

Each division winner will receive $25,000. The exceptions are the student winner is awarded $10,000 and the social entrepreneur can get up to $20,000. The runners-up in each division will each division wins $5,000.

Finally, a grand-prize winner is selected among all six division winners and receives an added $40,000.

Submissions must contain a description of the product or service, explanation of the market size or opportunities, a sales and marketing overview, a brief operating plan, and high-level financial projections and other assumptions. The full judging criteria and other details are available online at www.breakthroughideas.org.

Other contest sponsors include Wells Fargo & Co., the University of Minnesota, Carlson Cos., General Mills, UnitedHealth Group and others.