Five Finalists Unveiled in Second Annual Minnesota Cup to Recognize Minnesota's Next Great Breakthrough Ideas
Finalists compete, winner unveiled Sept. 7; will receive $25,000 in seed capital and second annual “Minnesota Cup”
SAINT PAUL, MINN (August 22, 2006) — A new technology for preventing identify theft. A next generation reel lawnmower, easy to use, easy to maintain and easy on the environment. The first-ever paver brick system made of 99 percent recycled materials. A system for providing minimally invasive medical devices focused on interventional radiology. A Web-based, paperless accounts payable management service for small to mid-size businesses. Judges have selected the creators of these five brilliant business ideas as finalists in the second annual Minnesota Cup, a statewide contest that seeks out, supports and promotes Minnesota’s newest and most innovative business ideas.
Launched in March, contest organizers –– which include the University of Minnesota, Wells Fargo and Governor Pawlenty –– called on Minnesota’s entrepreneurs to submit their ideas online at www.breakthroughideas.org. More than 650 residents from 40 counties participated.
In June, judges selected 30 semi-finalists, who were asked to develop a more comprehensive proposal. From those proposals, judges selected five finalists. Finalists now will be asked to develop supporting materials and a 15-minute oral presentation to judges.
On Sept. 7, University of Minnesota President Bob Bruininks will be the keynote speaker at a reception to be held at the University of Minnesota to unveil the winner. Contest organizers, judges, and the finalists will be joined by David and Carolyn Cleveland to present the overall winner the second annual Minnesota Cup, $25,000 in seed capital, business support services provided by area businesses and the Wells Fargo Advisory Board, which includes a monthly review by bankers, an accountant and an attorney, arranged by Wells Fargo. Second and third place winners will receive $5,000 and $2,500 respectively.
“Of course I’m biased, but I can’t think of any state that has a higher concentration per capita of innovative thinkers than Minnesota,” said Scott Litman, Minnesota Cup co-chairman. “These finalists greatly represent that tradition. We look forward to watching these businesses as they go forth and breakthrough in the business landscape.”
Minnesota Cup Finalists
A Web-based, paperless, accounts payable management service for small to midsize businesses…
- Entry Name: IntelAccount, Inc. (Minneapolis)
- Entrant: David Crane
- Summary: Using world class technology and expert personnel, IntelAccount provides Web-based, paperless accounts-payable management, purchase order processing and related document management and fraud control services to small and medium size companies. IntelAccount seeks to become the leading provider of shared accounts payable services in the small- to mid-sized business market.
An innovative evolution of the reel lawnmower, easy to use, easy to maintain and easy on the environment…
- Entry Name: Zero Turn Radius Push Mower, (Andover)
- Entrant: Mike Cofrin
- Summary: Minnesota Mowers’ primary objective is to generate sales of traditional push (reel) lawn mowers by introducing and marketing new patent pending technology that improves steering performance and ease of use for the product. With a newly invented handlebar system that significantly increases maneuverability, Minnesota Mowers believes that a fresh approach to marketing, innovation and product management will elevate sales of the push mower to new levels.
A system for providing minimally invasive medical devices focused on interventional radiology…
- Entry Name: Interrad Medical, Inc., (St. Paul)
- Entrants: Jeff Killion, Joe Goldberger, Michael Rosenberg
- Summary: Interrad Medical is a Twin Cities-based early stage medical device start-up, developing innovative products focused on interventional radiology. Interrad’s mission is to create minimally invasive solutions to significant clinical problems reducing the need for highly-invasive surgical procedures. Interrad Medical has many extremely compelling advantages and opportunities when compared to other emerging medical technology companies. FDA approval for their product is expected by the end of 2006, with revenue beginning in early 2007.
A new technology for preventing identify theft…
- Entry Name: IDInsight, (St. Paul)
- Entrants: Adam Elliott, Matt Schraan, Bob Clark
- Summary: Armed with advanced data and revolutionary analytics, Address Differential Analysis helps financial institutions effectively manage identity risk and resolve address-related discrepancies on new and existing accounts. Where primitive ID verification solutions cannot, Address Differential Analysis is able to isolate identity theft, increase approval rates, and ultimately increase value delivered to consumers.
The first-ever composite paver system made of 99 percent recycled materials…
- Entry Name: Vast Enterprises, (Eden Prairie)
- Entrants: Andy Vander Woude, Steve Smith, Troy Achterkirch, Steve Thorkelson
- Summary: Vast Enterprises, LLC will design, manufacture and distribute innovative composite paver brick systems through a network of commercial and retail landscape designers, material providers and constructors. Its first product, the Vast Composite Paver System (patent pending), is made from 99 percent recycled materials and is the first economically and socially responsible alternative to traditional concrete or clay paver bricks in the world.
For more information on Minnesota Cup please contact Peggy Bell at Haberman & Associates, peggy@habermaninc.com, 612.338.3900
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Media Contacts:
- Brian Bellmont for ID Insight, (952) 233-0428,
