Owner of FF-based company makes semis in entrepreneur contest [UPDATED]Published 9:32am Friday, June 14, 2013 Updated 11:50am Friday, June 14, 2013
The Minnesota Cup announced recently that 57 semifinalists have advanced to the next round of the annual entrepreneur competition — and they will now vie for a share of $200,000 in prize money.
Among the 57, in the General Division, is Rob Fuglie, owner of Nots!, a Fergus Falls-based snack company.
The entrepreneur teams were selected from a pool of nearly 1,100 applicants for the ninth annual Minnesota Cup, a statewide competition that seeks out the most innovative business ideas.
The semifinalists, which are divided into six categories, will be paired with a mentor who has extensive entrepreneurial experience, and they will have the opportunity to attend Minnesota Cup-organized events throughout the summer while preparing their business plans and investor presentations, which must be provided to judges by July 26.
On Aug. 19, three finalists from each division will be chosen to move on to the next round and present their business plans.
The winner of each of the divisions will be awarded $25,000, with the exception of the student division ($10,000) and the social entrepreneur division (up to $20,000). Runners-up will each receive $5,000.
The division winners will then compete on Sept. 11 for a grand prize of an additional $40,000 — and they will all be honored at an event that evening at the University of Minnesota’s McNamara Alumni Center.
During the event, the audience will also cast votes for the best business pitch, and the winner will net an extra $1,000.