MEDA Names Semifinalists in Minority Entrepreneurship Competition

The Metropolitan Economic Development Association has selected 22 semifinalists from a pool of more than 500 applicants for its second annual Million Dollar Challenge for Minority Entrepreneurs.

Of the 22 participating companies, 10 are from Minnesota.

All semifinalists will compete in a speed pitching event on July 31. The companies selected to continue after this event will participate in a business boot camp that will prepare them for a final pitch event during Twin Cities Startup Week in October.

Last year's first-place winner, Minneapolis-based HabitAware, received $400,000 to advance its business. Illerasoft, a Chicago med-tech company, came in second place and received $200,000. Another Twin Cities company, Vemos, a startup creating a business management platform for event venues, came in third place and also received $200,000.

The remaining six finalists each received between $100,000 and $125,000 in financing. Just under $1.5 million in total was awarded to the 9 finalists.

"The Million Dollar Challenge applicants this year were cutting-edge entrepreneurs and incredibly innovative thinkers, which made this decision even more difficult," said Dr. Barbara Butts Williams, chair of the board of directors for MEDA, said in a statement. "We chose these semifinalists because they are bold, inventive and ready for this caliber of competition."

Here are the semifinalists in this year's Million Dollar Challenge: