The Metropolitan Economic Development Association awarded $1.2 million to three startups on Friday Night as part of its Million Dollar Challenge, a competition for minority-led businesses across the country.
Rochester, Minn.-based Phenomix Sciences and New York City-based Care + Wear each walked away with $500,000. MEDA and JP Morgan Chase, the presenting partner, surprised the audience and competitors by awarding an additional $200,000 to Minneapolis-based Civic Eagle.
Phenomix Sciences is a biotech company that offers a test predicting how a person will respond FDA-approved obesity treatments. The company also won third place in the Life Sciences/Health IT division of this year's MN Cup.
Civic Eagle provides workflow solutions for public policy professionals. It is part of the Techstars Anywhere cohort and counts former DEED Commissioner Shawntera Hardy among its leadership.
MEDA said that it received more than 500 applications for this year's competition – an increase of more than 50 percent from the first year. This pool was then condensed to 22 companies, which were announced in July.
After participating in a summer business boot camp, 10 startups were selected to move on. These companies pitched to a large audience and a group of 25 judges at TPT Studios in St. Paul on Friday during Twin Cities Startup Week.
"The momentum around this even has grown tremendously," Dr. Barbara Butts Williams, chair of the board of directors at MEDA, said at the event. "The judges have all felt that this year's pool was just outstanding. We can't imagine a better group of individuals to represent minority entrepreneurship today."
