Meda announces finalists for third 'Million Dollar Challenge,' including five MN companies

The Metropolitan Economic Development Association (Meda) announced Thursday the 13 finalists for its third MEDA Million Dollar Challenge.

The annual competition has awarded millions of dollars to startups run by minority entrepreneurs. This year, almost 200 people applied for the Million Dollar Challenge, which is the largest entrepreneurial competition for Black, Indigenous and entrepreneurs of color in the U.S.

"We are beyond impressed by the innovation, skill and resilience all the companies showed this year. 2020 has been a tough year for most and to see these exciting companies persist is inspiring and tells us the future is bright," said Alfredo Martel, Minneapolis-based Meda's president and CEO.

Five Minnesota startups have been named as finalists. Those are Minneapolis-based HY Naturals; Maple Grove-based SAI Probiotics, a health supplements company; Plymouth-based Industrack, a logistics technology firm; Minneapolis-based ViruTech; and Harvest Nation, a Tower-based startup that sells boxes of fresh produce. Earlier this year, Harvest Nation received a $25,000 prize at the Minnesota Cup for best veteran-led startup.

The 13 finalists will enter a virtual boot camp which will run from Dec. 7 to Jan. 22. The companies will then pitch to MEDA again on Jan. 27 and winners will be named.

Last year, the Million Dollar Challenge awarded $500,000 each to Rochester-based Phenomix Sciences and New York City-based Care + Wear. It also gave $200,000 to Minneapolis-based Civic Eagle.

The full list of finalists is: