The Metropolitan Economic Development Association (Meda) announced Tuesday that its Million Dollar Challenge for Minority Entrepreneurs will return to Twin Cities Startup Week this year.
The competition awards cash prizes to companies run by founders of color. To date, it has awarded nearly $4 million to 18 companies.
Applications will open in June and finalists will be announced in July. Those finalists will attend a virtual pitching boot camp before the final pitch event, which will be held on Sept. 21 as part of Twin Cities Startup Week.
"As we continue dealing with the effects of Covid-19 and racial injustice, it has never been more important than now to invest in our communities' BIPOC businesses. Investing in them has proven to create jobs, boost economic development and increase equity - crucial needs in this time," Meda CEO Alfredo Martel said in a statement.
The Covid-19 pandemic means this will be the second Million Dollar Challenge in 2021. MEDA delayed announcing finalists into December of 2020 and the winners were announced in January. That year, there were six winners, a move Martel said was a way to spread the wealth in a time when companies were hurting because of the pandemic.
Founded in 1971, Meda is a Minneapolis-based nonprofit that provides loans, business consulting and other services to minority entrepreneurs. MEDA's clients employ 6,000 Minnesotans and have combined revenues of over $1 billion.
