Student-founded Nanodropper took home the 2021 Minnesota Cup grand prize Monday night, beating out the most competitive field in the program's 17-year history.
The Rochester-based startup, which makes an eye-drop bottle adapter designed to reduce medical waste, is also the first company to win the $50,000 grand prize from the student division, which is open to students attending college or university in Minnesota between the ages of 19 and 30.
Nanodropper also earned $25,000 for winning its division. The company was co-founded by CEO Allisa Song; Chief Commercialization Officer Mackenzie Andrews; Chief Scientific Officer Dr. Jennifer Steger; and Chief Operating Officer Elias Baker in Seattle. The company relocated to Rochester because Song is a medical student at the Mayo Clinic.
This year was the largest field ever for the program, in what competition co-founder Scott Litman described as a gauntlet of tough competition. Nearly 2,000 participants from early-stage companies earning less than $1 million competed across nine divisions and three rounds.
The award ceremony was live-streamed, with only event hosts and entrepreneurs present at the University of Minnesota's McNamara Alumni Center.
Other companies also received cash prizes in several special prizes. Nanodropper, Shrpa and Canomiks each received $5,000 from the Southern Minnesota Initiative Foundation for being the best in the region. Bright Planet Pet, a Minneapolis-based dog treat company, received the $10,000 green chemistry prize from the Minnesota Pollution Control Agency.
Telo, a Minneapolis-based company developing a wheeled walker to function more safely, received $10,000 from Securian Financial Group Inc. for a business prioritizing families. Telo received an additional $25,000 from Meda and JP Morgan Chase for the founder-of-color prize.
CoraVie Medical, a Minneapolis-based med-tech startup developing a blood pressure monitor, received $25,000 from the Carlson Family Foundation for being the best woman-led startup. The Carlson Family Foundation also awarded video game developer Seraph 7 Studios $25,000 for being the best veteran-led startup.
Canomiks, a Rochester-based biotech company that's testing dietary supplements, received $10,000 from the Minnesota Department of Economic Development for the Greater Minnesota impact award. DEED also awarded an additional $10,000 to CoraVie Medical for the women-innovating-in-tech prize.
In an interview with Minne Inno earlier this month, Minnesota Cup Director Jessica Berg said the level of competition has risen as companies demonstrate more sophisticated plans.
"It's challenging for the judges every year, and I think that that's one of the things that's exciting," she said.
Overall, Minnesota Cup has raised $4.4 million in seed funding for participating companies. In turn, finalists alumni have gone on to raise over $600 million with their companies.
Minnesota Cup division winners are, by division:
- Education and Training: Proserva — training tool for K-12 teachers
- Energy/Cleantech/Water: 2040 Energy — makes a cold-climate heat pump for homes with radiators
- Food/Ag/Beverage: Canomiks — technology to test ingredients and formulations of dietary supplements
- General: Ahh — makes an instant cooling wet towel
- High Tech: Shrpa — tailors activities to help people find entertainment such as day trips or family gatherings
- Impact Ventures: Black Tech Talent — a curated job board to provide resources that increases the talent pool of Black technologists
- Life Science/Health IT: CoraVie Medical — developing a blood pressure monitor for people with uncontrolled hypertension
- Student: Nanodropper — reduces the size of eye drops so the medication isn't wasted
- Youth: Byt — texts users coupons to local restaurants based on what food they're craving
