Five businesses earned cash prizes Tuesday as winners of the fourth-annual Meda Million Dollar Challenge, a national competition for entrepreneurs of color.
Almost 200 business owners across the country applied to participate in the competition, which was narrowed down to 12 finalists and then the five winners — two of whom from Minnesota. Meda, a Minneapolis-based lending institution that supports entrepreneurs of color with capital and business consulting, hosts and finances the competition each year. Meda's official name is the Metropolitan Economic Development Association.
"We had an incredible number of remarkable companies participate in the Meda Million Dollar Challenge this year, leaving all of us impressed and inspired," Alfredo Martel, Meda CEO, said in a release. "As we continue to navigate past the pandemic into the new economy, the innovation and dedication from these entrepreneurs leaves me hopeful for the impact they will have on the economy and their community."
The winners of the Meda Million Dollar Challenge are:
- Bon AppeSweet, a Chantilly, Va.-based healthy dessert company — $350,000
- Slick Chicks, a New York women's underwear company — $250,000
- HercLéon, a St. Paul clothing company — $200,000
- FitnesCity, a New York wellness testing company— a $200,000
- Seraph 7 Studios, an Eagan-based video game studio, which the Business Journal wrote about here — $200,000
