Startup competition Minnesota Cup announces 89 semifinalists for 2023

The Minnesota Cup has announced the 89 companies that are semifinalists this year in the state’s largest startup competition.

This year saw the highest number of applications and participants in the first round of the process ever, the University of Minnesota Carlson School of Management, which runs the competition through its Holmes Center for Entrepreneurship, said in a post this week.

In all, 3,052 Minnesotans participated in the application process, representing 17% more than the Minnesota Cup’s previous record in 2022. Forty-three percent of the participants identify as female, 38% as non-white, and 31% of applicants were from Greater Minnesota, the post said.

As the competition takes place, the companies will create a pitch deck, business plan and a 1-minute video while getting resources like free mentorship through July. They will compete in subsequent rounds, where more than $400,000 in cash prizes are available.

Starting in 2005, Minnesota Cup has given away over $5 million in seed capital, while alum have raised over $1 billion. Last year's grand-prize winner was BKB Floral Foam, which develops sustainable alternatives to foams now made from fossil fuels.

The 2023 Minnesota Cup semifinalists across nine divisions are, according to the post:

Education and Training

Energy/Cleantech/Water

Food/Ag/Beverage

General

High Tech

Impact Ventures

Life Science/Health IT

Student

Youth