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MN Cup Stories and Events
Entering the fifth year of the Minnesota Cup, one of the most important themes is that the program works. We are hearing more and more of past participants who are having success in their ventures. Following are just a few of the stories of these successful semi-finalist and finalist.
Vantagio
VANTÁGIO founder, Joseph Serrano, was featured in the March 2009 edition of Minnesota Business, stating, “The mission of the company is to clean up the business and that transcends dry cleaning. We want to be an example of what can be done if you really see the environment and sustainability as business drivers.” The green dry cleaning firm was a finalist in the 2005 and 2006 Minnesota Cup competitions.
While close to 98% of dry cleaners choose to use a solvent that is known to be a carcinogen and widely recognized pollutant (according to the EPA), VANTÁGIO works with an absolute dedication to using a sustainable and integrated approach with the health of the humans who maintain the clothing, the humans who wear the clothing, and the future of our planet in mind.
Interrad Medical
Interrad Medical’s first product, SecurAcath, is a subcutaneous catheter securement system which holds catheters in place under the skin. Approved by the FDA in October of 2008, the first SecurAcath product will be used to secure PICC lines, or peripherally inserted central catheters, which are inserted in a vein and are designed to stay for a long period of time. As of March 2009, Interrad officials plan to start selling the SecurAcath PICC kits this year and hope that acceptance of their first product will pave the way for a second product with broader applications.
A finalist in 2006, Interrad Medical has an experienced market proven team with a successful track record of bringing devices through development to commercialization. The company has a robust product portfolio targeting minimally invasive vascular and surgical procedures. These devices are designed to solve unmet medical needs and serve large, growing patient populations.
2007 Winner builds on medical and entrepreneurial expertise
The 2007 Minnesota Cup winners, John Montague and James Levine, have burned a lot of calories running their company, Muve. That's no surprise - the start-up is dedicated to the commercialization of technology that might help limit the global obesity epidemic. The winning product, Gruve, is a movement-measuring device used in conjunction with an online network focused on weight-loss and wellness.
"Launching a new venture is a lot like sailing," says Montague. "You must have a good plan and know where you are going, yet be prepared to alter the plan as winds and conditions change. It is important to get your boat in the water and get moving instead of sitting on the dock contemplating. Winning Minnesota Cup put a great burst of wind in our sails."
Gruve is currently being beta-tested at two independent companies. "We've been seeing some extremely good results," says Montague. The television show "20/20" is closely following the beta testing for a feature that will air in April. The business has also attracted coverage from news media including "Nightline," "Good Morning America," MPR, and CNN.
The founders recently announced a new partnership with Steel Case, a $4 billion global office furniture leader. The partnership has already allowed them to bring the WalkStation, another Muve product, to market. Together, the two companies hope to reinvent the office environment. "We see this as an opportunity to bring together the health movement and the green movement," said Montague.
VAST Enterprises, LLC.
The 2006 winner of the Minnesota Cup, VAST Enterprises, LLC, recently announced a partnership with Fabcon, an industry leader in pre-fabricated concrete walls based out of Savage, MN. VAST and Fabcon have been working together over the past year to develop the world’s first concrete wall panels that are faced with thin bricks made from their composite masonry technology. A 50,000 sq-ft building using this product would prevent 7,500 scrap tires and 220,000 plastic containers from entering U.S. landfills.
In April 2009, VAST introduced its Permeable Composite Pavers as a new stormwater management option for real estate developers, engineers, landscape architects and contractors. VAST Permeable Composite Pavers reduce water runoff into storm drains and decrease pollutants by infiltrating rainwater on building sites.
VAST is passionately dedicated to reducing the environmental impacts of residential and commercial construction worldwide by continually improving the advantages of alternative recycled building materials.
Corespine Technologies
Corespine Technologies, a firm whose device helps to remove material from the lumbar disc space during back surgery, won the Minnesota Cup in 2008. The Minnetonka-based firm is developing surgical tools to help doctors prepare patients for back surgery. Armed with $50,000 in seed capital, promising clinical data and support from top spine surgeons, CoreSpine will seek venture financing in early 2009.
U of M IT Alumns win 2005 & 2006 Contest
What do VAST Enterprises, the creators of Composite Pavers made from 99% recycled material and ArcSwitch, creators of a next generation fiber optic switching technology have in common? Their founders both have been winners of the Minnesota Cup competition and are alumni of the University of Minnesota Institute of Technology.
To learn more about our first two winners, read Breakthrough Ideas (8.5 MB, PDF), from the University of Minnesota, Spring / Summer 2007 Inventing Tomorrow Magazine.
ID Insight achieving great success
In 2006, ID Insight was a finalist in the Minnesota Cup. This start-up has developed some amazing tools and technology to help the financial services industry with a big problem - identity theft. Since the finals of the MN Cup, ID Insight has had great success promoting their solutions and gaining market acceptance.
These successes have included recently signing a contract with one of the nations largest check printers, a new partnership with a provider of loan origination solutions that serves 7 of the top 10 banks in the U.S., new contracts with several large internet retailers and direct contracts with several leading financial institutions.
Matt Schraan, MN Cup finalist recently said "The MN Cup forced us to really scrutinize and take a hard look at our business plan. When the competition was all said and done, we had experienced the thrill of being named a finalist, gained the attention of the MN investment and venture community, and probably most importantly -- greatly strengthened the business plan that we are now making a reality."
2008 Update :ID Insight recently launched their blog on The Facts on the FACT Act and they continue to expand their market and take a greater leadership role in the identity theft industry.
IntelAccount Meets Customers and Investors
IntelAccount CEO David Crane, was a 2006 Finalist in the Minnesota Cup. While David did not walk away with the Minnesota Cup on the night of the awards event, he still won big that evening.
Upon hearing the IntelAccount presentation, a member of the review board was so impressed with the plan that they introduced IntelAccount to a major, name brand customer who is now IntelAccounts largest client.
Further, on the night of the award event, David was introduced to a prominent local executive & investor who became so interested in the business that he joined the board and is a substantial investor.
Success Stories
As the Minnesota Cup program grows and evolves, one of the most important themes is that the program works. Many past finalist and semi-finalist have met investors, advisors, board members, business partners and business professionals through the semi-final reception, the awards event in the fall and through media attention received.
Whether it's 2005 Finalist HealthSimple who went on to successfully sell their business to Johnson & Johnson or 2006 Winner VAST Enterprises and their growth including a partnership with Fabcon, we hear stories of past entrants that have had great success since participating in the Minnesota Cup.
