Funders in Minnesota say loan applications and the entrepreneurial enthusiasm in the northeastern part of the state have grown this year, reports the state’s news provider Home Town Focus. In order to encourage this rising business activity, the Arrowhead Growth Alliance is accepting submissions for its 6th Minnesota Cup competition.
The news source explains that the contest encourages entrepreneurs in the Minnesota region to submit business ideas to a panel of funders for review. The winner of the competition will receive prize money to start a company, but every participant will have the chance to have their business plans reviewed by seasoned experts.
Mary Matthews, CEO of the Northeast Entrepreneur Fund, told the source the point of the competition is to “raise awareness and visibility of the entrepreneurial talent in this region.” She believes that the biggest benefit for contestants is the feedback they will receive to make their business models more appealing to financiers.
Entrepreneurs may need all the help they can get in finding funders this year. According to the Silicon Valley Leadership Group, there was a 37 percent decline in venture capital investment in 2009.