The Metropolitan Economic Development Association, a Minneapolis-based business consulting agency that focuses on minority entrepreneurs, has announced the winners of its third annual Meda Million Dollar Challenge.
Six minority-owned startups will share $1.1 million aimed at establishing their business profiles. In all, 200 businesses applied to compete and 12 finalists from five states were selected to enter the final round. Three of the six businesses are female-owned.
“Every time a BIPOC entrepreneur succeeds, it is a win for the economy as a whole and the positive ripple effects that follow are needed now more than ever,” said Alfredo Martel, chief executive officer of Meda, referring to the acronym for Black, Indigenous and People of Color.
The top prize of $300,000 was awarded to Mi Terro, a California company that recycles agricultural waste into fibers in order to replace plastic in the food, fashion and packaging industries with bio-materials. Femly, a North Carolina company that produces plant-based day pads and panty liners, will receive $250,000.
Flourish Savings, a California company, will receive $150,000 toward its business-to-business personal finance platform, which encourages individuals to establish savings habits and pay off loans. Options MD, a California company that matches customers to the appropriate anti-depressive and anti-anxiety medication, will receive $150,000.
Please Assist Me, a Tennessee company that matches patrons and properties to home management, dry-cleaning and errand-running services, will receive $150,000. IndusTrak of Plymouth, Minn. will receive $100,000 toward its online fleet services, hardwired GPS, dispatching and invoicing platform.
More information about the annual Meda Million Dollar Challenge is online at Meda.net.
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February 02, 2021 at 06:06AM
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MEDA announces six winners of minority entrepreneurship Million Dollar Challenge - TwinCities.com-Pioneer Press
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