The Metropolitan Economic Development Association (Meda) is accepting applications for its second annual Million Dollar Challenge for Minority Entrepreneurs.
The competition is for both non-profit and for-profit, and will award one million dollars to the winner. The challenge mirrors ABC's "Shark Tank" where hopeful entrepreneurs come to a room of potential investors, however, Meda has added a few wrinkles.
The competition will have three phases; a speed pitch round, Meda's Boot Camp for Successful Pitches, which takes place in July and a final live pitch award ceremony in October.
The first competition resulted in nine minority businesses from four states winning. According to Meda the organization awarded $1.5 million to the nine businesses.
Meda is a Minneapolis-based non-profit company with a mission of aiding and supporting minority businesses. It was born on the need for small businesses that needed capital, counseling, loans and training to thrive after World War II.
“When we support minority entrepreneurs, we support all," former Meda CEO Gary Cunningham said. "And we are proud to bring the Million Dollar Challenge back for a second year to continue that impact on a national level.”
Applications are being accepted until June 20 and it can be found online at www.meda.net/challenge.