Metropolitan Economic Development Association (MEDA) — a nonprofit organization helping minority business owners scale their companies — has extended the deadline to June 20 for its second annual Million Dollar Challenge for Minority Entrepreneurs in partnership with Chase.
MEDA offers business development services, access to capital, consulting, and other support to minority entrepreneurs in Minnesota. The Million Dollar Challenge for Minority Entrepreneurs offers $1 million in funding to assist founders of color in of scaling their businesses.
The challenge consists of a multi-round pitch competition where 20 minority-owned businesses tell why they believe their companies will grow. Ten businesses will move on to the next round to participate in MEDA’s Boot Camp for Successful Pitches, an accelerator program equipped with investor feedback, consulting and networking opportunities.
The ten finalist will pitch again in October for a final chance to receive $1 million in financing.
Last year’s participants included Cytilife, a startup using data analytics to help college administrators reduce the number of dropouts; and HabitAware, a hardware company working to assist people with compulsive repetitive behaviors in stopping their habits.
Applications close 8 p.m. CT on Thursday, June 20.