The Metropolitan Economic Development Association, a Minneapolis-based management consulting agency focused on minority entrepreneurs, has announced the winners of its third annual Meda Million Dollar Challenge.
Six minority-owned startups share $ 1.1 million to build their business profiles. A total of 200 companies entered the competition and 12 finalists from five states were selected for the finals. Three of the six companies are owned by women.
“Every time a BIPOC entrepreneur is successful, it is a win for the entire economy, and the resulting positive ripple effects are needed now more than ever,” said Alfredo Martel, Chairman of Meda, referring to the acronym for Black . Indigenous and colored people.
The grand prize of $ 300,000 went to Mi Terro, a California company that recycles agricultural waste into fibers to replace plastics with biomaterials in the food, fashion, and packaging industries. Femly, a North Carolina company that makes plant-based day pads and panty liners, receives $ 250,000.
Flourish Savings, a California-based company, is receiving $ 150,000 for its business-to-business personal finance platform, which encourages individuals to set savings patterns and repay loans. Options MD, a California-based company that matches customers with the right antidepressant and anxiety medication, receives $ 150,000.
Please Assist Me, a Tennessee company that connects customers and real estate with property management, dry cleaning, and housekeeping services, receives $ 150,000. Plymouth, Minnesota-based IndusTrak receives $ 100,000 for its online fleet services, hardwired GPS, shipping and billing platform.
For more information on the annual Meda Million Dollar Challenge, visit Meda.net online.