Entrepreneurial competition Minnesota Cup said on Monday that it's increasing its prize money to $185,000, up 42 percent from last year.
The prize money will be distributed among selected start-ups in the areas of high tech, biosciences, clean tech and renewable energy, social entrepreneurship, as well as in its general and student divisions.
A spokeswoman said the increase in prize money is the result of the competition gaining additional sponsorships. One of the lead sponsors of the competition's general division is General Mills.
The additional money will allow second prize finalists in each division to receive a cash award, organizers said.
"As past participants have attested, the real advantage of the Minnesota Cup is the experience of the contest itself," said Scott Litman, the competition's co-founder in a statement. "Each year, we strengthen our program to deepen the connection between budding entrepreneurs and the business community. All participants will emerge from the competition stronger than when they began."
The deadline to enter the competition is May 20.
