What to know about Metropolitan Economic Development Association’s (Meda) Million Dollar Challenge for Minority Entrepreneurs:
- The competition is in its third year (the 2020 edition is virtual)
- It’s the largest BIPOC entrepreneurial competition in the country with more than $3 million in awards given to 12 minority businesses from five states in the last two years
- The Meda Million Dollar Challenge will include a “Boot Camp for Successful Pitches”
- Important dates:
- Applications are open and are due by November 5, 2020
- Finalists will be announced on November 30, 2020
- The Boot Camp for Successful Pitches will run from December 7, 2020 until January 22, 2021
- The final pitch event will take place on January 27, 2021
The Quote: Alfredo Martel, President and CEO of Meda
“Meda’s Million Dollar Challenge provides so many opportunities for entrepreneurs of color to highlight their creativity and innovation and accelerate their business growth. Investing in BIPOC businesses is more important than ever as the economy is ravaged by the effects of COVID-19 and civil unrest. BIPOC entrepreneurs are resilient and adaptable, and investing in them has proven to create jobs and boost economic development…”
Read the full details in the news release below. Release has been edited for length.
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MINNEAPOLIS (October 1, 2020) — Meda (Metropolitan Economic Development Association) has opened up applications for its third year of the Million Dollar Challenge for Minority Entrepreneurs. The Meda Million Dollar Challenge is the largest BIPOC entrepreneurial competition in the country, awarding $1 million in financing to BIPOC businesses from across the nation.
This year’s competition will continue to include the Boot Camp for Successful Pitches as well as the final pitch and award ceremony, hosted entirely online.
Applications open October 1, 2020 and the 15 finalists will be announced November 30, 2020. Finalists will virtually attend Boot Camp for Successful Pitches from December 7, 2020 until January 22, 2021. The final pitch event will take place January 27, 2021.
Meda is a nonprofit organization dedicated to helping BIPOC businesses succeed. The past two years of the Million Dollar Challenge resulted in 12 minority businesses from five states receiving financial awards, totaling nearly $3 million.
“Meda’s Million Dollar Challenge provides so many opportunities for entrepreneurs of color to highlight their creativity and innovation, and accelerate their business growth,” said Alfredo Martel, President and CEO of Meda. “Investing in BIPOC businesses is more important than ever as the economy is ravaged by the effects of COVID-19 and civil unrest. BIPOC entrepreneurs are resilient and adaptable, and investing in them has proven to create jobs and boost economic development. We are excited to bring the Million Dollar Challenge back for a third year to continue that impact and support on a national level in these unprecedented times.”
Meda services include business consulting, financing solutions and corporate and government opportunities, such as contracts and funding opportunities. Since its inception in 1971, Meda has assisted more than 20,500 BIPOC entrepreneurs and helped start more than 500 minority-owned, small businesses.
