“We are beyond impressed by the innovation, skill and resilience all the companies showed this year,” Alfredo Martel, President and CEO of Meda said. “2020 has been a tough year for most and to see these exciting companies persist is inspiring and tells us the future is bright. As the final companies move on to the boot camp, we are excited to see the results of their hard work and growth at the final stage of the competition.”

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.

The Boot Camp for Successful Pitches will take place from Dec. 7, 2020 until Jan. 22, 2021 and will prepare them for the final pitch event. The finalists will then give their final pitch on Jan. 27, 2021.

The Meda Million Dollar Challenge is the largest BIPOC entrepreneurial competition in the nation. Studies reveal that there is large disparity between the success of non-minority and minority business due to lack of financial, human and social capital as well as racial discrimination. Meda hopes to shed a light on this issue and work to develop opportunities in BIPOC communities through the Million Dollar Challenge.

To further support BIPOC entrepreneurs this holiday season, check out Meda’s virtual Meda Marketplace to find the perfect gifts while supporting BIPOC businesses.

About the Metropolitan Economic Development Agency (Meda): Meda was founded by a group of Minnesota business leaders who saw minority business ownership as a positive, long-term response to rising economic inequity within minority communities in our state. Meda provides business development services, access to capital and corporate and governmental market support for minority entrepreneurs. Over the years, Meda has helped launch more than 500 minority businesses and assisted more than 20,000 Minnesota minority entrepreneurs. Today, Meda clients employ 6,000 Minnesotans and have a combined annual revenue of $1 billion. Meda operates a growing Community Development Fund Institution (CDFI) that provides needed capital for minority businesses to become sustainable. Meda is also the host organization for the Minneapolis Minority Business Development Agency (MBDA) Business Center, which has been recognized by the MBDA as the top performing center four out of the last five years. For more information, visit meda.net

SOURCE Metropolitan Economic Development Association