Posted at: 09/11/2013 9:07 PM
Updated at: 09/11/2013 10:49 PM
By: Tom Durian

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Minnesota Entrepreneurs Awarded Cash at 'Minnesota Cup'

What could be the next big business idea in Minnesota was given a big boost at the annual Minnesota Cup Awards Wednesday.

The Minnesota Cup is a statewide entrepreneurial competition that awards prize money to some of the top projects in the state. Out of more than a thousand people when the competition started, it came down to just one top prize winner.

Preceptis Medical of Plymouth took home $65,000 dollars. Their product allows for ear tube procedures in kids to be performed with reduced pain and surgical time.

Preceptis CEO Steve Anderson says the money will help take the project to the next step. "We're getting ready to do our next round of financing, we think it's going to provide a lot of cache and affirmation of what we've been able to accomplish."

The Preceptis ear device is currently being tested at the University of Minnesota, and they hope to have it in Doctor's offices by 2014.

Over $200,000 was awarded by the Minnesota Cup judges this year.