The Minnesota Cup announced Monday that 49 competitors have advanced to the second round of its eighth annual statewide contest, which is seeking out the newest and most innovative business ideas.

Those entrepreneurs and inventors—who were selected from a pool of 1,000 participants from across the state—are competing for a share of $200,000 in prize money. Thanks to an influx in sponsors of the event, this year’s competition offers $15,000 more in prizes than the 2011 competition and $50,000 more than 2010.

On June 19, the semi-finalists’ accomplishments will be honored by board members, mentors, sponsors, and supporters, as well as past Minnesota Cup finalists and winners. Each semi-finalist will then be paired with an experienced entrepreneur who will mentor them as they develop business plans, which will be submitted for review by July 27.

Three finalists in each of six divisions will be announced on August 20; those finalists will give live presentations of their business ideas on August 28, and the ultimate winners and runners-up will then be determined. (Click here to read about last year’s winners.)

The winner of each of the divisions will receive $25,000, with the exception of the entrepreneur division winner, who will receive $20,000, and the student division winner, who will receive $10,000. Runners-up will receive $5,000.

“The Minnesota Cup is about finding ground-breaking business ideas and turning them into profitable, Minnesota-based companies,” Minnesota Cup co-founder Scott Litman said in a statement.

The 49 semi-finalists, listed by division, are:

Clean Technology & Renewable Energy:

• Active Vacuum Insulated Building Systems
• Algaedyne Corporation
• EnergyPrint
• Green Chemistries, Inc.
• Green Heat Corporation
• Minnesga
• QuadROI
• Software Defined Power

BioScience & Health IT

• Fitness Formulary
• General Blood
• Omicron Health Systems
• OrthoCor Medical
• Pneumatic Structures
• Quantitative Insights
• United Medical Innovations
• Tychon Bioscience
• Tartoos
• Walkasins

High-Tech

• BuyerCurious
• ConnectToMe
• CoraCove
• Heroic
• Mashalot
• PatentCore
• PointStack
• PreciouStatus
• Proliphiq
• Telemetry Web
• TinderDocs

General

• Altsie
• Blooma
• Comfy Bed
• Envirolastec
• iBodyScience
• LifeFloor
• myIGDIs
• People Driven Performance
• Perfekt
• PuriHands

Student

• 4thCause.com
• Cognific
• FireWave
• Heart Smart Cart
• K5 Connect
• Kevin by Perk Health
• Mode-sty.com
• Pelican
• Political Harmony
• Titan Renewal

—Laura Sievert
(lsievert@tcbmag.com)