GOLDEN VALLEY, Minn. -- Have the next great business idea? The9th annual Minnesota Cup Competition,the largest statewide new venture competition in the country, is open for entries and runs through May 17.

Two hundred thousand dollarsin prize money is given to the best submitted ideas.

Dan Mallin, the co-founderof the Minnesota Cup,joined KARE to talk about who can enter and what types of business qualify.

The competition is free and encourages entries from a wide range of businesses, entrepreneurs and inventors in six divisions: Energy/Clean Tech, General, High Tech, Life Science/Health IT, Social Entrepreneur and Student.

Entrepreneurs advancing in the competition will have the opportunity to advance business ideas, gain exposure, learn about resources available to entrepreneurs, be paired with mentors, meet members of the Cup's review board and win cash prizes if their idea is judged to be among the best entries.

If you are interested, head to Minnesota Cup.