Future of Minnesota Business: Todd Williams and Scale Bank Champion Entrepreneurial Success at MNCUP 2024
When some of Minnesota’s most promising entrepreneurs pitched their ideas to a crowd of 1,000 at the 2024 MNCUP grand finale, Todd Williams was wowed by the creativity and energy in the room. As president of Scale Bank and a sponsor of MNCUP, Williams was not only inspired on a personal level, but gratified by the uplifting effect of the event on other entrepreneurs, small business owners and educators in the room.
Williams, who has worked with hundreds of small businesses throughout his career, has firsthand knowledge of the challenges faced by entrepreneurs – and the positive impact of events like the MNCUP in helping entrepreneurs persevere despite these challenges. “I have heard from so many of our clients that, as an entrepreneur, they feel they are on their own. It is initiatives like the MNCUP that demonstrate that the academic and business community are rooting for their success.”
Sponsoring the MNCUP this year was a logical extension to Scale Bank’s longtime support of the University of Minnesota’s Carlson School of Management programs and initiatives. Williams and the bank are passionate about encouraging students’ entrepreneurial ideas and preparing them for business careers. With its support of the MNCUP, Scale Bank hopes to contribute to a thriving business environment and invest in the next generation of entrepreneurs as they continue to drive innovation , Williams said.
Now in its nineteenth year, the MNCUP has attracted more than 20,000 participants and awarded more than $5 million in seed funding to entrepreneurs and start-up companies. Judging by this year’s finalists, the future of Minnesota entrepreneurship is bright, Williams said. “I was very impressed by the relevance, practicality and clarity of need of the ideas presented,” he said. “Another thing I thought was neat was reflecting on where the program started and where it is today. You could see the support by the attendees, university and speakers. It just made you feel good. There’s something positive going on in Minnesota!”
A bright future for a winning idea
This year’s $100,000 grand prize winner was Momease Solutions, which is developing a lactation-boosting pumping bra that allows breastfeeding mothers to comfortably collect more milk in less time.
“You could see their story resonated with everyone and was very meaningful to the crowd,” Williams said. “They were passionate in the way they spoke. It made you feel good that they’re going to have a positive impact on people’s lives.”
For Momease Solutions co-founders Ashley Mooneyham and Jennie Lynch, winning the MNCUP grand prize was the highlight of their 3-year entrepreneurial journey so far.
The win propels their product a few steps closer to market. The win also reinforces what the co-founders already knew: their product could be a game-changer for its users, and there’s a huge demand for it.
“Our hope is to make breastfeeding available to the majority of women who want to do it but can’t because of outdated breast pump technology. We’re so excited about the positive impact this will have. We’re capitalizing on our current momentum to get this on the market as soon as possible,” said Mooneyham.
Momease Solutions began as a personal quest of Mooneyham’s to improve “archaic” breast pump technology. A biomedically-trained scientist who holds a PhD, Mooneyham returned to work eight weeks after her daughter was born in 2021. She had not struggled with nursing but found pumping challenging and ineffectual.
Mooneyham knew from her scientific training that there were additional techniques that could be used to stimulate milk production, and she searched online to find a product that incorporated these elements. But she was shocked and disappointed to discover that such products didn’t exist.
A few weeks later, Momease (pronounced “Mommies”) Solutions was born. She knew she was on to something when she put out an informal questionnaire on social media and received 1,200 responses within 24 hours. “It was hugely validating and showed that outdated pump technology was a pain point for many women. The consumer base was ready and waiting for a solution.”
Mooneyham calls herself an “accidental entrepreneur” and was soon joined by Lynch to handle operations and marketing. Lynch calls herself the “activator” who loves bringing ideas to life. “I felt compelled to partner with Ashley because I have a heart for mission-driven products. Momease is mission-driven to its core.”
Mooneyham’s and Lynch’s enthusiasm was contagious at the MN Cup, where they received a standing ovation after winning the grand prize.
The Momease story can serve as an example for other entrepreneurs, Williams noted. “Others can learn from how they really honed in and understood the need and the relevance of their idea. And they can be inspired in how they persevered and kept true to their vision,” he said.
