Industrack was the only Minnesota firm among 12 companies to win in the finals of the Metropolitan Economic Develoment Association’s “MEDA Million Dollar Challenge” national business competition for minority entrepreneurs.
Plymouth-based Industrack, founded in 2008 by electrical engineer Raz Bajwa, provides an integrated field-management software for plumbing, HVAC and electrical-service contractors, including customer-relationship management, estimates, invoices dispatch and payment processing.
Industrack was awarded $100,000 of the $1.1 million in total prizes money awarded in the annual competition.
Mi Terro of California, a chemistry-rooted concern that converts spoiled milk and other food products into fiber for shirts. Mi Terro collected $300,000 and the first-prize award.
“In such tumultuous times, these BIPOC entrepreneurs have shown such resilience, innovation and dedication to their impressive businesses,” Alfredo Martel, chief executive of MEDA, said. “Every time a BIPOC entrepreneur succeeds, it is a win for the economy as a whole and the positive ripple effects that follow are needed now more than ever.”
Meda, which recently crossed $23 million in capital, is a 50-year-old nonprofit business adviser and lender, certified by the U.S. Treasury as a community financial development institution.
It helps small, minority-owned businesses develop into profitable concerns and move on to new financing from commercial bankers.
Neal St. Anthony • 612-673-7144