A University of Minnesota student project aimed at boosting local economies in India has acquired funding to launch a for-profit social venture that will offer efficient drip irrigation systems to rural farmers in developing countries.

Now in its eighth year, the Minnesota Cup gives aspiring entrepreneurs the chance to test breakthrough ideas. Along the way, experts from a variety of industries help entrants flesh out (or scrap) their business plans.

Two University of Minnesota startups are finalists in the Venture Forum Business Plan Competition, presented by the Association of University Technology Managers (AUTM).