Scott Litman

Scott Litman (November 18, 1966 – ) is a Minnesota entrepreneur, co-founder of The Minnesota Cup and previous CEO and co-founder of Imaginet (sold to WPP plc)[1], co-founder of Minneapolis-based Magnet 360 (sold to Mindtree 2016[2]), co-founder of Lucy (sold to Capacity 2024[3]) and today is a partner at Traction Capital[4].

Litman significantly contributed to his local community by helping develop and launch the Minnesota Military Appreciation Fund[5], which has awarded nearly 11 million USD in grants to support over 17,000 veterans’ families recipients[6].

Career

In 1998, Litman was named a 40 under 40 by CityBusiness for the success of Imaginet.[7] On the 135th Anniversary of the founding of the University of Minnesota College of Liberal Arts, Litman was published in the book 135 Voices representing the class of 1990.[8]

In 2005, Litman and long-time business partner Dan Mallin co-founded The Minnesota Cup.[9] The competition was started to promote ground-breaking business ideas and is opened to all Minnesotans. Winning participants have received over $5 million in cash prizes, opportunities to meet local investors and get exposure in the media. The intention of the Minnesota Cup is to promote the discovery and commercialization of innovative, entrepreneurial ideas in the state of Minnesota. Since its founding, it has become the largest statewide business plan competition in the United States. Over 20,000 Minnesotans have participated, with top finishers having raised $1 billion in new capital.[10]

In 2010, Litman was named by Twin Cities Business as one of the "200 Minnesotans You Should Know"[11] for the sale of his co-founded company with partner Dan Mallin, Imaginet to a "giant ad industry holding company" and co-founding Magnet 360 in 2008. Litman was recognized as Ernst & Young's Entrepreneur of the Year in 2014 along with his longtime business partner Dan Mallin.[12] In 2014, Scott Litman & Dan Mallin received the Titans of Technology[13] award by the Minneapolis-St. Paul Business Journal, honoring the region's outstanding tech professionals.

In September 2015, Litman was a recipient of the University of Minnesota's Outstanding Achievement Award.[14][15] This award is given to University of Minnesota graduates who have attained exceptional distinction in their professional career or in public service, as well as demonstrated significant leadership on a community, state, national or international level. In 2015 and 2025[16], Litman was recognized as one of the "100 Minnesotans You Should Know."[17]

In 2024, Litman and Mallin sold Lucy to Capacity 2024[3]

References

  1. ^ "WPP acquires Imaginet". AdAge.
  2. ^ "Magnet 360 sold to India-based IT firm Mindtree for up to $50 million". The Minnesota Star Tribune.
  3. ^ a b "Serial Founders Mallin and Litman Sell AI Company Lucy". Twin Cities Business.
  4. ^ "Serial entrepreneurs and investors Scott Litman and Matt Meents join as strategic growth partners". Twin Cities Business.
  5. ^ "Minnesota Military Appreciation Fund (MMAF)". Crow Wing County, Minnesota.
  6. ^ "Slideshow of thanks for troops". Pioneer Press.
  7. ^ Forty under 40: Scott Litman Archived 2011-07-16 at the Wayback Machine retrieved 11 June 2010
  8. ^ 135 Voices, Celebrating the Legacy of the College of Liberal Arts, Regents of the University on Minnesota, 2005.
  9. ^ http://www.kare11.com/news/news_article.aspx?storyid=76596
  10. ^ "MN Cup | Carlson School of Management".
  11. ^ "200 Minnesotans You Should Know: 2010 Edition". Archived from the original on 2015-09-12. Retrieved 2015-10-27.
  12. ^ "EY announces finalists for EY Entrepreneur of the Year™ 2014 in the Upper Midwest - EY - United States". Archived from the original on 2015-10-02. Retrieved 2015-10-27.
  13. ^ "2014 Titans of Technology Award". www.bizjournals.com. Retrieved 2026-02-24.
  14. ^ "Outstanding Achievement Award Recipients". uawards.umn.edu. Archived from the original on 2015-11-19. Retrieved 2015-10-26.
  15. ^ "The University of Minnesota Outstanding Achievement Award". University of Minnesota.
  16. ^ "The TCB 100 - 2026". Twin Cities Business. Retrieved 2025-12-10.
  17. ^ Platt, Adam. "The TCB 100". Twin Cities Business Magazine. Archived from the original on 20 April 2015. Retrieved 22 April 2015.


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