We announced our $41 Million Fund II back on May 23, 2022.

On the two-year anniversary of our Fund II announcement, here’s a progress update-

Team Update

Future Outlook

I’d like to personally thank each of our Fund II investors. It’s through their capital commitments which we are able to continue on our journey backing ambitious founders!

Hunting Land Rentals By Owner, Inc., a Brainerd, MN-based company, provides hunters with direct access to landowners across the U.S. who offer their hunting land for lease using HLRBO’s online platform.

The $1M Series Seed round was led by Great North Ventures. Comeback Capital, Gopher Angels, and Right Side Capital also participated in the round. Rob Weber, Managing Partner at Great North Ventures and Jeff Peterson, member of Gopher Angels and former CFO of Cardinal Glass Industries, will join the company’s board of directors.

When asked why Great North Ventures decided to lead HLRBO’s Seed round, Rob Weber explained “Heath is among the scrappiest and most resourceful founders I’ve come across since starting our VC fund 7 years ago. To be able to bootstrap HLRBO to the national scale they’ve already reached is beyond impressive. And the market adoption of HLRBO is showing no signs of slowing down. HLRBO can become a very important business to the outdoor recreation space, serving potentially millions of consumers and a wide array of landowners in the years to come.”

The company intends to use the funds to grow its landowner base, expand its reach to hunters, and launch a mobile application to enhance user experience.

HLRBO CEO & Founder Heath Schubert said about closing this Seed round- “We are very excited to close our first investment round to support meeting the needs of hunters and landowners alike even faster. Rob Weber at Great North Ventures is an ideal lead investor to work with our team given his past experience as a founder scaling a consumer internet business to tens of millions of users annually which happened to be based here in Minnesota. Rob has the track record to help us scale HLRBO to become the dominant leader in our category, a category within the broader hospitality market that has been very slow to adopt new technology.”

Moss & Barnett represented the company in this transaction.

    Doubling Down on Success Investing in Trailblazers

Minneapolis – May 23, 2022 – Early-stage VC firm Great North Ventures announced today it has closed $40 million for its second venture fund (“Fund II”). The fund aims to continue the firm’s success investing in startups from Seed to Series A stages. New investments will address three key themes: digital transformation through AI, community-driven applications, and solving labor problems.

Founded and operated by successful founders, Great North Ventures focuses on providing capital, connections, and operational guidance to startups. Its new Fund II has added a Venture Studio, whereby new startups are co-created and supported from ideation through launch and beyond. The fund’s investing and support are network-driven, with connection density in Minnesota, through the Upper Midwest, and extending beyond. 

Founders seeking funding can apply for immediate consideration.

“We have refined our approach as a network-driven investor with Fund II. Our Innovator Network has depth and breadth across startups and Fortune 500 companies. Our team’s network is diverse and rooted in our own experience as founders. It is densest in Minnesota and the Upper Midwest, and extends beyond. Our deal flow and support and consequently, our capital deployment, align with this density,  By playing to our network’s strengths in this way, we maximize investment potential, while also creating a blueprint for further Fund growth in locations that are undercapitalized.”- Ryan Weber, Founder & Managing Partner

“Great North Ventures has a strong track record. Our investors have given us a vote of confidence by coming out strong for Fund II, with a 70% increase in fund size, and we are grateful for their continued support as well as the support of new investors. Our strategy as a thematic, network-driven investor focusing on opportunities in underserved markets is resonating and we see this successful Fund II raise as proof of this theme and our ability to execute.”- Rob Weber, Founder & Managing Partner 

Fund II Strategy and Themes

Great North invests in domains with substantial unsolved problems that can be solved by entrepreneurs leveraging technology. The firm’s Innovator Network is a network of former founders, skilled operators, and successful investors that have a track record of execution. It is a key resource for helping with sourcing opportunities, diligence, strategy insights, referrals for team additions, and mentorship for the core team. 

One of the key strategies of Great North Fund II is its Venture Studio, in which it designs and builds companies with world-class founders in focused market segments with substantial opportunities. In the venture studio model, problems that startups could solve are identified, markets are evaluated, teams are built, MVPs (minimum viable products) are spun up, and experiments are run to iterate products until product/market fit is achieved. 

Startups co-created in the Great North’s Venture Studio continue to receive fundraising support and board oversight after they launch. NextGem is a tool and social network for trading card enthusiasts to better manage and discover great cards. It is the first company created in Great North’s Venture Studio. The second startup to come out of the studio is Backhouse Brands, a self-serve marketplace for creating and managing virtual restaurant brands.   

Three investment themes drive Great North Ventures Fund II:

Digital Transformation Through AI – Great North is looking for technology-driven startups that are innovating traditional industries using artificial intelligence. Its portfolio examples across Fund I and II include Allergy Amulet, Coverlease, DispatchFlywheel, Inhabitr, and Nested Knowledge.

Community-Driven Applications – Great North is looking for consumer or enterprise startups that are connecting people through software, especially in the areas of media consumption or commerce. Its portfolio examples include NextGem, Omnia Fishing, and PartySlate.

Solving Labor Problems – Great North is looking for startups with market-driven solutions for workplaces and labor. Its portfolio examples include FactoryFix, Skillit, and Yardstik

Founders who fit one or more of these themes and are raising a Series Seed through Series A round may apply for funding on this web page.

Fund I History

The firm was originally known as Great North Labs when it was founded in 2017. Its first fund of approximately $24 million was one of the largest debut venture funds raised in the Midwest and now includes a portfolio of 27 investments, six of which have exited. New investments from Fund I are now complete,  with the remaining capital reserved for follow-on investments. 

Strong growth has continued across Great North’s Fund I portfolio. Aggregate revenue run rate of these companies increased 294% from the time of initial investment through the end of 2021. Recently, several of Great North Fund I portfolio companies have announced new growth rounds including Dispatch, Branch, and FactoryFix.

Great North Ventures’ co-founders, Robert and Ryan Weber, are twin brothers with a successful track record since the early 2000s as founders and angel investors. They were joined in founding the firm by a former mentor, Pradip Madan, who is a successful technology executive and investor. Rounding out the team are Venture Partner Mike Schulte, and Director of Marketing Josef Siebert.

About Great North Ventures

Great North Ventures is an early-stage VC firm located in Minneapolis. The firm has raised two funds since its 2017 founding. As a network-driven, early-stage investor, the firm has deep roots and density in the “capital desert” outside Silicon Valley, New York, and Boston. 

Built by founders, for founders, the team is experienced in founding and scaling tech companies. Its team consists of ex-operators with significant experience across stages of growth from startup to public companies and M&A, and broad and deep technical, sales, marketing, and transactional expertise. Great North prioritizes execution over strategy and pedigree when choosing companies and founders to back. Fund II will invest in startups that fit three themes: Digital Transformation through AI, Community-Driven Applications, and Solving Labor Problems


For more information, please visit its website, or follow the firm on LinkedIn or Twitter. Listen to the Great North Ventures podcast, or sign up for its newsletter.

The University of Minnesota is embracing startup culture across disciplines and producing results in the number of founders, tech talent, and startups. One of the top universities in the country with enrollment regularly over 50k, a system-wide endowment of nearly $4B, and over $1B spent annually on research and development, it’s incredibly important for the cultivation of early-stage tech startups in Minnesota and the Upper Midwest. Because of this alignment, Great North Labs engages with the U of M in several ways.

How the U of M is Engaging

John Stavig is a leader in the tech startup community. The managing director of the Gary S. Holmes Center for Entrepreneurship, Stavig teaches entrepreneurship courses and leads the Center. He helped launch one of the first student-run VC funds in the world, Atland Ventures, with David Russick. 

Stavig has opened the doors to the Carlson School of Management for events and educational opportunities that benefit both students and startup community members. Great North Labs’s Ryan Weber has taught Lean Startup boot camps out of Carlson, at Stavig’s invitation, reaching ~50 students with our Startup School. Ryan has also guest lectured in the Applied Technology Entrepreneurship course on conducting market research and fundraising.

John Stavig welcomes tech startup community events into the Carlson School of Management. Ryan Weber has lectured on crafting Moonshots, Lean methodology, market research, and raising capital.

MN Cup is elevating the entire startup scene. MN Cup has become the largest statewide startup competition in the country. MN Cup takes no equity, is totally free, and distributes half a million dollars in seed funding to their startup participants. The exposure, funding, and recognition they receive is unparalleled in Minnesota. Some of the biggest startups to come out of the competition are:

  1. Sezzle- 2016 High Tech Division winner
  2. Stemonix- 2016 Grand Prize Winner
  3. Kipsu- 2015 Finalist
  4. 75F- 2014 Grand Prize Winner
  5. WhenIWork- 2013 High Tech Division Winner
  6. Foodsby- 2013 Semifinalist

Donors like the Carlson Family Foundation enable Director Jessica Berg to make MN Cup possible. The competition grows bigger every year through their support and efforts. Great North Labs’s Rob Weber judges every year in the High Tech division, and can attest to the increasing quality of startups. Great North has invested in two MN Cup alumni to date, Plyo (2018 Student Division Winner) and TeamGenius (2017 Semifinalist).

Plyo rewards college students for exercising on campus with virtual points that can be redeemed for exclusive offers to popular restaurants, retailers, and brands. Plyo won the 2018 Student Division of the MN Cup.

Atland Ventures provides students real VC experience. Atland is the first-of-its-kind, student-run venture fund, investing in companies that leverage disruptive tech. Originally founded in 2016 by four students, Atland has invested in a dozen companies, including two in the Great North Labs portfolio, Structural and Dispatch. Atland is an independent company, not a student organization, and students can actually see profits from their efforts if the fund succeeds. Their faculty support is from Stavig, David Russick, founder of Gopher Angels, and Raj Singh, Assistant Dean of Undergraduates at Carlson. 

The limited partners include some of the most active local early-stage investors, including our partners Ryan and Rob Weber. Rob also serves as a mentor, and has recruited past Atland directors and managing partners to expand on their practical experience by interning at Great North Labs. The experience students gain at a working venture capital fund is a tremendous benefit in an industry that is notoriously hard to get in, and several have gone on to land jobs at startups and venture funds. 

The U of M has a proliferation of startup support efforts across disciplines. Venture Builders, Grow North, MIN-Corps, WE at the Holmes Center; the Venture Center, MNBridge, and the Discovery Capital Program at University of Minnesota Technology Commercialization, are among the additional efforts to cultivate and support startups. 

One example of the results of this multi-disciplinary collaboration is a startup we recently looked at called Grip Molecular Technologies. Grip is a cutting-edge startup using novel nanomaterials in an electronic biosensor to provide medical diagnostics. Not only are 2 different research scientists on the team from the U of M, but also a marketing executive.

Results by the Numbers

Since 2006, the U of M has launched over 165 startups. They have attracted over $1.15B in capital, and 7 have gone public since 2017. Investors can track U of M startups as they develop, through an online Startup Pipeline. 

The U of M is ranked #18 for Global MBA programs in Entrepreneurship, with the largest statewide startup competition in the country, and 260 mentors providing guidance. Countless students have gone on to lead or work in startups. 

In the Great North Labs portfolio, startups employ over 63 U of M alumni. That averages to nearly 2 U of M alumni for every startup we have invested in!

Dispatch is an on-demand delivery platform that enables businesses to track, manage, & share deliveries as they are ordered. Dispatch is based in Bloomington and employs 17 University of Minnesota alumni (according to LinkedIn data).

Why It Matters

The University of Minnesota is embracing startup culture across disciplines, and is contributing to the growth and development of talent, capital, and support necessary to early-stage startups in the region. This enables digital transformation and innovation across sectors. We are aligned with this approach, and work with the U of M to realize economic value creation in Greater MN, Minnesota, and across the Upper Midwest. 

While people and companies capture headlines with big funding rounds, IPOs, and acquisitions, much of the work the U of M is doing is out of the spotlight. The truth is that the university is plugged in and making a difference in the startup ecosystem. 

We’ve seen it firsthand, working with the administrators, the organizations, the faculty, and the students. And with leaders like Stavig, Berg, Russick, and the Carlson Family, the impact is only going to grow.

Last month we wrote about the history of local startups that were formed during a recession and went on to success, including local unicorn Jamf. The conversation quickly turned to what that means for founders and investors. 

Starting Up in a Downturn

The idea is that while many startups are beat down by strong headwinds, those that are resilient and adapt to stay aloft are better-positioned to take off post-recession. The local, successful startups that have come out of downturns offer compelling evidence to support this idea proposed by Rob Weber. 

Lee Schafer delved into the topic in his Star Tribune article, “Can a downturn actually be the right time to start a business?” and spoke with Scott Burns, CEO of Structural and former CEO of GovDelivery.

Managing Partner Rob Weber’s own previous company, NativeX, was a startup success that came out of a recession.

Scott agrees that it’s probably true that “what doesn’t kill you makes you stronger”, but he doesn’t think that it’s better to start in a recession. Specifically, he laments the opportunities lost that he didn’t pursue when they presented themselves. 

“When CEO of GovDelivery during trying times, he said, ‘we were so beat up we lost our ability to move fast when the opportunities did arrive.’”

Investing During a Downturn

Few people would disagree with Scott that running a startup during a recession is a difficult position. Being a startup founder is incredibly tough even in easy times. But if founders can run lean and stay agile, they might come out of the pressure cooker with a proven, capital-efficient business.

In the Midwest, capital efficiency is already a necessity for startups. We have 10% of US venture-backed startups, but only 5% of funding. For investors, this can mean attractive returns on investments. Specifically, a 5.17x median MOIC (Multiple on Invested Capital).

There is opportunity to be found in a recession. The next GovDelivery, NativeX, and Jamf could be out there right now.

The trick is to keep yourself willing and able to move on those opportunities when they arrive.

Events

Here are some interesting upcoming events. They are all virtual.

Portfolio News

Allergy Amulet is new to the Great North Labs portfolio! Allergy Amulet is a fast & portable food allergen & ingredient sensor. The wearable device is paired with test strips, and is the world’s smallest & fastest consumer food allergen sensor. Read more at Crunchbase.

“Indeed acquires recruiting process automation platform ZapInfo”. Jobs site Indeed has acquired ZapInfo!

“Misty the robot graces Fierce AI Week in engineering”. Misty demonstrated it’s use as a temperature screening assistant for COVID-19.

“PrintWithMe Announces National Partnership With RangeWater Real Estate”. PrinWithMe has partnered with a manager of 50,000+ multifamily housing units.

“Pitchly completes $2.5 million investment round”. Pitchly has completed a $2.5M capital raise.

Job Board

Dispatch is hiring a Business Development Representative, Data Engineer, and Quality Assurance Engineer in Bloomington, MN; a remote Ruby Developer. They are also hiring Territory Sales Managers in Albuquerque,NM; Denver, CO; Phoenix, AZ; Portland, OR; Salt Lake City, UT; Seattle, WA; and Tucson, AZ. 

FactoryFix is hiring a Team Lead – Full Stack Developer, Full Stack Developer, and Infrastructure Developer- DevOps in Madison, WI; and a Sales Development Representative  in Chicago, IL, Indianapolis, IN, or Madison, WI.

PrintWithMe is hiring a Regional Sales Director on the East Coast; AR/AP Specialist, Inside Sales Executive in Chicago, IL; Customer Service Representative, Marketing Director, and a Fall 2020 Strategy Intern (MBA) for Remote work.

Parallax is hiring a Growth/Experienced Business Development Representative in Minneapolis, MN; Experienced Product Designer, and Head of Customer Success & Product Ownership in Edina, MN. 

Branch is hiring a Data Platform Manager, Senior Backend Engineer, Senior Software Engineer, Customer Success Manager, Customer Support Rep, and Fraud Agent in Minneapolis, MN.

Inhabitr is hiring a Chief Growth Officer/Head of B2C Growth, and a Sales and Customer Experience Associate in Chicago, IL.

Clinician Nexus is hiring for Customer Support I in Minneapolis, MN. 

NoiseAware is hiring a COO, VP of Global Sales & Account Management, Embedded Developer, QA Technician (independent contractor), Account Manager, and a Customer Advocate in Dallas, TX.

Today it was announced that last quarter’s drop in GDP was the second largest ever recorded. Overall US economic output fell by 9.5%. This dire news comes on the heels of fantastic news for the MN tech startup community: the largest IPO from a Minnesota company ever, Jamf’s $468M IPO and $4.7B market cap. 

Minnesota’s Resilient Startups


In good times, founding a startup is hard. Being a successful operator is even harder. Add in the challenging times and limited resources of a recession, and you wind up with a pressure cooker that will test teams, products, and people to their limits. 

There is a history of successful companies weathering recessions, however. While some startups crumble under the pressure, others become diamonds. We compiled a list of Minnesota’s Resilient Startups to showcase some of our state’s startup successes that not only weathered tough times, but were formed during recessions

Leveraging Resilient Founders


It’s no coincidence that many of our operating partners appear on that list. We believe that successful founders and operators make the best early stage investors because they’ve had to scale an emerging technology company before. Leveraging that experience to identify, invest in, and support startups is what makes Great North Labs unique compared to most seed funds.

Tech.MN recently interviewed Managing Partner Rob Weber about his own experience as a founder of a NativeX, which was founded in the wake of the dot-com bust. Rob also talks about what led him and Ryan Weber to found Great North Labs.

Managing Partner Rob Weber shares the vision of Great North Labs and the impetus for its founding on the Tech.MN podcast.

“For us, I have gotten to know a lot of other founders in Minnesota and the surrounding region and many of them, either through their business model or whatever, required more early-stage capital than we did. And I heard about how terrible it was for them to raise money the last 10-20 years.

I just thought, ‘We can do this. We can invest in these companies and we can make money doing so.’

And that’s what compelled me to write checks. It was almost a feeling of obligation. We got a little bit of capital, and great mentorship, from these guys from Silicon Valley and I just thought, ‘We could do this here.’” – Rob Weber

Even with the challenges of a recession, we are positioned to continue contributing to a cycle of growth. We continue to build capacity in the innovation ecosystem by cultivating, capitalizing, and contributing to startup successes in Minnesota and the Upper Midwest. 

Events

Here are some interesting events rounding out the summer lineup. 

Portfolio News


“CCRCs to participate in $3 million test of robots to curb resident loneliness, apathy”– Misty is encouraging social interaction in retirement homes in this study with Misty Robotics.

“The Lowdown on Discounts”– OSU campus publication featuring discounts from Plyo.

“PrintWithMe Announces National Partnership With Invesco Real Estate”– PrintWithMe agreement with 28th largest apartment owner in the US.

“Property risk increases as booking behaviour changes” – Problem trend, with success stories from NoiseAware.

Job Board

Dispatch is hiring a Business Development Representative, Driver Engagement Agent, Inbound Marketing Specialist, Cloud Engineer, Data Engineer, Manager-Software Engineering, Quality Assurance Engineer, Software Engineer, and Support Engineer in Bloomington, MN. 

FactoryFix is hiring a Team Lead – Full Stack Developer, Full Stack Developer, and Infrastructure Developer- DevOps in Madison, WI; a Recruiter, Sales Development Representative, and Account Executive in Chicago, IL.

PrintWithMe is hiring a Regional Sales Director on the East Coast; AR/AP Specialist, Inside Sales Executive in Chicago, IL; ; a Software Engineer, Account Manager, and Marketing Director for Remote work.

Parallax is hiring a Growth/Experienced Business Development Representative in Minneapolis, MN. 

Branch is hiring a Data Platform Manager, Senior Backend Engineer, and Solutions Engineer in Minneapolis, MN or Remote; and a Customer Success Manager in Minneapolis, MN.

Inhabitr is hiring a Chief Growth Officer/Head of B2C Growth, a Chief Growth Officer/Head of Growth, and a Sales and Customer Experience Associate in Chicago, IL.

NoiseAware is hiring a COO, VP of Global Sales & Account Management, Back-end Developer, QA Technician (independent contractor), Account Manager, and Customer Advocate in Dallas, TX.

Twin Cities Startup Week is over! It was a busy week for many of us in the tech and innovation community, with around 300 events to attend and thousands of people to meet. 

This year, Great North Labs was proud to bring Greater Minnesota into the BETA Showcase for the first time ever. Thanks to Reed Robinson and Adam Lingerfelt at Beta for working with us to include 10 non-metro startups at this year’s event! We are still waiting on final tallies from TCSW, but we know that over 900 tickets were sold for the Showcase event. The value for these outstate entrepreneurs of that kind of exposure is fantastic, and we are glad to have done our part in providing it through our partnership with BETA. 

Great North Labs’s Ryan Weber speaks at the 2019 BETA Showcase at TCF Bank Stadium as BETA Executive Director Reed Robinson looks on.

Prior to the Showcase, Great North Labs hosted an invite-only event for the entrepreneurs and other attendees working from or with Greater Minnesota. The Greater MN Meetup brought together Greater Minnesota ecosystem stakeholders to join the conversation on improving the startup ecosystem. We had over 100 attendees involved in actively supporting the Greater MN innovation ecosystem! Thanks to Moss & Barnett and EPIQ Partners for co-hosting and making this event possible. 

“With the efforts of some amazing partners like the NEW Launch MN initiative and Great North Labs, there’s an ever increasing appetite for supporting and celebrating technology being built in Greater Minnesota… Working together, we’re excited to see what kind of growth occurs – customers, investment, awareness, etc – by building tighter relationships between the local technology ecosystem and those building outside of the Twin Cities.” – Reed Robinson, Co-Founder and Executive Director of BETA

Events and initiatives like the 2019 BETA Showcase, gBeta Greater MN St. Cloud, and Launch MN are excellent catalysts for entrepreneurs. By supporting them we will continue to drive innovation and foster economic value creation in Minnesota and across the Upper Midwest. 

In line with this mission on a national level is Revolution’s Rise of the Rest Seed Fund, who just announced a $150M second fund. They are focused on investing in startups from communities not located in traditional startup hotbeds. We are partners with Rise in Dispatch and Structural, and are supporters of what they do locally. Great North Labs’s Rob Weber will be speaking at their upcoming annual summit in D.C. on Scaling a Company and Growing a Team Outside of Silicon Valley. Congratulations to Steve Case, Anna Mason, Mary Grove and the rest of the Rise team!

Events

Nov. 5th, UMD Entrepreneurship Conference in Duluth, MN. This student-run conference will bring together entrepreneurs, educators, and innovators.

Nov. 6-7th, Wisconsin Early Stage Symposium in Madison, WI. This is an Investor/Entrepreneur conference with 500+ attendees.

Nov. 12th, Launch MN Roundtable Discussion: Central Minnesota in St. Cloud, MN. Great North Labs is hosting Launch MN! This session will educate innovation ecosystem stakeholders on the initiative, and serve as a forum for feedback about how to best support Central MN.

Nov. 12-14th, Fulcrum: The Conference on Solutions for the Future of Work inDetroit, MI. “The Fulcrum Conference will bring together a broad range of stakeholders to design win-win solutions that will benefit workers, employers, our communities, and our economy.” 50% off code for SingularityU community members: SUCOMM50. 

Nov. 14th, Cultivate in Fargo, ND. Put on by Emerging Prairie, this conference is all about emerging tech in agriculture. Entrepreneurs in the AgTech space actively looking for investment and ready to pitch, apply hereConnect with Ryan Weber (@mnvikingsfan) at the event. 

Nov. 14th, OnRamp Manufacturing Conference in Indianapolis, IN. The OnRamp Manufacturing Conference highlights innovations disrupting the manufacturing industry, the leaders making such innovations possible, and how new technologies and business models will reinvent the industry.

Nov. 18th, Moonshot Monday in Minneapolis. SingularityU Minneapolis-St. Paul’s happy hour event will feature Finnegan’s finest, networking, and the think-outside-the-box Global Grand Challenges game. 

Nov. 19-20th, 2019 UNMET Conference inDenver, CO. “50 of the fastest-growing tech companies located throughout the middle of the US will be pitching to raise Series A/B Capital”. Connect with Rob Weber (@robertjweber) at the event. 

Advisor News

Amit Patel is new to the Great North Labs Advisory Team! Amit is the Co-Founder and CEO of Vios Medical. Amit’s experience includes Global Partnership Strategy at Heartflow, Inc., and Corporate Development at Medtronic. 

Brian Tockman is new to the Great North Labs Advisory Team! Brian advises consumer growth and omni-channel retail companies. He is a former Venture Investor at General Mills, Merchant at Target, and eCommerce Startup Leader.



Portfolio News

Misty Roboticshas released Misty II! Check out their latest robot/developer platform here.

Dispatch won the Operational Excellence Award at the 2019 Twin Cities Startup Week Awards. Congrats to the Dispatch team!

Job Board

More information about our portfolio companies can be found here

Dispatch is hiring all over the country for Drivers and for  Biz Dev, QA Engineer, Front-End Engineer, Accounts Payable, and a CFO in Bloomington, MN
Structural is hiring for a Sales & Marketing Operations Specialist, and Account Exec in St. Paul, MN.
FactoryFix is hiring a Software Engineer and Product Designer in Madison, and a Business Development Specialist and an Account Manager in Chicago.
Misty Robotics is hiring a Lead Qualification and Inside Sales Specialist in Boulder, CO. 
2ndKitchen is hiring a Digital Marketing Manager, Customer Success Manager, Account Exec, Customer Support Manager, and Director of Sales, all in Chicago.
PrintWithMe is hiring a Customer Success Associate, Network Operations Specialist, and Operations Lead in Chicago, and a Regional Sales Director for the West Coast. 

Twin Cities Startup Week kicks off tonight, and goes until October 16th! This is the biggest startup (event? happening?) anything in Minnesota every year, and TCSW 2019 is bigger than ever, with over 300 events. So what does a venture fund like Great North Labs have to do with it? Are we just wandering around writing checks? 

Oh, no. Oh ho ho ho ho NO.

1. BETA Showcase

Oct. 14th, from 7-9 pm at the DQ Club Room at TCF Bank Stadium

When Reed Robinson at BETA approached us about including Greater MN in Twin Cities Startup Week (TCSW), we had some ideas.

This year, we helped BETA source and vet startups from around the state for the BETA Showcase, which regularly sells out (and which attracted 800 attendees last year!). For the first time ever, this premier event of TCSW will include 10 startups from Greater MN, in addition to the 14 from the BETA cohort. Who will take home the Golden iPod this year?!

While many demo events are industry or metro-specific, this will truly be a celebration of the state’s entire ecosystem. Come to eat, drink, and talk one-on-one with some of the hottest new founders in the state!

2. Greater MN Meetup

Oct. 14, from 5-6 pm at the “M” Club Room at TCF Bank Stadium

2019 is the first year focused on including Greater MN, so Great North Labs decided to help organize the Greater MN Meetup, with sponsors EPIQ Partners and Moss & Barnett.

This invite-only (request and invite at the link if you haven’t received one) pre-event gathering before the BETA Showcase will be a place for policy folks, business leaders, economic development pros, entrepreneurs, and investors interested in supporting the innovation and startup ecosystem statewide. It will also give all of the Showcase newcomers a place to gather with likeminded people before the craziness of the BETA Showcase.

Join us to connect with Greater MN stakeholders, and have a drink and snacks before the BETA Showcase!

3. Exponential Medicine

Oct. 14, from 1:30-2:30 pm at Junior Achievement of the Upper Midwest

Ryan Weber is not only a Managing Partner at Great North Labs, but he is also the Co-Ambassador at SingularityU Minneapolis-St. Paul (SU-MSP), where he keeps up on digital transformation and exponential technologies.

The mission of SU-MSP includes educating people in the community around these topics. Exponential Medicine is part of the featured Health track, and we have gathered 3 cutting-edge local companies to speak about what they do, where they see the tech going, and the impact that will have in the future.

Come to learn about advanced tech in local medical companies StemoniX, Recombinetics, and Miromatrix Medical.

4. Exponential Medicine Moonshot Workshop

Oct. 14, from 3:00-4:00 pm at Junior Achievement of the Upper Midwest

Another part of the mission of SU-MSP is to promote local moonshots using exponential tech to take on the world’s most pressing problems! This Moonshot Workshop will work on generating some of these big, transformative ideas with a health focus.

Ryan Weber will co-facilitate this workshop with fellow SU-MSP leadership team member Nick Tietz, Founder and CEO of ILT Studios.

Want to think outside of the box while brainstorming BIG ideas to make the world a better place? Join us for this session to not only learn how to generate these ideas, but to generate some yourself!

5. TCSW Awards Ceremony

Oct. 16, from 6-9 pm at the Science Museum of Minnesota

The Closing Party of Twin Cities Startup Week is going to be a blowout at the Science Museum. This will be the last hurrah of TCSW 2019!

Sign up separately to attend the TCSW Awards Ceremony from 6-7 pm. There are a variety of awards given out, and this year we are proud to be sponsoring the 10K Award. The award is for recognizing an organization, team, or individual fueling Minnesota’s startup ecosystem outside the greater MSP Area.

Vote for the 10K Award recipient here, and attend the event for the last goodbye to TCSW until 2020!

6. Partnerships Matter: Why Go it Alone if you Don’t Have to?

Oct. 11, from 10 am-12 pm at EPIQ Partners

Managing Partner Rob Weber will be speaking at EPIQ Partners alongside Neela Mollgaard, Director of Launch MN, and Matt Meents, former CEO of Magnet 360.

“Success rarely happens as a solo effort. Every entrepreneur must find and nurture partnerships along the way. From co-founders developing trust in early stages to finding the right advisors to track towards an exit, partnerships matter. Come and absorb from an informed group of experienced partners.” – from the event description that was so right-on it had to be directly quoted

Come to hear about the value of partnerships, and valuable partnerships.

7. Kind of all over the place

Great North Labs contributes to many organizations that are important to the local startup ecosystem including MN Cup (Final Awards ceremony on Oct. 14th!), Minnestar (Minnedemo 33 is Oct. 10th!), BETA (operational support for all of TCSW), and SingularityU Minneapolis-St. Paul.

A healthy ecosystem produces more startups, and we hope to grow it locally, while continuing to invest in early-stage startups throughout all of Minnesota and the Upper Midwest. We are glad to see Twin Cities Startup Week growing in attendees, events, and sponsors, and by including startups from Greater MN!

July is over! This is the moment where summer fun planning always turns a little earnest, when we try to store up every last bit of Vitamin D and fish protein we can to last the upcoming season-which-shall-not-be-named. There’s still fun to be had, and we took some time out of the sun recently to attend some great local events. 


Talking VC


Great North Labs partner Rob Weber spoke at Enterprise Rising with Mary Grove, partner in Revolution’s Rise of the Rest seed fund. Enterprise Rising is an annual event for Midwest enterprise tech startups that was created by Great North Labs advisor Casey Allen. Rob and Mary’s talk was a VC-to-VC chat about what they look for in investments, including specifics like important tools for metrics and defining product/market fit, and about their respective funds. They also talked about the region in general. As Rob said, “We’re punching above our weight, but just not telling that story well.” 

See Blue Raven Digital’s recap notes/video from the talk here.

Ecosystem connections

Forge North is not only dedicated to connecting and supporting the local innovation ecosystem, but also to telling the story about our region better than it has been told before. Forge North’s event, Horizon, was a debut for the coalition dedicated to supporting Minnesota innovators and entrepreneurs. An initiative of Greater MSP, its mission is: “We accelerate growth by inclusively connecting and proudly celebrating the individuals and organizations growing Minnesota ventures, and we equip these partners with tools to measure progress and dream bigger together.” They operate a dashboard that visualizes some key metrics for the regional innovation economy, which is useful for data-driven stories as well as being valuable information. You can see a video explaining the initiative here.

Supporting the next generation
 

We also ran into Mary Grove at Silicon North Stars Demo Day at Fueled Collective on July 23rd. She and her husband, MN DEED Commissioner Steve Grove, run the non-profit Silicon North Stars which operates a tech camp for 9th graders. Their mission is to inspire and educate young Minnesotans to become future leaders in technology. The camp ends with a demo day every year, and the solutions the teenagers come up with are always surprisingly well-thought. The impact on the kids is palpable, as they invariably talk about the confidence, knowledge, and inspiration they gain from the experience. Great North Labs is a proud sponsor of this organization. 

Events

It’s hard to spend too much time indoors in August, but there are some events worth stepping inside for.

Portfolio News

Plyo is new to the Great North Labs portfolio. Plyo is a rewards app that encourages students to use their campus recreation center in exchange for points that can be redeemed for offers from a variety of merchants. It provides motivation for students to lead a healthy lifestyle, while allowing businesses to engage with the active college student customer segment in a positive way. 

Job Board

Dispatchis hiring all over the country for Field Sales Representatives and Drivers. In Bloomington, MN, they are hiring a variety of positions including an Executive Assistant, an Accounts Receivable Specialist, Support Engineer, Sr. UX Designer, Biz Dev Rep, and a CFO!
Structural is hiring a Customer Success Specialist.
FactoryFixis hiring a Software Engineer in Madison, and sales roles in Chicago, Detroit, and Indianapolis.
Misty Robotics is hiring a CFO, Devops Engineer, Principal Electrical Engineer, and a Sr. Software Engineer in Boulder. 
pepr ishiring for Biz Dev – Outbound Sales in Minneapolis.  
PrintWithMe is hiring a Customer Success Manager, Biz Dev Executive, and interns for Strategy and Marketing/Operations

The annual MinneBar event, hosted by non-profit Minnestar, is the largest bar camp-style conference in the country. Saturday, April 27th was the fourteenth incarnation of this highly anticipated event, and it did not disappoint. How highly anticipated was it? Tickets were released in two waves this year, and the first wave sold out in under 7 minutes. Total attendance for the 165+ sessions at Best Buy HQ in Richfield was 1,700.

Minnebar has become Minnesota’s version of South by Southwest

-random Minnebar14 attendee

As one passerby put it, MinneBar has become Minnesota’s version of South By Southwest. Don Ball, cofounder of coworking space COCO (now Fueled Collective) credits Managing Director Maria Ploessl and her crew for keeping it a “pure experience”. “Lesser minds would kill it off through monetization,” said Ball.

Becky Lauseng, Director of HR at the ag-tech software company Conservis and a Minnebar newbie, shared her glowing review with Great North, “This year was my first time attending Minnebar and wow, was I impressed! I’m already looking forward to next year!  From the variety of topics offered in the breakout sessions, to the passionate and forward thinking presenters, this event was so valuable to me.  For someone who supports a local technology company and its employees, I gained a lot of insight on current trends, ideas and technology advancements that I can take back to work and apply.  I can’t wait for next year!”

Great North Labs is a proud supporter of Minnestar and Minnebar. Our advisors Sona Mehring and Alex Ryan are board members, while advisor Ben Edwards and Great North Labs Managing Partner Rob Weber sit on the Advisory Board. Edwards is actually the co-founder of MinneBar and Minnestar, and he returned this year to represent his current startup (and Great North Labs portfolio company) Misty Robotics. We were glad to be a part of another successful Minnebar, and to see a strong showing from the MN tech community. Here are some of the highlights.

Diversity and Inclusion in Tech

The day started as it always does with Session 0. This year’s presenter was Sharon Kennedy Vickers, Chief Information Officer for the City of St. Paul. Vickers is a 2018 Bush Fellow, and is the co-founder of Techquity, and co-organizer of CodeSwitch and Open Twin Cities.

Rob Weber at the opening remarks

A key point from Vickers’s speech was that one of tech’s greatest pitfalls is in overvaluing “outputs” of users and workers compared to their inputs. She is working towards an inclusive innovation economy, and making Minnesota a great place to launch tech products with social impact.

“Diversity is the invitation into the room. Inclusion is the offer to dance.”

Elliot Payne

Later in the day, Jeff Lin hosted a panel on the importance of diversity in tech, with Antoinette Smith, Jenessa White, Elliott Payne, and Philip Xiao. As Elliott put it, “Diversity is the invitation into the room. Inclusion is the offer to dance.”

At Great North, we believe that founders in rural areas also work at a disadvantage, especially when it comes to accessing capital and receiving strong mentorship. We work with these founders through the tech and entrepreneur communities in cities like Sioux Falls, Fargo, and St. Cloud. So we were glad to see Caitlyn Casper from St. Cloud State’s Entrepreneurship Club taking part in her first Minnebar!

VC Reverse Pitch

Our team’s first presentation of the day was voted into the largest room, the Theater. Great North Labs Managing Partner Rob Weber presented “VC Reverse Pitch” alongside Mary Grove, partner in Revolution’s Rise of the Rest Seed Fund (ROTR). The session shared a fund manager’s perspective on what they seek to know when determining whether a startup is worth investing in and how a VC can help a founder grow their business. It was packed with founders looking for inside knowledge on securing investment.

“They are good friends, co-workers, and partners.”- Mary Grove, ROTR partner

Among his opening remarks was a tidbit of valuable advice for founders. Rob talked about how important it was for a founder to be knowledgeable and able to provide an overview of their total addressable market (TAM) as experts in that industry. Weber also frequently encountered founders being unable to explain how their startup’s primary distribution model connects to their serviceable market (SAM).

Mary Grove later seconded this notion, as she said that many times what got ROTR excited was when they could look at a fleshed out growth plan, charted out for months in advance. She recommended that founders provide quarterly follow-ups to fund managers with key progress updates.

“One of the reasons we like co-investing with Great North Labs is because Rob and Ryan have the experience of building, growing, and exiting a company.”

Mary Grove, Partner, Revolution’s Rise of the Rest Seed Fund

Grove highlighted the importance of finding good, trustworthy co-investment partners to complete a successful venture round, and talked about why Revolution like to partner with Great North Labs on deals. “One of the reasons we like co-investing with Great North Labs is because Rob and Ryan have the experience of building, growing, and exiting a company.” She had more glowing words for the Weber twins early on, saying, “They are good friends, co-workers, and partners.”

She also stated that it is time for the Twin Cities to be nationally recognized, and we at Great North Labs agree with this wholeheartedly. We think that Revolution’s Rise of the Rest Seed Fund, and their mission of driving economic advance and funding great startups in states outside of traditional VC funding, is the ideal partner in driving this national recognition.

Intro to Exponential Technology & Leadership

Ryan Weber, Great North Labs managing partner (and Rob Weber’s brother), opened by explaining what compelled him to help establish a new chapter of Singularity University’s global community. After attending their executive education program in Silicon Valley, he returned home inspired by the future changes around the corner, and the possibility for global, positive impact by using these technologies for good. He joined the founding team of SingularityU Minneapolis-St. Paul in hopes of educating and inspiring others to work on moonshot projects aimed at changing the world instead of simply solving problems. 

Weber shared local startups that are using exponential technologies

The local tech community has gone through extensive growth in the past 5 years, and is becoming one of the best places to form a startup in the country. However, Silicon Valley is far ahead of us when it comes to startups with grand, world-changing visions. Weber believes that to take the tech community even further, we need to study the world’s greatest challenges, and see how we can exploit new exponential technologies to provide solutions that are ten times or more better than what is currently available. 

Weber’s presentation included an introduction to the concept of exponential thinking, a review of a few of the most promising new technologies with examples of local startups going after moonshots utilizing them, and closed with a call-to-action to join the movement by joining the chapter. Membership in SingularityU Minneapolis-St. Paul Chapter is free. The chapter’s kickoff event is at UMN-Carlson on the evening of June 4th, and non-members are welcome to attend.

Creating a MoonShot

Ryan Weber and The Sota Enterprises CEO (and Great North Labs Advisor), Nick Tietz, facilitated a working session focused on design to promote moonshot thinking and the new SingularityU Minneapolis-St. Paul Chapter. In 45 minutes they took a packed room of about 75 people through a structured process to generate a moonshot project.

Participants chose a Grand Challenge to work on, then used two methodologies, “Question Storming” and “Future Wheels”, to crystallize a moonshot statement that embodied the key elements of a world-changing project. Each participant left with a self-generated moonshot idea to solve a major problem facing the world that they would be interested in tackling.

Work Space Selection: Aligning Work Space With Your Company’s Growth

While MinneBar is rife with practitioners teaching multiple skill levels in technical niches, it has really broadened its offerings compared to the early days. This year included a presentation on Korean Skin Care, Personal Finance for Programmers, and even one unlisted, pop-up session titled “How I Accidentally Started a Bank in Nigeria” [Or was it Angola? I forget the country].

One interesting, non-technical session addressed the workspace needs of companies with rapidly expanding employee numbers. David Anderson (Frauenshuh commercial real estate service provider) and David Paeper (HGA architects) provided great advice for growth companies on how to align their work space with their company’s growth. “Your most valuable asset is your people so your space needs to make them your first priority” said David. 

David Anderson and David Paeper talked about tailoring work spaces for growing startups

Their presentation covered a wide breadth of topics including Location, Amenities, Value, Design + Culture, Well-Being + Safety, and Function + Aesthetics. Key takeaways include:

  1. Subleasing – Subleasing often provides the most flexibility and value.  Most, but not all, sublet space can be searched for on an exchange to help a tenant quickly find what’s on the market.
  2. Visualization Helps Determine Location – They showed examples with overlaid visuals on a map, used to explore where a companies staff live and where the transit options are, in order to determine the optimal location.
  3. Suburbs vs. Downtown – The costs for the same quality of space are typically similar downtown versus in the suburbs. However, parking typically is an added expense for being downtown. 
  4. Compression Planning – A growth company should utilize compression planning in their real estate plan to help them understand how they can utilize their space effectively from the onset and after they achieve their expected growth without incurring unexpected costs.
  5. Freestanding Furniture Is Best – Freestanding furniture has greater reusability and is becoming more strongly preferred compared to panel furniture for tech companies whose need to reconfigure frequently

Sharing the Minneapolis-Saint Paul Tech Community Story with the World

For the entrepreneurs and for the tech talent, what’s going on matters, the ecosystem matters, the way we tell our story matters.

Meg Steuer, Forge North

A panel of presenters including Tiffany Orth of Make It. Msp, and Matt Lewis and Meg Steuer of Forge North talked about the importance of storytelling when building and promoting the local tech and innovation ecosystem. While economic opportunity is first and foremost, the whole presentation served as a reminder of all the great reasons why the the area is a good place to work, live, and grow a business.

Moving Forward

Mary Grove’s husband, Steve Grove, is working to drive changes at the state level as the new commissioner of MN DEED. The Minnesota Innovation Collaborative is an important effort to inject some growth into Minnesota’s innovation economy. While the Twin Cities metro has the most Fortune 500 companies per capita among US cities, many of them are from the 1970s or earlier, and we aren’t generating new ones at a lead-sustaining pace. Many parts of the state, including declining rural areas and the Iron Range, are in dire need of economic innovation. While we believe that private investment (like ours and that of ROTR) can drive growth in these areas, we believe that the most impactful approach includes public action as well.

MinneBar is a welcome reminder of the power of community, and of the promise of technology to create a better life. Whether you want to create a moonshot, build an exponential tech startup, get funding for a high-growth venture, house your growing company, or attract out-of-state talent, it’s good to know you are welcome at MinneBar, and in the diverse, inclusive tech ecosystem that is growing here in Minnesota and the upper Midwest.

Great North Labs is proud to work with and support organizations like Minnestar, SingularityU Minneapolis-St. Paul, Forge North, Revolution’s Rise of the Rest Seed Fund, and the Minnesota Innovation Collaborative. We are fortunate to be part of this growing, talented, and inclusive tech and innovation community that is among the best and most economically promising in the country. And we are excited to facilitate rapid, innovative growth in early-stage startups by bringing capital, experience, and our network to bear in this rich environment.

July Newsletter
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iraLogix closes $22M + Branch expands with Uber

iraLogix Closes Series C
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iraLogix closes $22M Series C

June Newsletter
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Flywheel lands Gates Foundation grant

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