Welcome to our last newsletter of 2020. It’s been a challenging year. We feel fortunate that the local early-stage startup scene has remained strong, and believe that investment in innovation and digital transformation will help fuel the post-pandemic economic recovery.
In 2020 Great North Labs invested a total of $5.8M, adding 14 startups to our portfolio for a total of 23. Most of the remaining capital in Fund I is allocated for follow on investing. That won’t slow us down with backing new startups as we intend to continue investing in new companies out of new funds.
Before we look forward to new investing and ring the new year, let’s take a look at the top stories of 2020 for Great North Labs. These are the topics we wrote about that resonated the most with our audience.
Top 5 Stories of 2020
1. COVID-19
The pandemic has forced sweeping changes around the world. We wrote about legislation that can spurn the economy to recovery and the increasing speed of digital transformation driving value creation in tech companies and the Midwest. We also tracked trends, curated startup resources for entrepreneurs, and encouraged giving to support local nonprofits in the tech and startup community.
2. Capacity Building
As the startup ecosystem grows, with it grows the capacity to produce breakout startups. Those startups drive economic value creation, economic activity, and job creation. This year we laid out the cash and equity, time and effort donated, re-affirming the commitment laid out in our Founders Pledge and our give-first mentality.
3. Resilient Startups
Startups have to be capital efficient and nimble to survive a downturn. The Midwest in general is know for capital efficiency and the grit required. We dug up a list of resilient startups in Minnesota that not only survived, but thrived after coming through a recession. We also pointed out how to spot a good consumer app startup, and paired with CliftonLarsonAllen to explain how investors may be able to get 100% capital gains exclusion by investing in these startups as angels or through venture funds.
4. George Floyd
The American Dream is one of a meritocracy, where those who work hard and well are rewarded. This dream is still not a reality for many Americans who face systemic inequities. BIPOC individuals face economic deprivation due to these inequities, which have profound and compounding effects. The events surrounding the death of George Floyd drove home the fact that we need to continue to work to provide equitable opportunities for success through charitable giving, training, and mentorship, and track progress in the number of founders we see.
5. 2020 World Economic Forum
Great North Labs was honored to be invited to the 50th Anniversary World Economic Forum in Davos back in January of 2020. Managing Partner Pradip Madan spoke about our investment thesis, digital transformation, and increasing innovation in the private and public sector in front of leaders from around the world and appeared on CNN Money in Switzerland. Pradip also hosted roundtable discussions on “Business models and strategies that will hallmark the next phase of global economic transformation” with The Digital Economist, and participated as a sponsor for the International Women Business Leaders Reception.
Launch MN Expert Exchange
Launch Minnesota has put out a call for mentors and experts to join their Expert Exchange. “The Minnesota Expert Network is a statewide program to help entrepreneurs find the right support and bring avenues for engagement, networking, and project development for startups at different stages of growth.”
Interested subject matter experts, project supporters, and business mentors can find more information here.
Events
Here is a mix of upcoming events for investors, founders, and/or ecosystem supporters. All events listed are virtual.
- Jan. 12th, the BETA Spring Cohort application opens.
- Jan. 22nd, application deadline for Developing Your Lean Startup. This is the Lean Startup School cohort with Red Wing Ignite and ILT Academy from Feb. 6th through April 1st.
- Jan. 22nd, LaunchMN Friday Forum.
- Deadline TBD, gBeta Greater MN-St. Cloud Spring Cohort. The application is now open for the accelerator program, which will run from Mar. 4th through April 23rd.
- Feb. 25th, BETA State of the State. The event is “a tight, informative download on Minnesota’s entrepreneurial ecosystem. Brief updates will be shared by founders, community leaders, and regional thought leaders to provide a comprehensive overview of the area’s most exciting activities.”
Portfolio News
iraLogix is new to the Great North Labs portfolio! iraLogix is an advanced, institutional IRA record-keeping and trading technology offering web-based institutional IRA record-keeping services. We led a $7.5M round that included Circadian Ventures, Trog Hawley Capital, and Riverfront Ventures.
“We needed a Plan B.” PartySlate, the visual platform for event planning, has moved into virtual events.
“Plyo App Inspires Active Lifestyles.” Plyo is partnering with Big Ten Schools to promote active lifestyles.
“Study: Work From Home Transitioning Resident Amenity Needs at Apartment Communities.” PrintWithMe has expanded their self-service printer service to 49 states, while a study confirms that their service is an in-demand amenity for those who work from home in an apartment building.
Job Board
Dispatch is hiring a Product Marketing Content Creator, and a Senior Ruby on Rails Developer for Remote work.
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.
TeamGenius is hiring a Customer Success Manager, and Lead Engineer-Mobile Development based in Minneapolis, MN.
PrintWithMe is hiring Customer Support Reps in Houston, TX and Washington, D.C. Regional Sales Directors for East Coast, South Central, and South East regions; Director, Demand Generation, Operations Lead, and a Winter 2021 MBA Strategy Intern in Chicago, IL.
Parallax is hiring an Experienced Product Designer in Edina, MN.
Branch is hiring a Senior iOS Engineer and Android Engineer for remote work. Also a Consumer Marketing Manager, Account Executive (Mid-Market), and Channel Sales Manager in Minneapolis, MN.
Inhabitr is hiring a Chief Growth Officer/Head of B2C Growth, Digital Marketing Lead, Operations and technology Associate, Operations Manager – B2B, and a Sales and Customer Experience Associate in Chicago, IL. Also, Product and Technology Associates in Miami, FL, Los Angeles, CA, Austin, TX, Dallas, TX, and Phoenix, AZ; a Junior Interior Designer in Los Angeles, CA, and a Product Manager in Alpharetta, GA.
Clinician Nexus is hiring a Customer Success Manager in Minneapolis, MN.
NoiseAware is hiring a VP of Marketing, a QA Technician (independent contractor), Senior Director of Software Engineering, People Operations Generalist, Account Manager, and a Customer Advocate in Dallas, TX.
Happy Thanksgiving, and welcome back to the Great North Labs newsletter!
This is the perfect time of year to reflect on what we are thankful for, and for giving back. We are most thankful for our investors, our advisors, and our portfolio companies, of course! They are the reasons we exist, work, and succeed.
We are also thankful for the developing startup ecosystem in Minnesota and the Upper Midwest. There have been great developments recently like the Launch MN Initiative, the first Greater MN accelerator, and one of the largest seed funds ever raised in the Midwest!
There is still a need to improve. There are valid and pressing worries about the creation, automation, and distribution of jobs. Innovation and startups are increasingly important to our future. Did you know that from 1980-2010 about half of all jobs created in the US were from high-growth startups?
Founders Pledge
That is why we are challenging founders in Minnesota to make a Founders Pledge! The Founders Pledge is an international movement of founders dedicating equity to support nonprofits. This is a way for cash-strapped founders to provide impactful contributions to organizations they find important.
There are several existing structures and organizations, but basically, to make a Founders Pledge startup founders donate a portion of their future proceeds to local nonprofits. They give support to the organizations that support them. If the Founders Pledge becomes ingrained in the culture of our startups, it will create a virtuous cycle between successful startups and the people and organizations that help them succeed.
Supporting the Startup Ecosystem
According to research on early-stage entrepreneurship from the Kauffman Foundation, Minnesota is lagging behind on 4 key indicators of success. Our rate of new entrepreneurs, opportunity share of new entrepreneurs, startup early job creation, and startup early survival rate are all below average, with our composite score putting us at 46th compared to the rest of the US.
Nonprofits are a vital part of supporting early-stage entrepreneurship, and creating favorable outcomes for founders. By contributing to their success, founders can increase the chances of their own and future startups’ success. Join the movement and Great North Labs in making a Founders Pledge!
Events
The holidays are a busy time for everyone! If you find some time between family and friends, here are some events worth attending:
- Dec. 3rd- Medical Alley & AtriCure Networking Social. “This event brings the Twin Cities bioscience players together for expanding your network, hearing about exciting innovation and career opportunities. Appetizers, beverages, demos and tours of AtriCure’s MN facility will be provided.”
- Dec. 9th- FASTCON at the Science Museum in St. Paul. “The first-ever MinneAnalytics Data Science and Tech Conference focused on Food, Ag, Supply Chain, and Sustainability”
- Dec. 11th- Global Conversations: The Global Pulse of Minnesota. “Join a discussion with Global Minnesota’s President Mark Ritchie as he looks back over the evolution of Minnesota as one of the leading international regions, provides a snapshot of key indicators of the current global pulse of the state, and looks ahead at challenges and opportunities as we approach 2020.”
- Dec. 11th- Lunar Startups Lunch and Learn. “Lunar Startups is launching Cohort 3 in March 2020. Join us to learn more about the criteria, how to apply and our process for selecting startups.”
- Dec. 17th- TCB Mag 100 People to Know in Minneapolis. This annual event is a fun networking gathering put on by Twin Cities Business.
- Dec. 18th- MinneAMA- Hiring Junior Devs 101. Minnestar’s monthly virtual AMA session will feature Matt Decuir, founder of Invisible Network and Minneapolis Junior Devs.
- Dec. 19th- gBETA Greater MN-St. Cloud Pitch Night in St. Cloud, MN. This is the first cohort’s pitch night from the very first accelerator based in Greater MN!
Portfolio News
Inhabitr closed a $4M dollar series A round, led by Great North Labs. The news of the Chicago-based furniture rental platform was covered in TechCrunch, and in this piece by ChicagoInno.
2ndKitchen closed a $4.35M round. This startup connects restaurant kitchens with kitchen-less venues, such as bars and breweries. Investors included Hyde Park Venture Partners, Math Ventures, and M25.
Dispatch was named to CNBC’s Upstart 100, which includes “100 of the world’s most promising start-ups to watch in 2019”. Congratulations to the Dispatch team!
Job Board
Dispatch is hiring all over the country for Part Time Drivers and in Bloomington, MN for a Biz Dev Representative, HR Manager (Remote OK), Data Scientist, and CFO.
Structural is hiring an Associate Software Engineer in Indianapolis or St. Paul, MN.
TeamGenius is hiring a Sales Associate in Minneapolis.
FactoryFix is hiring a Software Engineer, Product Designer, and UX Designer in Madison, and a Biz Dev Specialist and Account Manager in Chicago.
2ndKitchen is hiring a Customer Success Manager, Account Executive, and Director of Sales in Chicago.
PrintWithMe is hiring a Customer Success Associate, Network Operations Specialist, and an Operations Lead in Chicago; Super User Technicians in Portland and Houston; and a Regional Sales Director for the West Coast.
Parallax is hiring a Customer Success Specialist, Quality Assurance Engineer, Senior Software Engineer, and for a Growth/Customer Acquisition role in Minneapolis.
Branch is hiring a Content Marketing Manager, Settlement Analyst, Customer Support Agent, Customer Success Manager, and Senior Backend Engineer in Minneapolis.
Is it spring already? Where is the late-April blizzard? Ah well, there’s always a surprise October snow to look forward to.
MinneBar 14 was this past weekend, with 1700+ tech enthusiasts gathering at Best Buy HQ for the best local tech event this side of Twin Cities Startup Week. As they say, a good time was had by all. Our recap will walk you through the highlights and show you why we love it.
Speaking of Twin Cities Startup Week, mark your calendar for this October 9-16th. It’s going to be a good one this year. And hopefully snow-free!
Rob Weber has been supporting entrepreneurs in St. Cloud and hanging out with the Governor. Read all about it on the Greater St. Cloud Development Corporation’s website.
While you’re at it, do a little supporting yourself by contacting your state rep about supporting the Minnesota Innovation Collaborative. Steve Grove, MN DEED’s commissioner, has some big plans, and he knows a thing or two about both public policy and supporting entrepreneurship.
Mary Grove does too, as the former director of Google for Entrepreneurs. She was on-hand at MinneBar to present “VC Reverse Pitch” with Rob Weber, where they shared metrics and qualifications they look when investing as VC’s. Mary, a partner in Revolution’s Rise of the Rest Seed Fund, also spoke about partnering with Great North Labs, “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.”
Speaking of ecosystem building, a great article came out comparing Sioux Falls and Fargo. Sioux Falls and Fargo: Two Approaches to Building Startup Ecosystems. It’s a great intro for anyone interested in the tech and entrepreneurship communities in the two cities, or for anyone interested in practical examples over theory.
Upcoming Events
Beta Showcase Spring 2019-May 8th, Minneapolis, MN. It is “a science fair for startups, with beer and music”.
Minnesota Entrepreneur Kickoff – May 14th, Fort Snelling, MN. This annual event is devoted to growing the MN entrepreneur ecosystem. Ryan Weber will be presenting on Exponential Technology.
5 Lakes Forum– May 14th, Milwaukee, WI. “5 LAKES Forum is a launchpad for tech and startup leaders from the Great Lakes region to create meaningful connections and navigate high-level business and technology topics.”
EntreFest – May 16-17th, Cedar Rapids, IA. A two-day conference for entrepreneurship and innovation professionals. Ryan Weber will appear on two investor panels, and will also be speaking on Exponential Technology.
Drone Focus – May 29th, Fargo, ND. This conference is expanding their focus to include the infrastructure, software, systems, and resources for autonomous systems. It is put on annually by Emerging Prairie.
Lean Startup Bootcamp – May 29th-June 19th, St. Cloud, MN. Join Great North Labs for our Lean Startup Bootcamp to level-up your skills as an entrepreneur, a product manager, or student of innovation. This work-friendly training is from 6-8:30 p.m. for four consecutive Wednesdays.
SingularityU Minneapolis-St.Paul Chapter Kickoff – June 4th, Minneapolis, MN. Join chapter co-ambassador Ryan Weber for the inaugural event of this organization, one of only 2 Midwest chapters of a total 142 chapters in 66 countries worldwide. SU-MSP is focused on education, networking and community, with a mission to work to solve the world’s most pressing problems with exponential technologies. (Signup and Speakers TBD).
Portfolio Action
ZenLord Pro is live with a new website. The landlord management software startup also has a flashy new explainer video, in case you’re looking for an easy way to manage your rentals or just need to understand what it is, exactly, that they do.
New Advisors
Six Great North Labs advisors are new to the team.
Nick Tietz is the former Director of New Business Development and Innovation at Life Time Fitness, and is a co-founder of VariAware, LLC and Vitals Aware Services. Nick is the founder of The Sota Enterprises, where works with companies and startup founders to turn ideas into assets. Among other things, he partners with Great North on Innovation Workshops.
Aaron Kardell is Founder & CEO of HomeSpotter, which is a “relationship engine” for brokers, real estate agents, and clients.
He is the former founder & CEO of Mobile Realty Apps, and co-founder of Deals.by.
Casey Carl is CEO and founder of North Coast Ventures, a strategic advising and early stage venture investment company. He is also the Chairman of the Board of Directors at Minnesota health nonprofit MATTER.
Thompson Aderinkomi is co-founder and CEO of Nice Healthcare, which is a primary care clinic that provides care through in-home and remote video visits. He also co-founded Relate, and is a former co-founder and board member of Healthcare.mn.
Bryan Laskin is the founder of Operability, LLC, which is leading development for cloud based communications for the healthcare industry. He is also the SVP of Innovation for Dental Care Alliance, and co-founder of Talentship.
Scott Resnick is theCOO of Hardin Design & Development, and is the current Entrepreneur is Residence at StartingBlock Madison. He is also the former Executive Director of StartingBlock, which is an entrepreneurial hub in Madison (similar to 1871 in Chicago).
Job Board
Dispatch is hiring all over the country for Field Sales Representatives and Drivers and for a variety of positions in Bloomington, MN.
Structural is hiring a Digital Marketing Specialist in St.Paul.
TeamGenius is hiring a Part-time Customer Success Associate in Minneapolis.
FactoryFix is hiring a Software Engineer in Madison, and a Business Development Specialist, Business Development Manager, and a Key Accounts Manager in Chicago.
Misty Robotics is hiring a Head of Hardware and a Manufacturing and Repair Engineer in Boulder.
Pepr is hiring for Business Development – Outbound Sales in Minneapolis.
2ndKitchen is hiring a City Lead and a Full-Stack Developer in Brooklyn, NY.
June Newsletter
Demystifying Startup HR
Head of Finance & Fund Administration- Venture Capital Firm (Remote)
Demystifying Startup HR
3 Portfolio Companies Make Inc. 5000 + Quicklly & Instacart Expand
3 Portfolio Companies Ranked on The Inc. 5000 List
iraLogix closes $22M + Branch expands with Uber
iraLogix closes $22M Series C
Flywheel lands Gates Foundation grant
Venture Capital Analyst
Orazio Buzza, Founder and CEO of Fooda – on Episode 13, “Execution is King”
$40M Fund II Raised!
Eric Martell, Founder of Pear Commerce: Episode 13, Execution is King
Great North Ventures Raises $40 Million Fund II
Investment Thesis: Fund II Strategy
Investment Theme: Community-Driven Applications
Investment Theme: Digital Transformation Through AI
Investment Theme: Solving Labor Problems
Trends in the Gig Economy + Work in the Metaverse
Portfolio raises $125M + talking fundraising with Branch CEO
Omnia Fishing closes $4M round, joins Great North portfolio!
Atif Siddiqi, Founder/CEO of Branch: Episode 11, Execution is King
Michael Martocci, CEO and Founder of SwagUp: Episode 10, Execution is King
Yardstik new to portfolio, closes $8M Series A
First venture studio startup comes out of stealth!
Insights for founders from a data guru, + FactoryFix raises a Series A!
Una Fox: Episode 9, Execution is King
Start With a Mobile App, Not a Website
2ndKitchen acquired by SoftBank-backed REEF + advice from an early Googler
Joe Sriver, 4giving: Episode 8, Execution is King
2ndKitchen Acquired by REEF
Venture studio startup jobs + advice for founders from founders
Best Advice from the Great North Annual Event: Episode 7, Execution is King
Newsletter: Do you fit our investing themes?
Jonathan Treble, PrintWithMe: Episode 6, Execution is King
Anna Mason, Revolution: Episode 5, Execution is King
Mynul Khan, FieldNation: Episode 4, Execution is King
Nick Moran, New Stack Ventures: Episode 3, Execution is King
Molly Pyle, Center on Rural Innovation (CORI): Episode 2, Execution is King
Justin Kaufenberg, Rally Ventures: Execution is King Episode 1
Newsletter: “Podcast Launched: Execution is King!”
“Execution is King” – the Great North Ventures Podcast
Newsletter: Fund II is open for business!
Unlocking the Potential of Anonymized Commercial Real Estate (CRE) Data
Fund II is open for Business!
Mike Schulte Promoted to Venture Partner
New Name + New Venture Studio
Great North Launches Startup Studio
We Don’t Need No [full-time MBA] Education
How the University of Minnesota is Embracing Startup Culture
Top Stories of 2020, iraLogix, and LaunchMN Calls for Mentors
Building Capacity for Innovation
Seizing Opportunity in a Recession, Allergy Amulet, and Twin Cities Startup Week
Recessionary times, a record-setting IPO, and Minnesota’s Resilient Startups
Minnesota's Resilient Startups
July 4th, Equitable American Dream-ing, and Robots Diagnosing COVID
Jumpstart, the Startup School, and Branch Wins a Webby!
COVID-19 Trends, the Great North response, and our Founders Survey
Giving in the Time of Coronavirus
COVID-19 Resources for Startups, State-by-State
COVID-19, the CARES Act, and startups stepping up
New Business Preservation Act
Digital Future Boardroom, PartySlate, and The Lean Startup School
Great North Labs’s Startup Summit 2020
Great North Labs's Startup Summit 2020
World Economic Forum, NoiseAware, and the Startup School reboot
Great North Labs at the World Economic Forum 2020 in Davos
Top 5 Stories of 2019
Taking the Founders Pledge, Inhabitr, and gBETA Pitch Night
Founders Pledge: Support the Organizations that Support You
BETA Showcase, Greater MN, and Launch MN comes to St. Cloud
7 Places to Spot Us at Startup Week
The Greater MN Meetup, Parallax, and Exponential Medicine
Greater MN at the big show, Neela Mollgaard heads Launch MN, and Misty’s roadtrip.
Talking VC, tech kids, and Forge North’s Horizon
June: Great North Labs’s first fund raised!
May: Innovation Ecosystems, SingularityU Kickoff, and PrintWithMe
April: Minnebar Recap, ZenLord Pro, and Supporting Entrepreneurs
MinneBar 14 Recap
Dispatch and 2ndKitchen claim Tech Madness titles
Minnesota Innovation Collaborative
March: Minnebar, Hockey + Hustlers, and Innovation Workshops
Great North Labs at CES
Dec.-Jan.: Top Posts from 2018, pepr, Glowe, and Misty Robotics
Carried Interest: Top Posts from 2018
Oct.-Nov.: Singularity University, Exponential Tech, and the State of Innovation
July: Pitchly, ForwardFest, and Where to Invest in the Midwest
Digital Transformation Summit, July 25th in Minneapolis
June: Silicon Lakes, FactoryFix, and the Digital Transformation Summit
Putting the “Silicon” in Silicon Lakes
Digital Manufacturing and Logistics
May: Team Genius, IoT, and the Future of Everything
IoT 3.0
Healthcare Innovation
March: Exponential Tech, the “Goldilocks Zone”, and Minnebar 13
February: Team Expansion, Dispatch, and Startup School Events
Great North Labs Newsletter – December 2017
A Letter To My Younger Self
Great North Labs Newsletter
Great North Labs Featured on Tech.mn
Great North Labs Featured in St Cloud Times
Great North Labs – Featured on BizJournals.com
