440 Entrepreneurs, Investors and Executives Converge at the 25th Annual Minnesota Venture & Finance Conference A record 60+ companies presented   For Press Coverage: • Star Tribune (10/14): click here • Star Tribune (10/3): click here • Twin Cities Business (9/15): click here • The Business Journal (8/26): click here

‘25 Years of Innovation Celebration’

In recognition of the 25th Anniversary of Minnesota’s premier event for entrepreneurs and investors, a celebratory reception was held on October 12th for conference attendees.  The festive evening emphasized networking and featured a who’s who of Minnesota’s innovation economy, a few toasts, great food, beverages and an overall great time.

Fueling, Convening and Celebrating Minnesota's Innovation Economy: The Twenty-Fifth Year
Since 1987, The Collaborative and the Minnesota Venture Capital Association have co-hosted Minnesota's premier Venture & Finance Conference. The goal of the conference is the same as it was in the beginning – bringing together investors and entrepreneurs to discuss, learn and network in order to nurture Minnesota’s innovation economy.
• Over 400 investors, entrepreneurs and executives attracted for the 14th year.
• More than $3.5 billion in capital has been raised by past presenters.
• More than 75% of venture capital raised by Minnesota companies in the last two years – and 90% raised in the last two quarters – went to past Conference presenting companies.
• More than half of the $5.4 billion of venture capital invested in Minnesota firms in the last 15 years has gone to companies that have presented at the Conference.

Conference Highlights MN Entrepreneurs
This year's conference brought together a strong line-up of Minnesota's entrepreneurs, companies and successful CEOs, executives and investors. High caliber companies were chosen to present – the planning committee, made up of Minnesota investors, selected the 17 companies from a variety of industries to make the seven-minute presentations.

The Entrepreneurial Showcase was the largest in our 25-year history!  It was comprised of the 17 presenting companies delivering seven-minute presentations plus 46 additional companies who gave one-minute introductions and 9 more who were profiled in the materials book for a total of more than 70. The Showcase provided additional visibility for the attendees and created ample opportunities for networking. The record number of companies crossed industries in Minnesota, reflecting a great mix of technology (software and internet), healthcare, cleantech, services and consumer.

The reviews have been very strong – a few comments received from our attendees:

• "The conference was just magnificent. I met many entrepreneurs whom I am going to follow up with."
• "I really enjoyed participating in the 25th MN Venture and Finance Conference last week.  The event does a marvelous job of building a sense of purpose in our region regarding the entrepreneurial imperative."
• "This is GREAT! I just closed our financing round!"
• "Always a great conference.  Phil Soran was great, perfect from all perspectives."
• "As always, I thought this conference was outstanding, and again I've made connections that I am sure will be great for many years to come." 
• "Thank you for letting our company present at the event today!  I enjoyed meeting new people and re-connecting with others last evening and today.  I was impressed to learn about the number of wonderful ideas percolating in Minnesota and enjoyed hearing all the stories."
• "The VC and Angel Financing Workshop was one of the best Collaborative workshops ever."
• "I am a first time attendee and this is a very good program.  I would definitely return."
• "The presenters were very good, concise, and they said what they were looking for"

The State of Venture Investing The Conference included a proficient evaluation of the current trends in venture capital by the National Venture Capital Association’s President, Mark Heesen. Heesen discussed the state of venture investing, especially during the current economical climate, and what the future holds for our state and the nation.

Healthcare Innovation 2011
The first panel, “Healthcare Innovation 2011: A Global Powerhouse for the U.S. & Minnesota,” featured top medtech and healthcare executives including (left to right): Buzz Benson, Managing Director, SightLine Partners (moderator); Doug Kohrs, CEO, Tornier; and Tony Miller, CEO, Lemhi Ventures; Carol. The panelists addressed how Minnesota can continue to be a world leader in medtech innovation in the midst of regulatory issues, changing FDA and reimbursement protocols, U.S. healthcare reform policy and more.  Earlier stage companies may have a harder time finding capital in Minnesota but there are other advantages.  “If the money capital isn’t here (in Minnesota) at least the human capital is.” (Tony Miller).

Next Generation Minnesota Innovation
The second panel, “Next Generation Minnesota Innovation: Tech, Cleantech & More,” included successful technology executives (left to right): Dan Carr, CEO, The Collaborative (moderator); Patrick Peyton, CEO, Despatch Industries; Justin Kaufenberg, CEO, TST Media; and Chris Heim, President, Amcom Software. The panelists looked at the markets in which Minnesota is uniquely positioned to excel as we leverage our strengths and move toward the next generation applications of technology.  Again, there is a shortage of start-up capital in Minnesota but the talent is here.  “We’ve seen talent approach us.  They want to be a part of a start-up company.  It is not always about the compensation but about what kind of cool technology they can work on.” (Justin Kaufenberg)

Where’s the Money? Financing Innovation
The jam-packed day closed with the third panel, “Where’s the Money? Financing Innovation: Angels, VCs, Private Equity and More.” This panel of investors representing various stages and types of private capital included (left to right): Ed Spencer Jr., Chairman, Affinity Capital Management (moderator); Vance Opperman, CEO, Key Investment; Leslie Frécon, CEO, LFE Captial; Pete McNerney, Partner, Thomas McNerney & Partners; Darren Acheson, Managing Partner, Mill City Capital; and Michael Gorman, Managing Director, Split Rock Partners. Panelists took an inside look at how funding sources have evolved in this economy. With the changing and challenging marketplace it has been a roller coaster but there are still successes in this environment for the committed entrepreneur.  “This is a great place to invest.  The economy is diversified and has endured the recession.” (Darren Acheson)

Five Workshops Target Important Topics for Company Growth
The workshops provided great hands on information to address the specifics that must be known and understood to complete financing and growth objectives. The conference offered five workshops, each of which was led by experts who work with entrepreneurs and investors. This year the workshops were especially well prepared by our conference sponsors and included:

• Valuation for Angels, VCs and CEOs with Mark Pihlstrom and Jonathan Zimmerman, Faegre & Benson; Bill Miller and Kristian Hoeh, Ernst & Young; Kathy Tune, Thomas McNerney & Partners.
• Exits, IPOs, International Exchanges & More with Milo Arkema and Mike McKee, Baker Tilly Virchow Krause; John Houston and Elizabeth Dunshee, Fredrikson & Byron; Steve Soderling, Tonka Bay Equity Partners.
• VC and Angel Financing in a Challenging Economy with Mark Phillips, MN Department of Employment and Economic Development; Patrice Kloss and Gina DeConcini, Oppenheimer Wolff & Donnelly; Steve Mercil, RAIN Source Capital.
• Navigating IP Rights and Trends in Financing with Tyler Nasiedlak, Schwegman, Lundberg & Woessner; Serafin Samson, Affinity Capital Management.
• Planning Your Long-Term Financing Strategy with Tom Martin and Bob Kuhns, Dorsey & Whitney; Mark Marlow, Omphalos Venture Partners.

Unbeatable Networking
The Conference featured several networking breaks as well as a Luncheon in the beautiful Seasons rotunda. Dozens of investment firms from Minnesota and several other states were represented during the networking sessions.  Attendees also perused the Entrepreneurial Showcase during networking breaks. And of course the one of a kind ’25 Years of Innovation’ reception at The Metropolitan proved to be great networking.

Conference Materials
The take home value was also realized when attendees left with an outstanding conference book, the largest we’ve had yet.  It is loaded with information including summaries of the Presenting and Entrepreneurial Showcase Companies, profiles of all speakers and co-sponsors, thorough outlines of all the workshops and a list of attendees.

The Conference Planning Committee
A successful conference would not be possible without the substantial time and commitment of the planning committee of the 25th Annual Minnesota Venture & Finance Conference. This year’s planning committee included: Ed Spencer, Jr., Affinity Capital Management, 2011 President, Minnesota Venture Capital Association; Buzz Benson, SightLine Partners; Dan Carr, The Collaborative; Michael Gorman, Split Rock Partners; Jeff Hinck, El Dorado Ventures; Joy Lindsay, StarTec Investments; Pete McNerney, Thomas, McNerney & Partners; Tony Miller, Lemhi Ventures; Vance Opperman, Key Investment; Dave Stassen, Split Rock Partners; and Gordon Stofer, Cherry Tree & Associates.

Event Sponsors
We would also like to thank our sponsors whose support has made this event possible.

Feature Sponsors: Baker Tilly Virchow Krause; Dorsey & Whitney; Ernst & Young; Faegre & Benson; Fredrikson & Byron; Minnesota Department of Employment and Economic Development; National Venture Capital Association; Oppenheimer Wolff & Donnelly; Schwegman Lundberg & Woessner; Twin Cities Business. Next Generation Sponsors: Norwest Equity Partners; Split Rock Partners.

This conference has always been focused on quality content targeted specifically to Minnesota growth companies and those who build them. We thank all of you who invested your time as participants and as attendees and by so doing, helped to make the conference truly outstanding, a great success and continue as “Minnesota’s premier event for entrepreneurs and investors.”