RainSource

Today was the first day of the Rainmaker’s Conference, the 7th Annual event that brings together RAIN Fund members (an angel investment fund), entrepreneurs, investors and sponsors. The intent is networking, education, and exposure to RAIN fund entrepreneurs as well as numerous other startups in order to expose their companies to this key group of people.

Ironic that it was raining like mad all day? Yep. My key takeaway? There is A LOT of very interesting and exciting investment and entrepreneurial activity going on in Minnesota! There were well over 200 people in attendance, substantially more than last year and a great turnout.

Opened by Steve Mercil, CEO of RAIN Source® Capital (the largest network of Angel Investment Funds in US), and keynoted by Richard Sudek, an angel investor, former entrepreneur and academic, there was ample opportunity to connect with local and regional startups at tabletops in the lobby. I happened to run in to Lief Larson of Workface (who was showing BusinessCard2 with some new and interesting value added capabilities); Aaron Weber (co-founder of W3i) and his to-be-launched startup Inveni on Tuesday out at Techcrunch Disrupt (and it is HOT so go watch the video); Lisa Foote with MixMobi who has garnered key investments already for their mobile platform; and Jerry Grabowski of Redliner (see Minnov8’s story here) among others.

Two panels rounded out the day: one on Angel Investing in 2010 & Beyond and the second Funding Universe’s Crowd Pitch…a company showcase where six startups pitch their business plans followed by screening sessions and voting on whether they’re worthy of investment. Crowdsourcing at its best (the winner won’t be announced for another hour or so).

Graeme Thickins pulled aside Pete Birkeland, CFO at RAIN Source Capital to chat about the event. Pete is part of a team that manages 23 funds in 6 six states with $40 million under management and is a guy who has worked in this area for 10 years on both the entrepreneurial and investor side.

Podcast (m8-audio): Download (Duration: 3:47 — 4.4MB)

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After yesterday’s post, “Is Perception the Reality with MN Venture Funding?” we received a lot of email and some comments about the state of angel and venture investing in Minnesota. There is a lot of buzz amongst startups (and wannabees) who feel like this State is risk averse and a place where angels and VCs focus on the ‘easy’ spaces: medtech and healthcare.

Pete Birkeland

Is that true? We talk with Pete Birkeland, CFO at RAIN Source Capital, the largest network of Angel Investment Funds in US. Pete is part of a team that manages 23 funds in 6 six states with $40 million under management and is a guy who has worked in this area for 10 years on both the entrepreneurial and investor side.

Hosts: Steve Borsch, Tim Elliott & Graeme Thickins (Phil Wilson is off this week).
Music by The Varatones and their song, “Surf Blaster” from Music Alley.

The Podcast

Podcast: Download (Duration: 59:59 — 34.7MB)

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Discussed During the Show:

Apple’s “Antennagate” press conference video; RIM’s (Blackberry) response
Rainsource Rainmakers Conference, September 23-24 with early bird discount good until the end of July and this year is open to everyone
On the podcast our guest Pete Birkland mentioned:
- Crowdpitch and Funding Universe;
- Jon Coudron and his startup MinuteBids;
- Lisa Foote and her startup MixMobi;
- Matt Bauer and his startup PedalBrain;
- Minnesota Department of Employment and Economic Development (DEED) releases the signup forms for startups & individuals to get certified (which then leads to angels being able to take the 25% Angel Tax Credit)
- Also mentioned other venture capital models like TechStars and YCombinator
- New York VC Fred Wilson.
Social Media Breakfast Minneapolis/St. Paul (SMBMSP) “Small Business Gets Social” next Friday, July 23, 2010

Making Rain in Bloomington

Minnov8 Gang 85: Are Angels Crying?

The Podcast