Fargo INC! August 2022

Plus: Private Capital in ND PG.48

Neo interior design studio PG.76

Real Estate Developments to be Excited About

AUGUST 2022

PG.84

Vanna Adventure Vans is Taking Camper Vans To The Next Level

ENTREPRENEURSHIP IS AN OPEN ROAD

// AUGUST 2022

FEATURES

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Sponsored Content: Nerves of Steel

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Sponsored Content: We're your partner with a plan

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Taking Van Life to Another Level

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2022 Prairie Capital Summit Preview

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What do these words mean?

68

Capital Resources in the Region

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Open for Business: neo interior design studio

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We're Excited for These Developments!

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The Advice That Helped Them Get There

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10 Questions With John Machacek: Junkyard Brewing

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Awesome Foundation Grant Award Winner: FargoMoorhead Rocks

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Awesome Foundation Grant Award Winner: Red River Rainbow Seniors

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Ladyboss Midwest is now Lotus Midwest

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Academic Insight

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E d i t o r ’s n o t e

Turning Your Passion Into Your Profession

T

his month's cover story on Adventure Vanna Vans, like most of our cover stories, serves as a reminder of the importance of finding your passion and turning it into your profession.

Jason Gilbraith, one of the co-founders of Vanna Vans, did that and more on his way to starting the most successful custom camper van buildout operation in the region. Gilbraith found his way into the market by capitalizing on his way of life.

The young Fargoan actually lived out of a self-built camper van for an extended period of time simply because he was trying to eliminate his rent payments and cut down on his cost of living. In this attempt, Gilbraith opened himself up to a world of adventure... and business opportunity.

Gilbraith's story may sound like a dream to some, but that doesn't mean it's unrealistic.

Every day you hear more and more stories of entrepreneurs creating unheard-of opportunities from a simple idea, growing it into a flourishing and fun career.

Let Gilbraith's story serve as a reminder to bring passion into your profession, and enjoy the magazine!

Brady Drake Fargo INC! Editor

Brady Drake, Fargo INC! Editor

fargoinc@spotlightmediafargo.com

SPONSORED CONTENT

How SBA Lending Can Take Your Business from Surviving to Thriving

A

After two years of improvisation and unexpected challenges, many businesses are ready to look forward. Whether applying lessons learned or seizing new opportunities, owners are seeking capital to help them start their next chapters. For many small businesses, a loan from the U.S. Small Business Administration (SBA) may help them make the shift from “surviving” to “thriving.”

As you consider ways you can improve and grow your business, be sure to connect early with a preferred SBA lender. They know the particulars of SBA lending and have experience working with businesses like yours. Here are five questions to ask yourself and your SBA lender:

Is an SBA loan right for my business?

The SBA managed emergency loans and grants during the COVID pandemic, but its bread and butter is lending programs designed to level the playing field for small businesses. They often don’t have major physical assets for collateral, so SBA loans focus more on cash flow when evaluating a loan application. And they often have longer repayment terms compared to commercial loans, so more cash stays in the business month-to-month to support operations.

Can I add automation to help endure the tight labor market?

What investments will help your business thrive? For many businesses, attracting and retaining labor is both a challenge and a significant cost. It can be the bottleneck that holds back growth.

An investment in automation may help your business do more with fewer employees, so you can focus on retaining your best workers and still have capacity to serve and grow. Automation can range from manufacturing machines to online payment processing capabilities.

Does my business model need retooling postCOVID?

opportunities to rethink business from the ground up. Do you want to shift from sit-down dining to food trucks or delivery? Has demand for a product skyrocketed, requiring a new or shifted factory line?

Now could be the time to get ahead of future demand. SBA term loans can help finance these kinds of capital investments.

Can I change my inventory approach to beat logistics crunches?

Another mind shift following the pandemic is that businesses need to balance the efficiency of a just-in-time supply chain with the certainty of on-hand inventory. SBA lines of credit can help small businesses build up and maintain a larger inventory of necessary goods and materials, which will require adjusting what normal cash flow and balance sheets will look like.

Have I accounted for all the expenses of my improvements?

Never forget to think around every corner when investing in your business. New equipment, new employees, and new products also have associated costs, some short term and some ongoing. Make sure you factor in things like training workers on new equipment, bringing on new salespeople, leasing storage for more inventory, or other related costs. An experienced SBA lender has seen it all and can help you think through this.

Thriving as a small business takes more than just capital. It takes a good plan and excellent execution, and that means having a reliable, experienced team on your side. Alerus is an SBA preferred lender with a dedicated SBA team that can both guide you through the loan process and help you think through your strategy, drawing on other Alerus resources to fill the gaps. Contact us today and get ready for what’s next.

Some organizations had to go lean to survive the pandemic, while others saw business reach new heights. In both cases there may be

The information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Alerus does not provide legal or tax advice.

Always consult an attorney or tax professional regarding your specific legal or tax situation. Alerus Financial, N.A. is Member FDIC.

Meet the team MIKE

GENEVA

LEVI

TY

JOSIAH

JENNY

MEAGAN

DEVAN

TORI

JESSICA

KODI

KELLAN

JONATHAN

ROBERT

KELLEN

GRANT

NICK

Learn more about us at

BRADY

MAKENZI

BEN

PAUL

AL

TARA

JOHN

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AUGUST 2022 Volume 7 Issue 8

Fargo INC! is published 12 times a year and is available at area businesses and online at FargoInc.com.

Publisher EDITORIAL Editorial Team Lead Editors Art Director Editorial Graphic Designers Creative Strategist Editorial Intern Contributors

INTERACTIVE Business Development Manager Business Development Associate

Mike Dragosavich Brady Drake FargoInc@SpotlightMediaFargo.com Geneva Nodland, Grant Ayers Kim Cowles Levi Dinh, Ty Betts Josiah Kopp Makenzi Johnson Amanda Heyman, Adam Choe, Lotus Midwest, John Machacek, Emerging Prairie, Kodee Furst, Shontarius D. Aikens, Kilbourne Group, Enclave, Epic Companies, Shawn Peterson, Brandi Malarkey

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Videographers Director of Digital Advertising Results Graphic Designer ADVERTISING VP of Business Development Sales Representatives

Tommy Uhlir, Robert Whiteside Jonathan Chicka Ben Buchanan Paul Hoefer Paul@SpotlightMediaFargo.com Al Anderson Al@SpotlightMediaFargo.com Devan Maki Devan@SpotlightMediaFargo.com

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Fargo INC! is published by Spotlight LLC, Copyright 2022 Fargo INC! & FargoInc.com. All rights reserved. No parts of this magazine may be reproduced or distributed without written permission of Fargo INC!, and Spotlight LLC, is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to or reliance on such information. Spotlight LLC, accepts no liability for the accuracy of statements made by the advertisers.

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At Design & Living Magazine, we love to share all of the fantastic local art, architecture, home decor, interior design and landscaping in the FMWF area with our readers. designandlivingmagazine.com facebook.com/ designandlivingmagazine Instagram: designandlivingmagazine

Future Farmer is our farming publication which brings great tech-focused content to readers across North Dakota and Minnesota. futurefarmermag.com facebook.com/FutureFarmerMag

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Bison Illustrated is your number one source for all of the behind-the-scenes action inside the North Dakota State University Athletic Department. bisonillustrated.com facebook.com/bisonillustrated Twitter: @bisonmag Instagram: bisonillustrated

You may already be familiar with our Faces of Fargo-Moorhead-West Fargo publication which we publish once per year in order to highlight the faces behind all of the great businesses in the community.

Fargo Monthly is an award-winning publication dedicated to highlighting Fargo-Moorhead and what makes it a truly enjoyable place to live. fargomonthly.com facebook.com/fargomonthly Twitter: @fargomonthly Instagram: fargomonthly

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Here are four questions you can ask to help determine if a PBM is prioritizing your best interest.

1) Are your pharmacy benefit partners truly objective? It’s a good idea to check how your pharmacy benefit partners are paid. PBMs indeed receive money from drug manufacturers, but how much do they pass on to you as the plan sponsor? This question is crucial because it directly affects your bottom line. In many cases, there are hidden revenue sources that aren’t passed along to employers.

One way to ensure objectivity is to find out whether pharmacies, where your employees buy their medications, get paid less by the PBM than what you’re billed. This is called spread pricing, a lucrative tactic that has more than doubled PBMs’ income from 2014 and 2016, according to Pew Charitable Trust. Spread pricing is often not disclosed to the employer which is why is critical to ask your PBM about their drug pricing.

2) How cost-effective is your formulary? Understanding your formulary – the list of drugs your health plan will cover – is critical to reducing your health plan costs. It‘s your best tool for managing costs. High prescription drug rebates may sound attractive, but they’re based on high use of expensive brand-name prescription drugs.

The result is wasted money on prescriptions when clinically equivalent generics are available for less cost.

3) What’s being done to ensure high-cost drugs are dispensed only when medically necessary? PBMs should ensure that the prior authorization process – a health plan cost-control measure – requires a medical justification before disbursing any high-cost drug. It’s important to look for PBM services that support using lower-cost drugs first. One way to gauge this is by looking at your plan’s generic utilization rate (GUR), which is the rate generics are used as a percentage of all prescriptions in your plan. It should be at least 90%.

4) How are plan members being supported to ensure that they stick to their therapy regimen? It can be hard to follow complex drug therapies when you’re feeling unwell and confused. Your members need support to ensure they stick to their medication plans to avoid extra expenses. Ask your PBM what they do to help keep people on track with their treatments. Look for medication management programs, with clinically trained pharmacists to review members’ medication usage and disease and case management services.

These programs are vital to improving member outcomes and driving down overall health care spending.

The easiest route to a pharmacy benefit that improves health and manages the lowest net cost is to work with a partner whose business model is based on integrity and full transparency.

Visit healthpartners.com/pharmacybenefitfacts to discover the right knowledge you need to ensure your company’s pharmacy benefits plan is designed to bring the best value. HealthPartners is a nonprofit leader in bringing trusted care and award-winning integrated medical, dental and pharmacy benefits together for more than 60 years. We offer a range of health plan options for employers of all sizes in Minnesota, Iowa, North Dakota, South Dakota and Wisconsin.

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From Lifestyle to Full-Fledged Business; The Journey of Adventure Vanna Vans

Van life has been a part of American culture for decades. However, in

recent years mobile living has become a trendy way for people to live a minimalist lifestyle while exploring, and there’s one local company that has found itself at the forefront of the luxury van business.

Whether you’re interested in living the van life full-time, or just having one to explore the country in, Vanna Adventure Vans is changing the standard of camper vans. I sat down with Co-Founders Jason Gilbraith and Ben Gleason to discuss what inspired them to form the company, their growth over the pandemic, what they’ve learned as business By owners and the next generation of camper vans grant ayers and off-grid vehicles.

Photos by Geneva nodland

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Living, According to Outdoor e in 51% of van lifers resid their vans full time.

n 2018, Gilbraith was running a production company, JLG Productions, and looking to make ends meet. When examining his finances, he discovered that he was spending thousands of dollars per month without building capital, all while living in a small apartment. It was time for a change.

energy at NDSU and CSU, Gilbraith had prior knowledge regarding geothermal technology, solar power and more renewable energy formats that would come to be implemented in Vanna Vans.

However, he would still have to install electrical, plumbing and more to bring his vision of a four-season, off-grid camper van to life.

“I wanted to do something a little bit different. I stumbled upon a few videos on YouTube, with one being ‘Chasing AdVANture’,” Gilbraith said. “It was a short film about an individual who goes skiing, surfing and rock climbing up and down the West Coast. He went from the southern part of California to Alaska, all while living out of a van. That's where it sparked for me. I was doing media production at the time, which can be done remotely. All I needed was a desk, a small computer and room for my equipment. So, I made the decision to start doing a lot of research into it.”

It took Gilbraith roughly 1.5 months to complete his van based on a twodimensional layout. Soon after, Gilbraith left Fargo, ND and made the journey to Breckenridge, CO. “Once I got there, I did a lot of different small, odd jobs. They ranged from drone videography to a 30-second video for a local coffee shop in a nearby small town. I was doing pretty much any job that I could pick up,” Gilbraith said.

When it came to building his first van, Gilbraith knew that it would be no easy task. However, that wasn’t going to stop him from doing something different.

Having studied horticulture and renewable

After finding success in that lifestyle for nearly two years, something unexpected came into Gilbraith’s life. At the beginning of 2020, the pandemic hit, which in turn took away much of the immediate budget of many companies that were hiring him.

Shortly after the economy went down, Gilbraith came back to the midwest.

However, it wasn’t long before his next opportunity arose.

“I was fortunate enough to go Ski Kiting on Mille Lacs Lake, where I brought the van out since it was a four-season vehicle and the weather could get down to -40 degrees. There, I met Ben [Gleason] who’s big into photography, while I was doing videography. We got to talking, and word got out that I had the camper van with a desk. He had some work to do, and rather than work in the passenger seat of a car, he came and worked in the van. Right away, he was blown away by the concept,” Gilbraith said.

“After getting to know each other over the next few months, and taking the van out for a few more trips, we got to talking about renting these out. We wanted the community to have as much fun in these as we were. For months, we would get together once a week, for about four hours, at a coffee shop and talk about details together. It took a while, but we needed to make sure that we were on the right track. We got a shop in August of 2020 and on February 1st, 2021, we finally launched Vanna.”

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Since Gilbraith and Gleason were mapping out the concept for Vanna, they set goals, but also set safety precautions to protect the company, as anything could have happened during the peak of the pandemic. After opening, however, they had less to worry about than they once thought. Not long after the company’s official launch, Vanna received their first few sales through their Facebook page, jumpstarting the company. However, as orders increased, Vanna’s capability to handle those orders had to as well.

“Since launching, we’ve been swamped with customized orders, which is a great

issue to have. We’ve been able to grow as necessary, with opportunities coming our way over time. As we’ve needed to increase our square footage since the beginning, it just so happens that the spaces next to us have opened up right when we need to,” Gilbraith said.

“We launched a year after we met on Mille Lacs Lake and we’ve grown more than we thought we would have in the short time that’s passed. We went from it just being the two of us in the planning stages, to hiring 9 employees since the launch, bringing it up to a total of 11 people on our staff,” Gleason added.

“Where we’re at today, we really understand the market.

Our biggest clientele is people nearing retirement, who are preparing to travel the country. At first, we thought it’d be people who would want to live in their vans fulltime in one location, but even those people are taking the opportunity to travel.”

- Ben Gleason, Co-Founder and Business Development Lead 34

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When searching for employees, Gleason added that they’re looking for people with not only a passion for their line of work, but also a certain skill set. “With growth, we were able to acquire some very diversified talent to our team from the beginning. Instead of looking for a jack of all trades, we looked to find a really good cabinet maker, a really good electrician and so on,” Gleason said.

“For example, Chuck has years of experience in mechanics, HVAC and plumbing. Curt wasn’t just an electrician before this; he was an electrician in the camper and RV industry working as a technician. He brought a lot of industry knowledge and deep understanding to our team.”

Employees and space aren’t the only increases in store for the Vanna team.

The team has been able to increase its workload by 400% since their debut, as the team can handle working on an average of 4 vans at a time. While they’ve come a long way since the beginning of 2021, co-owners Gilbraith and Gleason still have their eyes on expanding in the future. Be on the lookout for exciting announcements from them throughout the year!

Recently, they also announced the implementation of Starlink, a satellite internet system operated by SpaceX. “This is a new technology that just got the green light to be rolled out in next year’s vans. It will give customers internet, not from cell towers, but straight from SpaceX’s satellite system. Also, you’ll have fast speeds almost anywhere you go; roughly double many people’s homes and apartments,” Gleason said.

Looking ahead, Vanna has plenty of exciting news for their customers.

“We’re going to officially announce our new line of builds soon. We’re in the process of picking and choosing from the different concepts that we designed to launch full-scale. They’ll be Vanna-specific branded vans that we’ve tried, tested and proven to be top-of-the-line. On top of the core builds, there are going to be tons of different variations and customizations that customers can select, which is really exciting for us,” Gilbraith said.

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1801 45th St S Suite L1 Fargo, ND 58103 (701) 281-3094

mens.hair.worldllc@gmail.com

Photo provided by Vanna Adventure Vans

Considering ordering a Vanna Adventure Van? Whether a customer is located just down the street in the Fargo-Moorhead area, or thousands of miles away, the Vanna ordering process has been crafted by the Vanna team to be stress-free and include them along every step of the way.

“Ben and Josh, our Creative Director, and I sit down with a client, either on Zoom or in-person,” Gilbraith said. “We start with our initial consultation where we learn a little bit about the customer. We learn what they want in their van, whether it

Photo provided by Vanna Adventure Vans

be a shower, solar panels or any other specific features. From there, we take their idea and build a few different layouts that could work. After presenting it and getting their feedback, we start tweaking things and moving things around to what would be best for them.”

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Photo provided by Vanna Adventure Vans

Photo provided by Vanna Adventure Vans

Photo provided by Vanna Adventure Vans

The next stage that Vanna enters is the finishing stage, where they discuss what kind of walls, interior color, right down to the handles that the customer would like. After inserting the most minor details into their 3D program, they customize a quote for the customer’s van specifically. From there, they enter the “contract phase,” where they sit down and talk with the customer about how long they should expect it to take.

“We want to present all of those expectations so that nobody's caught off guard. Right now there are some supply chain issues with a lot of the top-of-the-line products that we order.

Making sure they're aware that some delays can happen is important to us, since we want to have communication across the board at all times so that everybody's happy,” Gleason said.

Photo provided by Vanna Adventure Vans

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The Vanna team emphasized that they would rather take their time on a van and not rush any steps, so they can deliver on the promise of quality and care for the product. With demand at an all-time high for the van market, the average time from ordering to receiving a Vanna Van is roughly 9-12 months.

Photo provided by Vanna Adventure Vans

Vanna offers the perfect option for those wishing to hit the open road and travel, but aren’t ready to commit to owning a van themselves. The company currently has two rental vans, which have become a hot commodity. Priced at only $219 per night, customers can book at vannavans.com. Priced all-inclusively, the package comes with unlimited miles, bedding and pillows, as well as any other essentials a customer could need. The van’s completely off-grid power allows customers to stay essentially anywhere, 42

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as there’s no need for a water or power hookup with Vanna’s technology, making it the ideal getaway for those looking to disconnect for a few days.

As the rental van opportunity has seen an immense rise in popularity, being booked out for the majority of the remaining year, they have their sights set on expanding their rental lineup. “Another exciting thing is that we'll have more rental vans coming to [the Fargo-Moorhead area] next year.

We'll be adding a lot to our rental fleet.

We're hoping to offer a luxury traveler van, which would come with a custom interior TV sound system and can have hopefully up to eight people,” Gleason said.

“It will be able to be used for road trips, girls trips, guys trips, family trips and other large group getaways. We get a ton of requests for that, and we've never had one yet. Also, we’re looking into five-person family camper vans. Right now, both of our camper vans that we have are both two-person vans, but we're

going to have some four- or five-person family vans coming soon.”

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Since launching Vanna Adventure Vans, Gleason and Gilbraith have both picked up an extensive amount of knowledge for not only launching a business, but finding success in one that was started during a pandemic.

“COVID was really hard on a lot of businesses. But here we are, a business that started out of COVID. It’s a weird feeling, but we're very happy that we have a lot of early success. We’re still grinding and trying to find balance. In business, finding balance can take five years alone. It’s like a baby; if it's three years old, they still can't cross the street on their own. It’s really important for

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people to have the courage to go for it, but sometimes that means three years of planning,” Gleason said. “Patience is everything, and alongside that, mental health is super important. Making sure that you're separating time for yourself, not overwhelming yourself and finding a work-life balance is really big. I've realized over time that putting yourself around others who fully support you and your business is important. If you're around people that don't believe in you or drag you down, that may end up causing you to fail in certain areas. Having a positive support system around you, whether it be good friends or good family, is necessary in my opinion.”

Photo provided by Vanna Adventure Vans

Photo provided by Vanna Adventure Vans

While a lot of discussions around entrepreneurship will suggest people to ‘just go for it,’ they advise that it’s critical to not rush into a plan blindly without being fully prepared.

“Starting a business is like going to the pool and staring at the tallest diving board. You can either climb on that diving board and jump, or choose not to climb. But once you’re up there, you’re not climbing back down,” Gilbraith said. “A big thing I've learned about starting a business is that it takes your life. It takes everything you got to put into it. It is like a child that you have to take care of. You can't have things on the side and then do two hours

a day with your business. When we started, we were working almost 14 hours a day to get this thing going.

You can't have one toe on the board and one toe in the water. It's either a full jump or it’s nothing. For me, it was making that full jump, but then also realizing, from the business plan that we've created, that if I start sinking, there has to always be something to pull me back out. The whole way that we designed our plan was a failsafe.

If things didn't end up working, we were still safe to be able to get out of it in a certain situation. Thinking through all options and planning for the worst-case scenario is huge.”

For the group behind Vanna, it isn’t just about working hard and advertising. It’s also about consistency, perseverance, patience and learning the industry as they navigate it.

“I've been working closely in and around startups for 13 years now. I think that the most important thing with any business is that you have a financial plan and understand the numbers. Most of the talk in startup culture isn’t about the fundamentals of business, such as operating costs, cash flow and how it's going to work,” Gleason said. “There's a lot of emphasis on marketing and branding, which is still very important.

However, the business itself has to be practical, or else that dream can become a nightmare. If it doesn't work financially and if it's not sustainable, then it won’t practically grow and find its footing.

We've been actively working on this project for two years now, and in reality, we're still two or three years away from our foundation to settle in.”

Whether it be online, a local expert or a mentor, growing a circle can help support the business immensely.

“Honestly, don’t be afraid to ask for help.

Coming into this, we thought we might have known everything, but we're still learning new things every single day.

We’ve worked with several different resources within the community here.

We’ve gotten a lot of input, feedback and guidance from business mentors and experts in the area, and we’re thankful that we did,” Gilbraith said.

With a vision to build the most reliable off-grid, four-season vehicles using the most advanced technology on the market, Gilbraith and Gleason are quickly making a name for themselves in the industry. Having a unique market supporting them, they’re doing what they want their customers to continue doing across the country: experiencing uncharted territory and having a good time while doing it.

No matter how far someone is into developing their business venture, it’s important to remember that resources are out there for nearly every situation.

"We’re proud of what Vanna can do for the community. One of my favorite things is that we have the opportunity to do summer van parties, where we have games, vans for people to look at and we’re able to teach people about the technology that we use. We also have other vendors and small businesses out to promote their products as well.”

- Jason Gilbraith 46

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Photo provided by Vanna Adventure Vans

Photo provided by Vanna Adventure Vans

Photo provided by Vanna Adventure Vans

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2022

Ross Almlie, Kevin Murphy, Steve Scully, Wesley Wierson at Prairie Capital Summit 2020.

Prairie Capital

Summit Preview Take a sneak peek at one of this year’s most anticipated private capital events

By Grant Ayers

The History of Prairie Capital Summit 2017, a group of entrepreneurs and community builders gathered to brainstorm a way to bring together startups, investors and the people who support them in one room. Gathering inspiration from events in other major cities and responding to the needs of FargoMoorhead entrepreneurs, Greg Tehven, co-founder and CEO of Emerging Prairie, helped drive the creation of the first Prairie Capital Summit. The goal was to create an opportunity for entrepreneurs to have access to resources and opportunities. This was accomplished by allowing entrepreneurs a chance to pitch their ideas and companies, as well as creating space for startups and investors to meet one another in an inviting setting.

Two years later, after the success of Prairie Capital Summit and recognizing the need for more women in private capital, a team of investors and entrepreneurs created She Starts

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Week, a week-long event organized to connect, support and promote women entrepreneurs in North Dakota. Since then, Prairie Capital Summit has been an anchor event within She Starts Week.

Prairie Capital Summit continues to grow and evolve, and 2022 is expected to be one of the biggest years yet. Many founders and investors involved at the inception continue to attend and are able to share their successes as mentors and teachers. Reflecting on the last five years of Prairie Capital Summit, and the last ten years of Emerging Prairie, Tehven says, “It’s really exciting to see the evolution of the state of North Dakota and their commitment to entrepreneurship through a variety of programs and investments. It still feels like we’re in the early stages of this journey, but there is a lot of strength and traction.”

Photos provided by Emerging Prairie

The

gener8tor

accelerator will host a panel of entrepreneurs who will be talking about their journey as founders and their experience in the accelerator. Stay tuned for a full lineup of panelists!

A panel discussion at Prairie Capital Summit 2021.

She Starts Week She Starts Week is a collection of free events designed to connect, support and educate female founders across North Dakota. This communityorganized event welcomes both men and women to attend and learn more about finance, marketing, scaling and technology.

While a large portion of the events will be hosted at the Prairie Den in Downtown Fargo, all events will be available virtually on the She Starts Week Facebook page. To learn more about this year's events and state-wide Happy Hour, visit shestartsweek.com.

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Ryan Weber, Dieumerci Christel and Peter Chamberlain at Prairie Capital Summit 2020.

Creating a Legacy: Investing in the Future of North Dakota

By 50 South Capital

orth Dakota is built on a history of people taking risks, betting on themselves and creating businesses that make a difference in their communities. The work of many has led to a business climate that supports the builders, doers and dreamers in our state to start companies of all kinds and welcomes those from across the world to learn of the possibility that awaits here. But for some companies to start and continue to grow in North Dakota, there has been a missing piece of the puzzle—access to private capital.

In 2021, the State Investment Board (SIB) of North Dakota announced the formation of the North Dakota Growth Fund (NDGF) as a result of House Bill 1425. NDGF was created to increase the amount of private capital available to the state’s growing entrepreneurial ecosystem. This historic commitment to North

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Dakota’s entrepreneur community is funded by the state’s Legacy Fund, which is comprised of revenues generated from the state’s oil reserves and investment income.

SIB selected 50 South Capital, a leading global alternatives asset management firm, to manage NDGF. The firm is a wholly-owned subsidiary of Northern Trust, a leading, global financial services company. 50 South Capital’s investment philosophy focuses on providing access primarily to small-to-mid-sized managers who offer unique and differentiated sources of return. The firm has been a pioneer—investing in the Midwest for nearly 20 years.

“Thanks to the extraordinary vision of our legislators and elected officials, North Dakota entrepreneurs have additional access to private capital to build their companies,” Kodee Furst, Director

Photos provided by Emerging Prairie

for 50 South Capital in Fargo, said. “The creation of NDGF is an exciting first step in expanding the supply chain of capital for the world-class founders and business owners in the state.”

The North Dakota Growth Fund’s Strategy - Supporting the State’s Key Industries Private capital exists to make investments in companies looking to scale. Investment firms throughout the world leverage their expertise to build a thesis that hones their beliefs about the future. Some emphasize a specific sector, investing in companies in a certain industry or in inter-connected industries. Others center around geography, knowing great ideas happen everywhere.

Regardless of their thesis, investment firms are looking to generate strong returns by backing remarkable entrepreneurs.

North Dakota has always had founders with grit and tenacity— those who have weathered the ups and downs of a market, who have executed despite the odds and who have humbly done their work without much recognition or time for celebration. NDGF was created to ensure investment firms regionally, nationally and globally know about the caliber of companies these entrepreneurs are building in the state and to provide more opportunities for founders to access private capital to scale their businesses.

NDGF’s investment strategy focuses on industries key to the state’s economy, primarily agriculture, energy, manufacturing,

technology, infrastructure, life sciences, aviation and mobility, among others. NDGF aims to invest up to $250 million over a five-year initial investment period in order to further catalyze the investment and entrepreneurial communities and expand investment opportunities. Through NDGF, 50 South Capital makes targeted investments in venture capital, private credit, private equity, growth capital, infrastructure and real assets opportunities in both private companies and private funds.

“We have an incredible opportunity to showcase the talent of entrepreneurs throughout the state to firms who are investing in the future of industries key to our economy. For many businesses, private capital is instrumental to their growth. Increasing the number of firms investing in the state and its greatest resource— its people—will allow those companies to continue to build their teams and operations here,” Furst said.

NDGF seeks to invest in a strategy that delivers competitive investment performance for the state by building a prudently diversified portfolio. The fund will diversify across vintage, stage, sector, geography and strategy. The goal is to drive economic activity in North Dakota by making investments in companies and private firms that have a track record of investing in the state or have a physical presence in it to support the growing entrepreneurial ecosystem.

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The North Dakota Growth Fund’s Current Portfolio The majority of NDGF will be invested in venture capital and private equity firms with an investment focus on North Dakota. Venture capital and private equity firms make equity or debt financings that are provided for starting up, expanding or relocating a company. Firms interested in raising capital from NDGF undergo significant due diligence by 50 South Capital, with attention paid to a demonstrated pipeline and network to further establish a track record of investing in North Dakota companies. NDGF will also make direct investments in expansion stage North Dakota companies.

“Whether in the Badlands or the Red River Valley, founders in North Dakota are delivering exceptional value to their customers.

As stewards of NDGF, we are relentlessly pursuing opportunities to partner with companies and private investment firms that will provide capital, expertise and a network to form successful, longterm relationships with entrepreneurs in the state,” Furst said. “We have the privilege of building a portfolio with the potential to make a multi-generational impact on North Dakota. With a long-term view in mind, we are keen to identify firms supporting businesses of all stages as we construct the foundation of an enduring private markets ecosystem that serves current and future entrepreneurs.”

As 50 South continues to develop the NDGF portfolio, one of our guiding principles is building a supply chain of capital available for the needs of various stages of businesses. To date, NDGF has invested in Lewis & Clark AgriFood, Homegrown Capital, LongWater Opportunities and gener8tor. gener8tor will serve as a tremendous resource to entrepreneurs at the very beginning of their business ventures, providing mentorship and coaching on understanding market size, choosing a revenue model, setting milestones and facilitating introductions to investors. Homegrown Capital is an early-stage venture capital firm focused on seed and Series A stage

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investments where a startup is seeking to expand its early team, product and/or market. Lewis & Clark AgriFood invests in later-stage companies in the sweet spot between the seed/early stage and the buyout phase, minimizing risk and maximizing value. Finally, LongWater Opportunities is a private equity firm that partners with mature companies looking to sell a controlling interest and expand through add-on acquisitions and market consolidation in the U.S. “The investments made so far reflect NDGF’s commitment to diversifying its portfolio while ensuring more growth capital is available to entrepreneurs. Investment teams with national experience have noticed the successes and energy occurring around North Dakota and recognize it is a place where more people are choosing to start their entrepreneurial endeavors,” Furst said.

“The initial NDGF recipient funds provide differentiated value to entrepreneurs while maintaining a shared conviction in North Dakota’s rich resources.

“The efforts of NDGF are just beginning and we remain committed to finding partners who see the opportunity and value of investing in North Dakota. Our work continues to be centered around providing an attractive risk-adjusted return for the Legacy Fund, increasing access to private capital for the state’s entrepreneurs and raising the national profile of North Dakota. Entrepreneurs in our state are solving significant problems in critical industries and we continue to be inspired by their efforts. We look forward to sharing more of NDGF’s progress at the upcoming Prairie Capital Summit on September 14th in Fargo.”

To register to attend the Prairie Capital Summit, please visit its homepage at emergingprairie.com/prairie-capital-summit.

Photos provided by Emerging Prairie

The North Dakota Growth Fund Portfolio (as of June 30, 2022) Additional information on each of NDGF’s initial investments is provided below.

The company, gener8tor, is a nationally-ranked venture capital firm and accelerator that brings together startup founders, investors, corporations, job seekers and universities. The gener8tor platform includes more than 75 programs spanning startup accelerators, corporate programming, speaker series, conferences, skills accelerators and fellowships. gener8tor is launching a flagship equity-based startup accelerator program in Fargo, as well as two non-equity-based (free) gBETA preaccelerator programs in both Grand Forks and Fargo. The programs will run annually for at least the next five years. gener8tor will also make select direct investments in other North Dakota-based businesses. To learn more about gener8tor, please visit its homepage at gener8tor.com.

Homegrown Capital is an early-stage venture capital firm with offices in Fargo, as well as Brookings and Sioux Falls, South Dakota. The firm focuses on serving the needs of early-stage founders in undercapitalized markets of the Northern Plains.

Homegrown Capital invests in companies that demonstrate strong scalability, and focuses on the enterprise software, agriculture technology and financial technology sectors. To learn more about Homegrown Capital, please visit its homepage at homegrown.capital.

Lewis & Clark AgriFood looks for companies that deliver benefits to stakeholders throughout the food and agriculture sector, from producers to consumers. The firm invests in companies at the growth stage of their evolution that are poised to scale their technology to a national or global scale. As founders, operators, investors and scientists, Lewis & Clark’s seasoned investment team brings deep sector experience to every investment. To learn more about Lewis & Clark AgriFood, please visit its homepage at lewisandclarkagrifood.com.

2022 Prairie Capital Summit Agenda 12:30 pm

Registration

1:00

Welcome

pm

1:10 pm

Mainstage Speaker Michael Chambers (Aldevron)

1:30 pm

Panel - gener8tor Alumni Insights

2:00 pm

Break

2:15

Breakout Sessions

pm

2:45

pm

Breakout Table Topics

3:15 pm

Break

3:30

Panel - From Start to Sell: The Lifecycle of Money in Your Business

pm

4:00 pm

Social Hour

5:00

Event Ends

pm

LongWater Opportunities is a leading lower middle market private equity firm with offices in Fargo as well as Dallas, Texas.

The firm targets control equity investments in family-owned and operated U.S.-based manufacturing companies and is centered on aligning interests with owners and investing long-term capital to build American manufacturing businesses.

It seeks opportunities to partner with founding families and owner-operators of differentiated companies with compelling growth prospects that are looking for hands-on support as well as capital to fund organic growth initiatives and add-on acquisitions. To learn more about LongWater Opportunities, please visit its homepage at longwateropportunities.com.

More information about NDGF can be found at ndgrowthfund.com.

Don’t miss Michael Chambers, Founding CEO and Executive Chairman of Aldevron, as this year’s mainstage speaker!

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A Conversation with Select Prairie Capital Summit Speakers

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Tim Weelborg

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Co-Founder and Managing Partner, Homegrown Capital

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How did you get involved in the industry?

I'm currently running a venture capital organization that invests in early-stage, technology-driven companies in the northern plains.

Prior to co-founding Homegrown Capital, I led an entrepreneur development organization in South Dakota and created 14 angel investment funds.

What topics will you be speaking on at Prairie Capital Summit?

My business partner and I will be presenting a breakout session for entrepreneurs that will share some insight on how to craft your pitch to investors. The goal of the session will be to share and discuss some tactical tips on how to better pitch early-stage ideas to a financial audience.

What is something that you wish more people knew about Prairie Capital Summit?

I wish that more people knew that this event is a great networking opportunity for entrepreneurs, investors and anyone involved in the entrepreneurial ecosystem. You don't have to be an investor or an entrepreneur seeking funding for this to be a valuable event.

What is some crucial advice that you've received over time in your industry?

Have your elevator pitch prepared and ready to go. You never know when you'll have an opportunity to meet a potential investor, partner, employee, etc.

Give before you get. It is especially important in early relationships to give or offer some value before asking for something.

Be honest and transparent—especially with business plans and financial projections. Don't be tempted to exaggerate anything. Just be honest and state your assumptions.

Would you recommend any business-oriented books, podcasts, etc.?

I would recommend the book Venture Deals by Brad Feld and Jason Mendelson. It’s a great primer for entrepreneurs to understand the inner workings of venture/equity deals.

What do you see as some of the best resources for capital in our region?

• Homegrown Capital • Other venture capital and private equity firms • Angel investors and funds • North Dakota programs, such as the Commerce Department • Knowledgeable ecosystem participants and connectors like Emerging Prairie

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"Venture Deals" by Brad Feld and Jason Mendelson

na Studios

Amanda Heyman

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Managing Partner, Tundra Ventures

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How did you get involved in the industry?

My first business was a law firm for sustainable food and agriculture startups. I have been a lawyer for startups for almost a decade. I am also the co-founder of a VC-backed sports technology startup called Starting 11, which is a mobile platform for live daily fantasy soccer.

I brought the combination of my experience as a lawyer for startups and as a founder myself to the creation of Lunar Startups, where I am a founding partner and co-led the creation of the Minneapolis/St. Paul area's first inclusive startup accelerator. Having seen the insides and outsides of hundreds of startup companies as an attorney and startup coach, becoming a founding managing partner of Tundra Ventures was a logical next step.

What topics will you be speaking on at Prairie Capital Summit?

I will be discussing why earliest-stage startups outside of the traditional venture capital bubble represent the greatest opportunity for investors today. I will also speak about the trends in VC investment and the market inefficiencies that make startups in places like North Dakota and Minnesota some of the best bets for value creation.

Further, I'll explain why the unseen, diverse CEO talent can lead to better financial returns for angel and VC investors.

The Upper Midwest in particular is undercapitalized but has lower burn rates and better valuations than the coasts, and is also home to a talent-rich, pragmatic and resilient founder ecosystem. I'll speak to why, at Tundra Ventures, we believe doubling down on the Upper Midwest's regional advantages makes sense for investors anywhere in the world.

What do you see as some of the best resources for capital in our region?

Growing the region's pool of angel investors. Early-stage angel investors who invest either directly in startups or early-stage venture funds are the keystone of any successful startup ecosystem. Without those early bets from angel investors - which often represent both the highest risk and the highest reward potential—many startups with the potential to become billion-dollar companies won't be able to make it off the ground. Our region is home to significant wealth, and adding angel and VC fund investments into local folks' portfolios will build more wealth for all.

What is some crucial advice that you've received over time in your industry?

• It's a marathon, not a sprint.

• Keep your focus on your customers and your goals instead of comparing yourself to others.

• This quote from Backstage Capital founder Arlan Hamilton: "Be yourself so the people looking for you can find you."

Would you recommend any business-oriented books, podcasts, etc.?

I would recommend the podcast BEHAVE by Team Dynamics, which is a whip smart podcast by Lunar Startup’s alums Trina Olson and Alfonso Wenker. It’s all about workplace inclusivity and how we can build better workplace cultures and teams.

I also recommend the Venture Deals book and associated free online course for any startup founder thinking about taking on outside investments.

Amanda Heyman’s List of Accomplishments • Super Lawyers - 2021 & 2020 Minnesota Rising Star (Thomson Reuters) • 2017 Minnesota Cup High Tech Division Award Winner • 2015 Minneapolis St. Paul Business Journal Women in Business Award Winner

"BEHAVE" by Team Dynamics

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Kodee Furst d by

Kodee Furst

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Director, 50 South Capital

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How did you get involved in the industry?

After graduating from NDSU, I worked in roles that took me across the country. In 2015, I found my way back to North Dakota ready to be closer to family and excited about the spirit of collaboration and possibility present at home. I co-founded and served as the Managing Partner of Annie Capital, a fund that invested in the power of women entrepreneurs through funding, education and community development.

That work introduced me to the challenges facing entrepreneurs throughout the state and I spent time at The Nice Center at NDSU to support its mission of entrepreneurship for all. When 50 South Capital was selected to manage the North Dakota Growth Fund, I was honored to join the team and continue to be excited about building the private capital ecosystem to support current and future entrepreneurs in our state. I also serve on the boards for Emerging Prairie and The North Dakota Women’s Business Center.

What is your role at Prairie Capital Summit?

What do you see as some of the best resources for capital in our region?

• Understanding what kind of capital you need for your business is critical. Non-dilutive funding, loans and private capital each serve distinct purposes in helping businesses grow.

• The North Dakota Growth Fund is designed to grow the private capital ecosystem in our state. Our portfolio of funds has a diverse thesis in both sector and stage of funding to support startups across the state and currently includes gener8tor, Homegrown Capital, Lewis & Clark Agrifood and Longwater Opportunities.

• Beyond private capital, the Department of Commerce, Bank of North Dakota and local economic development companies have a multitude of funding programs created to help companies of all kinds grow.

What is some crucial advice that you've received over time in your industry?

I have the privilege of serving as Host/Emcee and sharing more about the North Dakota Growth Fund.

• If everything’s a priority, nothing’s a priority.

• Embrace a give-first mentality.

• You can’t find the answer if you don’t ask the question.

What is something that you wish more people knew about Prairie Capital Summit?

Would you recommend any business-oriented books, podcasts, etc.?

You don’t have to be actively raising capital to attend. If you are thinking about starting a company, seeking a path to scaling your company or interested in learning how funding works, join us!

Whatever we can do to expand our perspective, learn from others’ experiences and embrace the lessons learned from people ahead of us on our own journeys is time well-spent. If you don’t enjoy reading, take time for coffee with a peer or a mentor, listen to a quick interview with someone you find interesting or read a feature on someone you admire. But if you’re looking for books, two of my favorites are Playing Big by Tara Mohr, which helps demystify some of the reasons we have limited mindsets, and The Best Advice I Ever Got by Katie Couric, for a wide variety of insight that made me pause.

Did you know?

“The Best Advice I Ever Got”

by Katie Couric

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Kodee Furst was Emerging Prairie’s 2020 Dr. David Wells Belief Award honoree. The award is given annually to an individual who believes in the potential of entrepreneurs and the difference they can make in our community.

Jo sh u a M . Ri ed y

Dr. Joshua M. Riedy

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Founder/CEO, Airtonomy

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How did you get involved in the industry?

I was born and raised in the Dakotas on a ranch near Thunder Hawk, SD. After a failed attempt as a founder in my late 20s and a career in higher education, I was given a second chance. Moving forward, I founded Airtonomy with the vision of digitizing our nation’s often overlooked, yet vital, critical infrastructure.

What will you be speaking on at Prairie Capital Summit?

“Aligning Visions: A Conversation Between Founder and Lead Investor” with Blaine Crissman.

What is something that you wish more people knew about Prairie Capital Summit?

Events like the Prairie Capital Summit are important opportunities for all parties to educate themselves on how best to support founders in the region. Access to capital in the region is a more complex topic than most realize. Differentiating startups and those that support them is a point of distinction not yet well understood.

What do you see as some of the best resources for capital in our region?

The region, North Dakota in particular, is a tremendous place to start a company with outstanding access to early-stage, nondilutive capital.

Have you won any awards, accolades or achieved any recent accomplishments?

Airtonomy’s journey began with Microsoft, their TechSpark program to be specific, providing initial funding. Since that time, there have been many notable moments including outstanding industry support from Xcel Energy and Minnkota Power Cooperative, in addition to vital funding from a variety of programs under the North Dakota Department of Commerce umbrella.

A defining achievement was winning the Genius NY competition against hundreds of domestic and international companies. Last, but not certainly not least, when announced, successful funding of a Series A round, led by Badlands Capital, will be a monumental achievement, especially considering the rarity in North Dakota.

Would you recommend any business-oriented books, podcasts, etc.?

I highly recommend the book The Messy Middle: Finding Your Way Through the Hardest and Most Crucial Part of Any Bold Venture as the founder’s journey is too often defined by its beginning and end, whereas the middle is the unheralded, yet critical determinate between success and failure.

What is some crucial advice that you've received over time in your industry?

• Never stop actively raising investment funds. This comes in many forms and should never be underestimated.

• The correct lead investor is invaluable. There is nothing more important at the Series A stage.

• It is difficult to attract coastal investment. This will get better with time and sustained success.

• The North Dakota ecosystem is a boon to early-stage companies.

“The Messy Middle”

by Scott Belsky

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Blaine Crissman

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Blaine Crissman o

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Private Equity Investor Ph

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How did you get involved in the industry?

I'm a native of South Dakota. I attended graduate school out of state and spent 18 years in Chicago as an investment banker and private equity investor. I've been a private equity investor for more than 20 years. I'm a Partner in a fund that invested exclusively in South Dakota from 2018 to 2022. Our recently raised fund, Badlands Capital, invests in North Dakota, South Dakota and adjoining states.

What topics will you be speaking on at Prairie Capital Summit?

I will be speaking with Airtonomy Founder and CEO, Josh Riedy, for “Aligning Visions: A Conversation Between Founder and Lead Investor”.

What is something that you wish more people knew about Prairie Capital Summit?

More people should know about the various types of equity capital available, given a company's history and growth. It takes a cooperative network of founders, management teams and investors to grow and diversify a local or regional economy.

What do you see as some of the best resources for capital in our region?

High net worth investors, angel funds, growth equity and more mature buyout funds. Access to experienced, active equity investors is still limited in the region, but has been improving over the past few years.

What is some crucial advice that you've received over time in your industry?

• Private capital investing is a people selection business.

• Invest in businesses that are developing a future that doesn't currently exist.

• Liquidity and access to capital are critical; a business dies when it runs out of cash.

• Stay disciplined around a proven investment strategy.

Would you recommend any business-oriented books, podcasts, etc.?

Books: • • • •

Crossing the Chasm by Geoffrey Moore Thinking in Bets by Annie Duke The Success Equation by Michael Mauboussin Fast and Slow by Daniel Kahneman

Podcasts: • Invest Like the Best • Bloomberg Masters in Business • The a16z Podcast

"Crossing the Chasm"

by Geoffrey Moore

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What Do These Words Mean? C

Written by Adam Choe and Amanda Heyman

Some of the Most Essential Private Capital Key Terms

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Amanda Heyman is co-founder and Managing Partner of Tundra Ventures, an earliest-stage venture fund investing in unseen talent within CPG, technology, and healthcare verticals. Amanda is also a Founding Partner at Lunar Startups, a Twin Citiesbased accelerator designed to supercharge high-potential startup companies founded by new majority CEOs. In addition to her decade of experience as an attorney for startups, Amanda is a co-founder of a global sports technology company, has served as an international legal consultant for the United Nations, co-founded a boutique law firm focused on natural food startup companies, and was named a 2021 and 2020 Minnesota Rising Star by Super Lawyers/Thomson Reuters.

Amanda started her career as a newspaper reporter in Wisconsin and New Mexico; she holds a B.S. in Journalism from the University of Wisconsin-Madison and a J.D. from the University of Michigan Law School.

Adam Choe Adam is a Managing Partner of Tundra Ventures. He is also an adjunct professor at the University of St. Thomas School of Business.

Adam is a former founder of a pediatric healthcare startup and former Managing Director of gener8tor.

Meet the writers

Amanda Heyman

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Private Capital Terms To Know Acquisition When another company buys a startup company. In the venture capital world, investors eventually want all their startups to be acquired, go public or have some form of a liquidity event that brings cash back to the investors.

Acquisitions can be done in various ways, including acquisitions where the buyer pays for ownership of a company with a combination of cash and stock.

Angel Investing An "angel investor" is a high-net-worth person who invests directly in startup companies at a very early stage (often pre-product and/or pre-revenue). This form of investing is high risk but can be high reward. Angels expect to wait 10+ years for a return on their investment.

Bridge Round A bridge round is a funding round between major funding rounds. For example, a round between a seed round and a Series A round could be considered a bridge round.

Often, a bridge round is done when a startup wants to prove something just a little bit more in hopes of further solidifying the company's value before offering a large portion of the company at the next investment round.

Cap Table Cap table is short for "capitalization table." It's a table (or spreadsheet) that shows the ownership of a company, listing the names of investors and the amount and type of equity they own in the company. Cap tables can be very simple or very complex, depending on the stage of the company and the type of investments the company has accepted.

Convertible Note Convertible notes generally include a discount, valuation cap, maturity date for repayment and interest. Convertible notes are used in early-stage companies when it doesn't make sense for investors and founders to settle on a valuation. Notes usually include a discount and/or a valuation cap that come into play when the notes convert into equity in a future funding round.

Due Diligence The process of investigating, evaluating and assessing an investment, whether in a fund or directly in a company. The due diligence investigation will cover the people involved (the team), the market opportunity, the business strategy, intellectual property (IP), finances and projections, operations and more. Due diligence varies in the amount of time it takes to be conducted based on the stage of the investment and whether or not the investor is leading the round or following a lead.

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Discount Often found in a Convertible Note or SAFE Note. It is an earlier agreed-upon percentage discount, giving investors a slight perk for investing early. For example, if a priced financing round is offering shares of the startup at $1 and a prior investor(s) had an 80% discount, they would get their shares at $0.80 per share instead of $1.00 per share.

Early Stage This can refer to a company, a stage of financing or the strategic focus of a venture capital fund. The company has recently been founded and is developing its initial technology, products and services. The range of what investors consider as early stage can go from ideation stage to Series A startups.

Exit The act of realizing (or cashing out, or liquidating) an investment. For investor-backed companies, it is important that the founder has a strategic plan to "exit" by selling their ownership in a company to investors, to another company or to the public stock market (IPO).

Exit Strategy A strategy to exit (or liquidate) an investment, usually resulting from a sale of a company or an initial public offering. Investors in early-stage companies will typically ask the founder of the company about their exit strategy.

Investors in early-stage companies want to know that the founders are focused on growing the company in order to sell it or to hold an initial public offering (IPO) so that the investors will receive a return.

Friends and Family Round Typically, friends and family investing occurs when investors are individuals willing to invest anywhere between $5,000 and $150,000 because they feel loyalty and affection for the founders, are confident in the founders' ability to succeed based on their knowledge and relationship with the founders and/or are motivated by the startup idea. These investors generally invest at the earliest and highest-risk stage of a company's existence.

A friends and family round can also be called a "launch round," a term that acknowledges not every founder has friends and family with the financial ability to invest.

Growth-Oriented Growth investors typically invest in young or small companies whose earnings are expected to increase at an above-average rate compared to their industry sector or the overall market. These investors are looking for new innovations in technology or business models that have yet to become mature markets.

Initial Public Offering Growth investors typically invest in young or small companies whose earnings are expected to increase at an above-average rate compared to their industry sector or the overall market. These investors are looking for new innovations in technology or business models that have yet to become mature markets.

Lead Investor A startup financing round may have multiple investors, especially in venture capital financing. Typically, one investor, the lead investor, will lead the process, conduct due diligence, establish the valuation and invest the most capital.

Pre-Seed Round Pitch The presentation made to persuade an investor to invest in the proposal. One type of pitch is the "elevator pitch," which is a very short oral presentation that should take no longer than the time one would have with an investor on an elevator ride. Longer pitches are often accompanied by a series of slides called a "pitch deck."

A very early stage of startup financing. This stage of investment typically refers to the period in which a company's founders are first getting their operations off the ground. Often pre-seed rounds can overlap with friends and family rounds, or can be the first round of financing where people who the founders do not know well will invest in a company. Investors in a pre-seed round are often angel investors or small venture capital funds.

Pre-Money Valuation

Did you know?

Growth investors often look to five key factors when evaluating stocks: historical and future earnings growth; profit margins; returns on equity (ROE); and share price performance.

The valuation of a company immediately prior to external funding or financing.

Post-Money Valuation The valuation of a company immediately after external funding or financing.

Private Capital An umbrella term for investment, typically through angel or venture funds, in startup companies or private assets not available on public stock markets. These investments are generally not registered with the U.S. Securities and Exchange Commission (SEC). "Capital" is another word for money.

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Private Equity Private equity refers to a constellation of investment funds that invest in or acquire private companies that are not listed on a public stock exchange (including startups and other small businesses). "Equity" is the owner's share of the assets; their basic ownership in a company.

SAFE Note A SAFE note stands for Simple Agreement for Future Equity. It was made popular by Y Combinator and often utilized by early-stage founders due to the simplicity of the document and familiarity by many early-stage investors. It shares many similarities with a Convertible Note but is less complex and does not include a loan repayment element.

SAFE investments are designed to "convert" into equity in a future round of financing.

Scale Scale is a company's ability to increase its rate of growth exponentially. Venture investors are looking for investment opportunities where founders have a great opportunity to scale their business - often nationally and/or globally.

Scalable companies ideally can, for example, turn one dollar of investment into five dollars of profit.

fun fact!

According to a study done by Sage Accounting, the top three industries with the most unicorn companies are consumer internet, software and e-commerce.

Seed Round An investment round in a company that is still in the early stages of development, but often has some form of traction in the form of early revenue generation. In general, this stage of investment follows investments by friends and family or angel investors, and comes after a preseed round. Seed investors often include a mix of angel investors and venture funds, and can include investors from prior rounds as well.

Series A This historically referred to a company's first financing round with institutional venture capital investors. Series A financing more broadly means the first financing round after a company's seed financing.

Unicorn Company A company with a valuation at or above $1 billion.

Valuation Scale is a company's ability to increase its rate of growth exponentially. Venture investors are looking for investment opportunities where founders have a great opportunity to scale their business—often nationally and/or globally.

Scalable companies ideally can, for example, turn one dollar of investment into five dollars of profit.

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Valuation Cap A valuation cap is a ceiling imposed on the price at which a SAFE or Convertible Note will convert to stock ownership in the next funding round, and is a benefit for an early investor. The cap is the maximum valuation at which an investor can convert a SAFE or note into equity, so it serves as a pre-negotiated amount that serves to “cap” the conversion price once ownership shares are issued.

Venture Capital Venture capital (VC) refers to the venture funds that invest money in private, early-stage, high-growth potential companies pursuing new business models, markets, science, and/or technologies. Venture capital funding is the most radical form of investment funding with the highest risks and the highest possibility for returns. VC funds vary in size and focus.

CAPITAL RESOURCES WHAT’S AVAILABLE NEAR YOU?

IN THE REGION

D

eciding where to look for private funding can be an intimidating process for those who are unfamiliar with the local landscape. However, there are an abundance of resources to help grow. Below is a sample of some of the many private capital resources available in the upper Midwest.

BROADWATER CAPITAL Fargo, ND About Them: Broadwater Capital is a private investment firm based in Fargo, ND. Through their flexible investment mandate, Broadwater seeks to provide capital and strategic support with an ability to invest in a variety of industries, transaction types and stages of companies.

CONTACT BROADWATER CAPITAL Web: bwcap.com Address: 1100 NP Avenue N, Suite 202 Fargo, ND 58102

BADLANDS CAPITAL Sioux Falls, SD About Them: Founded in 2011, Badlands Capital is a private equity firm based in Sioux Falls, South Dakota. The firm invests in middle-market companies with revenue up to $40 million that are located in South Dakota, North Dakota, Minnesota, Iowa, Nebraska and Colorado.

Blaine Crissman founded Badlands to make control equity investments in businesses specializing in highly-engineered manufacturing and business services that are located in the Great Plains states.

The firm prefers to invest in companies operating in the commercial services, packaging and manufacturing sectors.

CONTACT BADLANDS CAPITAL Phone: (605) 553-6032 Address: 2216 West Black Rock Sioux Falls, SD 57108

ARTHUR VENTURES Minneapolis, MN About Them: Arthur Ventures is an early growth capital firm that leads investments in B2B software companies located outside Silicon Valley. Since 2013, they have partnered with 40+ companies in different cities across all regions of the United States and Canada.

They manage an estimated $700 million and are actively investing out of their $225 million fourth fund.

CONTACT ARTHUR VENTURES Web: arthurventures.com LinkedIn: linkedin.com/company/arthur-ventures Twitter: @arthurventures Address: 80 S 8th St, Suite 3710 Minneapolis, MN 55402

DID YOU KNOW? Arthur Ventures has over 40 different partner companies!

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GROOVE CAPITAL Minneapolis, MN About Them: By combining the power of an active angel network with a traditional venture fund, Groove Capital accelerates the velocity to a startup’s first funding, while providing its investors with a platform and process to invest with confidence.

Groove Capital supports small teams with high potential, who have detailed plans for achieving larger, later-stage milestones. The Groove Capital fund will be investing in many industries, but will favor the verticals that can be supported by Minnesota’s most robust resource networks; such as ag tech, food, healthcare, education, energy, enterprise SaaS, financial services, medical device, retail and sports & fitness.

Their Team: Groove Capital is led by a core team of early-stage startup operations and investing veterans.

Surrounding Groove Capital is both a formal and informal advisory network of successful founders, corporate executives, community leaders, technology experts and venture partners who play an active role in Groove Capital's diligence, portfolio support and sourcing efforts.

With a mission to make ventures more accessible, Groove Capital serves as a launching point for young professionals to build a career in ventures. They work with the area's brightest up-and-comers and look forward to seeing these incredible leaders grow. As your venture partner, they provide capital along with introductions to angel investors and advisors, increasing your likelihood of success.

CONTACT GROOVE CAPITAL Web: groovecap.com/groove-capital-minnesotas-first-check-fund Facebook: linkedin.com/company/groove-capital Twitter: @GrooveCap

BY THE NUMBERS 37 Investments 12 Female-Led Companies 14 Minority-Led Companies

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TUNDRA VENTURES Minneapolis, MN

701 FUND Grand Forks, ND

About Them: Tundra finds and de-risks the opportunities other funds can’t see. Their early-stage fund brings accelerator guidance to anti-fragile entrepreneurs, using proven methods to build operators of the future faster and smarter. Building on cultural strengths of grit, pragmatism and coachability, they tap unique pre-pipeline to the other multi-trillion-dollar opportunity in tech, CPG and healthcare.

About Them: The 701 Fund was established in 2015 to serve the growing capital needs of startups within the Midwest. The fund and its investors seek to partner with high-growth investment opportunities within the region. The experienced leadership of the fund leverages its network to quickly identify, evaluate, and de-risk viable opportunities.

Managing partners Danielle Steer, Amanda Heyman and Adam Choe have known each other for over four years and have worked together in varying roles throughout those years. They've pressure-tested their relationship and are ready to take on this next opportunity. Furthermore, they have worked with 500+ startups collectively.

As a North Dakota fund, they acknowledge the legacy of entrepreneurship, integrity, and strong work ethic in what they do and seek to invest in companies with identical values. 701 was once the only area code for the state of ND. For us, it serves as a reminder to embody those values ourselves and empower likeminded innovators!

Their Verticals: » CPG (Food, Beauty, Retail, etc.) » Tech-Enabled (SaaS, Mobile Apps, IOT or similar) » Health (Healthtech, Mental Health, CPG Health, Class I Medical Devices)

CONTACT TUNDRA VENTURES

CONTACT 701 FUND Email: contact@701angelfund.com Web: 701fund.com LinkedIn: linkedin.com/company/701fund Address: 4200 James Ray Drive Grand Forks, ND 58202

Email: hello@tundravc.com Web: tundravc.com LinkedIn: linkedin.com/company/tundravc Twitter: @tundravc

FREQUENTLY ASKED QUESTIONS

BY THE NUMBERS

Q: What stage of company does Tundra Ventures invest in?

A: Tundra Ventures writes checks at the earliest stages (Pre-Seed/Seed)

Fund I Portfolio (2022) 16 Companies

Q: What sectors does Tundra Ventures invest in?

A: CPG, Tech-Enabled and Health

8 Different Industries

Q: What geographies does Tundra Ventures focus on?

A: Midwest, South and Southeast (but they will look at deals from all across the US)

3 Exits

Q: What size checks does Tundra Ventures write?

A: $100,000 to $500,000 (most likely follow-on checks)

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5 States

BREAD AND BUTTER VENTURES Minneapolis, MN About Them: Bread and Butter Ventures is an early-stage venture capital firm based in Minnesota, the Bread and Butter State, investing globally while leveraging the region’s unparalleled access to strong corporate connections, commercial opportunities and industry expertise for the benefit of the founders.

They lead rounds in some cases, and in all cases, they look to help syndicate and bring strong co-investors who can add additional value.

They work hard alongside teams after investment and support through their platform efforts to connect the necessary people, resources and partners needed to scale globally.

Building on our state’s legacy of creativity, Bread and Butter Ventures invests in those startups that are reimaging and redesigning the core backbone sectors, the bread and butter, of the 21st-century economy.

They are home to 16 Fortune 500 enterprises, a strong labor supply and one of the Smithsonian’s six centers of American innovation— Minnesota’s Medical Alley.

Their Values: 1.

2.

3.

4.

5.

6.

Seek out and celebrate vision, look for bold ideas and support those who want to change the world.

Be direct - encourage transparency, act with decisiveness and lead with an honest steadiness.

Act with empathy and humility by calling on their own experiences, staying down-to-earth and remaining accessible.

Emphasize performance and data-driven decision-making and goals while maintaining a proactive, continuous improvementbased approach to business.

Build and prioritize the many members of the Bread and Butter family. Celebrate teamwork, support quality of life, work with people we value and have fun.

Value and support community by consistently giving first, championing our home and practicing gratitude.

CONTACT BREAD AND BUTTER VENTURES Email: hello@breadandbutterventures.com Web: breadandbutterventures.com LinkedIn: linkedin.com/company/bread-and-butter-ventures Twitter: @Bread_ButterVC

NORTH DAKOTA GROWTH FUND North Dakota About Them: The North Dakota Growth Fund ("NDGF") is a $100 million multi-stage investment fund that will seek to invest in North Dakota businesses and entrepreneurs. NDGF was created to further advance innovation and private markets investments in North Dakota by seeking investments that provide strong risk-adjusted returns and support the growing entrepreneurial ecosystem in the State.

Their Vision: The North Dakota Growth Fund aims to invest up to $100 million over a five-year initial investment period in order to further catalyze the investment and entrepreneurial communities and expand investment opportunities in North Dakota.

Their Mission: Through the North Dakota Growth Fund, 50 South Capital will make targeted investments in venture capital, private credit (including venture debt), private equity, growth equity, infrastructure and real assets opportunities in both companies and private funds that are either based in North Dakota or possess a significant presence in North Dakota.

Their Goals: Deliver competitive investment performance for the State of North Dakota by building a prudently diversified portfolio.

Drive economic activity in North Dakota by making investments in North Dakota firms in order to support the growing entrepreneurial ecosystem in the state.

Foster a strong, vibrant ecosystem for entrepreneurs and raise the national profile of North Dakota's entrepreneurial ecosystem.

Their Values: 50 South Capital seeks to optimize transparency, governance best practices and alignment of interests when investing through NDGF. These values are essential to effective governance and investment outcomes.

CONTACT NORTH DAKOTA GROWTH FUND Web: ndgrowthfund.com

ESSENTIAL SECTORS While Bread and Butter Ventures invests broadly across a number of sectors, they are particularly dedicated to the backing and supporting of companies innovating in three essential backbone sectors of the economy: Ag/Food Tech, Health Tech and Enterprise SaaS.

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DAKOTA VENTURE GROUP Grand Forks, ND About Them: The Dakota Venture Group (DVG) is a venture capital firm that operates in Grand Forks, North Dakota. DVG is comprised of University of North Dakota students and is the first completely student-run venture capital investment fund in the United States.

DVG provides students the opportunity to conduct due diligence, make final investment decisions and negotiate deal term structure.

Diverse backgrounds contribute to the success of the group.

DVG members represent a variety of academic disciplines and backgrounds, including accounting, finance, entrepreneurship, law, marketing, science and engineering. By participating in Dakota Venture Group, UND students from all disciplines of study receive an unheard-of opportunity to gain real-world experience in the field of venture capital and angel investing.

The investment strategy of DVG includes making investments in high-growth ventures started by entrepreneurs in the United States, with preference given to regional ventures. All investments are made with the goal of fostering economic growth. Over the past several years, more than 140 DVG student members have screened numerous companies and made multiple investments.

The Dakota Venture Group provides students the opportunity to conduct due diligence, make final investment decisions, and negotiate deal term structure. By participating, UND students receive an unheard-of opportunity for experiential learning in the field of venture capital and angel investing.

CONTACT DAKOTA VENTURE GROUP Email: asteffen@dakotaventuregroup.com Web: dakotaventuregroup.com Facebook: @DakotaVentureGroup Twitter: @DVGInc Address: 4200 James Ray Drive Grand Forks, ND 58203

GREAT NORTH VENTURES St. Cloud, MN About Them: Great North Ventures is a networkdriven investor with deep roots and density in rising tech cities outside traditional VC hubs, like the Twin Cities, Chicago, Madison, Fargo, Detroit, Indianapolis, Cincinnati and Toronto. Thematically, they invest in digital transformation through AI, community-driven applications and solving labor problems.

Their Mission: To fund, build and scale innovative tech companies.

Who Works With Them: Investors: Their partners draw on decades of successful execution to navigate networks and implement investment intelligence. They add value, source unique deals and invest intelligently to maximize investment results. Great North Ventures follows a scalable, data-driven process for identifying opportunities and managing its investment portfolio.

Founders: Great North Ventures’ Team and Innovator Network offers the capital, connections and counsel founders need in the industry.

Builders: In their venture studio, Great North Ventures designs and builds companies with worldclass founders in focused market segments with substantial opportunities.

CONTACT GREAT NORTH VENTURES Web: greatnorthventures.com Facebook: @greatnorthventures Twitter: @greatnorthvc LinkedIn: linkedin.com/company/great-north-ventures

DID YOU KNOW? The Dakota Venture Group was established in September 2006 through a donation from the Dakota Foundation.

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INSPIRING COMMUNITY-DRIVEN WORKFORCE Attend North Dakota’s premier community-building conference October 24–26 at the Bismarck Event Center

FREE ADMISSION FOR ALL ATTENDEES KEYNOTE SPEAKER: ANTHONY MELCHIORRI HOST OF HOTEL IMPOSSIBLE

MSND.link/SummitTickets

• Craft roadmap to success • Create neighborhood goals • Attract new talent

LONGWATER OPPORTUNITIES Fargo, ND About Them: LongWater Opportunities is an operationally focused private equity firm with offices in Fargo, ND and Dallas, TX. Founded in 2009, they target control equity investments in American manufacturing companies across the lower middle market.

They seek opportunities to partner with founding families of differentiated companies with compelling growth prospects. Their team of investment professionals and advisors provide hands-on support, in addition to capital, to fund organic growth initiatives and execute add-on acquisitions.

Their Mission: Grow businesses and leave a positive impact.

Their Vision: Build a successful and sustainable firm through developing and mentoring our people, and giving them the resources and support to develop into confident, inspiring leaders.

Their Values: Build Trusting Relationships Stay Positive and Confront Reality Create Clarity Through Simplicity

CONTACT LONGWATER OPPORTUNITIES Phone: (469) 351-3471 Email: info@lwopps.com Web: longwateropportunities.com LinkedIn: linkedin.com/company/longwater-opportunities-llc Address: 118 Broadway N, Suite 501 Fargo, ND 58102

DID YOU KNOW? LongWater has completed 18 transactions to date and recently closed its third fund.

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HOMEGROWN CAPITAL Fargo, ND About Them: Homegrown Capital is a South Dakota-based venture capital company that invests in early-stage, technology-driven companies in the Northern Plains.

Homegrown Capital’s Investment Criteria: Stage Focus: Homegrown Capital makes early-stage investments: Seed to Series A where they can lead or co-lead a round with a $500,000 to $1.5 million investment.They want to actively participate in their portfolio companies at a board level to provide expertise and connections to grow the business.

Industry Focus: They invest in technology-driven companies that don't have high regulatory hurdles. They have a special interest in most B2B Software, AgTech and FinTech companies that can demonstrate strong scalability.

Geographic Focus: They invest close to home, as they believe that great founders can build great companies in Middle America and want to empower those companies. Their primary focus is in North and South Dakota and contiguous states that comprise the Northern Plains Region (MN, IA, NE, MT, WY and CO).

Homegrown Capital looks to invest in companies that exhibit the following: Compelling Growth Potential: 10x + Growth Potential Proven Management Team Clearly-Defined Milestones and Exit Path Existing Customer Revenue Strong Technology Component 3-5 Year Exit Strategy

CONTACT HOMEGROWN CAPITAL Web: homegrown.capital LinkedIn: linkedin.com/company/homegrown-capital Address: 118 Broadway N, Suite 206 Fargo, ND 58102

MEET THE PARTNERS Tim Weelborg, General Partner

Facilitated 100+ Angel Deals Established 14 Angel Funds Across South Dakota Previously Executive Director of the Enterprise Institute

Matt Paulson, General Partner

Invested in 75+ Angel Deals Founder of MarketBeat Chairman of Falls Angel Fund

LEWIS AND CLARK AGRIFOOD St. Louis, MO About Them: As a late-stage, growth equity-focused fund, Lewis and Clark Agrifood arrives in the sweet spot between seed/early-stage and the buyout phase, minimizing risk and maximizing value. They also work with exceptional entrepreneurs to help scale their businesses with capital and resources.

Their AgriFood Fund II Strategy: Their holistic investment approach to AgriFood realizes value across the entire value chain from pre-production to distribution. Growth and latestage investments are underserved market needs in Agriculture and Food.

Much of their investing happens between the coasts.

Their St. Louis location puts them within 500 miles of 70% of US agriculture production. Additionally, the highest concentration of plant science PhDs in the world lives in the St. Louis area, giving them a unique position to scout, form relationships and strike deals within the rich talent pool.

Their AgriFood Fund II Process: Their exhaustive, metric-driven underwriting process ensures they invest in the best. They lean towards tech-enabled, sustainable AgriFood companies in the late-stage VC/growth stage with converging to positive operating cash flow. This limits risk and leads to outsized returns.

Furthermore, they lead deals and work with entrepreneurs through active board participation.

They also create distinctive, highly effective Value Enhancement Plans for each of their investments to ensure our entrepreneurs reach scale.

GENER8TOR Fargo, ND About Them: gener8tor is a nationally-ranked venture capital firm and accelerator that brings together startup founders, investors, corporations, job seekers, universities, musicians and artists. They raise funds from investors who believe in us and see the success of their work. Then, they deploy resources in the form of educational programming, investment dollars and networking to improve local communities, as well as gain returns on those original investments so they can grow and continue to fulfill their mission.

Their Mission: Their mission is to be the best partner for a community to invest in its best and brightest.

They envision communities achieving measurable and transformational growth through programming that enables equitable access and opportunity.

The gener8tor platform includes more than 75 programs spanning startup accelerators, corporate programming, speaker series, conferences, skills accelerators and fellowships. gener8tor believes that everyone deserves opportunities, regardless of race, place or gender.

CONTACT GENER8TOR Email: info@gener8tor.com Web: gener8tor.com LinkedIn: linkedin.com/company/gener8tor Facebook: @gener8tor Twitter: @gener8tor Instagram: @gener8tor

CONTACT LEWIS AND CLARK AGRIFOOD Phone: (314) 828-5525 Email: info@lacpartners.com Web: lewisandclarkagrifood.com LinkedIn: linkedin.com/company/lacagrifood Twitter: @LACAgriFood

BY THE NUMBERS 163 Accelerators 840 Startups $1 Billion+ Total Funding 33 Communities

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Photos by Josiah Kopp

Additional Photos by neo Interior Design Studio

By Josiah Kopp Photos by Josiah Kopp

neo interior design studio Meet Michael Betlock and Haley Kaspari, neo Design Duo

eo was conceptualized almost a year and a half ago as Founder Michael Betlock saw an opportunity in the FM market for a more individualized boutique approach to commercial interior design. After working out of his home for nine months, his business exploded beyond the capacity of his small basement office and he knew neo needed a place to grow.

During Betlock's search for studio spaces in Fargo, neo continued to expand and became a team of two, bringing Haley Kaspari on board.

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The main objective for the new space was to create a collaborative environment that fosters out-of-theordinary design solutions.

"Haley and I are both fully immersed in one another's projects as to keep our design philosophies aligned with neo's mission to create unexpected spaces and unique environments," Betlock said.

His goal is that every project completed under the studio's name will scream "NEO!"

They also factored in all of the technology required to perform their duties as designers.

After many renditions of floor plans at multiple locations, they decided to take on the task of renovating an abandoned hair salon in the 25th St Market Professional Building. The existing space had an awkward layout and was comprised of 18 fluorescent shop light fixtures, purple sponge paint and mirrored display shelves.

"Our goal was to remove all traces of its former life and create a space that embraced the eclectic and intriguing elements that set neo IDS apart," Betlock said.

After finalizing a floor plan, demolition began with the help of C2 Construction, and the space was completely gutted to give them a blank slate.

With blood, sweat and happy tears, they painted, tiled, laid carpet, hung wallcovering and even designed and built their

own breakroom island. Their design approach is to go all-in and scale back as the client sees fit. In this case, they felt the eclectic vibe and over-thetop finishes spoke to neo's vision. Little by little, the space came to life and a few months later, they could not have been happier with the finished product.

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" -Michael Betlock Creating a Customer Experience When clients enter, they can expect to immerse themselves in a unique space that inspires their own creative vision. Since neo has incorporated so many different textures and finishes, a client can imagine what they would like to see in their own space. The neo team has already had clients take inspiration from their studio and ask for an oversized wall mural, a unique tile backsplash install, a tin ceiling effect and even a graffiti brick wall!

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"We would love for each client to enter the space and have to do a 'double take' on every square foot of our studio," Betlock said. "Even clients that visit us and initially say 'I have no design taste/ideas' will have their own creativity positively charged and they will be able to personally explore fresh and exciting ideas for their own space."

Offering Clients More In Betlock's previous work experiences, interior design always seemed to be put on the

back burner until a project was already well developed. This often resulted in a finished product that did not seem cohesive inside and out. At neo, they begin the design process simultaneously with their architectural partner, Übl Design Group from Bismarck, ND. They also offer their clients the one-onone attention they deserve. If a client needs numerous meetings to fully understand their project and the process, neo is more than willing to walk them through each step. The resources they have on-site provide the ability to walk through a project in their cozy conference room and quickly substitute materials via their finish-sample library.

While looking for a home for neo, Betlock and Kaspari looked at many spaces they thought would work well to incorporate all needs of the studio.

Must-haves checklist: • Three large office spaces • A materials library • A small break room • A comfortable conference room.

In addition, neo prides itself on providing the best value for each individual; they feel design should not be something that gets pushed aside because of budget. Oftentimes, they see small (and large) businesses trying the DIY approach to design due to a lack of funds and/or the misunderstood value of thoughtful interior design. The result ends up feeling disjointed and uninspired. neo will work with each client to provide a solution that fits their personal budget and reflects their own company's culture. neo is excited for continued growth and engagement within the community. They intend to

bring the highest level of unique design to the Midwest and feel their new studio space is the perfect environment to help them expand and continue to find success. They also look forward to using their space and skills to support the community through volunteer events and networking opportunities.

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Artwork & Decor "Each piece throughout the space is specially curated and holds meaning that has shaped who I am throughout my life," Betlock said. "One of my favorite pieces is the Banksy 'Panda with Guns' graffiti as it advocates for peace in a truly unexpected way. I also love the Molly Ringwald/Breakfast Club pop-art print on canvas."

This classic movie comes with a timeless message that has defined neo in a particular way: "You see us as you want to see us in the simplest terms, in the most convenient definitions.

But what we found out is that each one of us is a brain, and an athlete, and a basket case, a princess and a criminal." -The Breakfast Club, 1985 As neo continues to grow, they are always looking for additional pieces that inspire and intrigue.

Pieces that make a person take a second look. Some that they have acquired recently are the vintage photographs that reflect Betlock and Kaspari's individual personalities. Kaspari chose the "vintage ladies with tattoos" to adorn her office, while Betlock found a special connection to "child smoking with chicken."

The Perfect Office Pets are...Ants?

While searching for an office pet, neo wanted something "untraditional" that would also give hours of entertainment. A goldfish simply wasn't the answer. They considered sea monkeys, jellyfish and hermit crabs. Their web search for a designer sea monkey aquarium took them down a rabbit hole that led to custom designer ant farm frames! This solution seemed perfect; it was unique, modern and a living work of art. neo quickly realized the ants embodied a new approach to the currently popular "live moss wall."

The ants allowed for biophilic design to be injected into their space in a previously unexplored way. They love the symbolism of their tiny architects working alongside them as they build bridges, excavate tunnels and create their own collaborative working environment. neo will be posting updates of their ever-changing environment on their social media pages @neo_ids For more information, visit neointeriordesignstudio.com 82

AUGUST 2022

By Brady Drake

We're Excited For These Developments!

And you should be as well.

There are a lot of great things happening in the Fargo-Moorhead area to be excited about, and the plethora of real estate development is a big part of that. The list below is by no means comprehensive or a "best of" list, and we encourage you to look for more development highlights in future issues. However, the following developments are certainly ones we should all be excited about!

Makt and The Wave

Renderings provided by EPIC Companies

Makt Makt is the first phase in a much larger project by EPIC Companies that we are very excited about, EOLA by EPIC. Already underway, this portion of the project, which is in construction at the former Anderson Park, will have 80 apartment units and approximately 30,000+ SF of commercial space. Makt condos will feature 27 units and 15,000 SF of commercial space.

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Renderings provided by EPIC Companies

The Wave

Coming later in EOLA's development process will be The Wave which is set to be North Dakota's largest indoor water park at over 45,000 square feet. The water park will feature thrilling attractions for all ages including a full-service bar and restaurant, meeting space, party rooms, cabanas, slides, rides, an arcade, and more. Accompanying the water park will be a connected sevenstory hotel with 125 rooms and a parking ramp.

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Photos courtesy of Enclave

Lyv at Uptown & Main The Lyv at Uptown & Main promises to be a beautiful mixed-use project on Veterans Blvd that is an expansion on Enclave's Uptown & Main development and is scheduled to be complete late in the fall of 2022.

The space will include: • 110 units • First level retail space for lease • Great visibility, 20-ft ceilings "The area along Veterans corridor has seen tremendous growth and activity over the last few years and we’re incredibly proud to contribute to the vibrancy of the area through our development, Uptown & Main,” said Tim Gleason, Developer at Enclave.

“As community-minded placemakers, we aspire to cultivate stronger, more connected and livable environments; Lyv at Uptown & Main exemplifies this desire and we’re excited to see it coming to realization.”

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Renderings provided by TL Stroh Architects and Interiors

Kesler Location: 624 2nd Avenue North, Downtown Fargo, ND Type of Building: Mixed-Use Multifamily and Commercial Space Stories and Square Feet: 6 stories with underground and enclosed street level parking (28,330 square feet), 9,000 square feet of ground floor commercial space, and five floors of apartments totaling 125,142 square feet.

When the Project Started: August 2020 Date of Completion: July 2022 Architect of the Project: TL Stroh Architects and Interiors Construction Companies: Kilbourne Construction Management LLC and Engineering MBN Engineering Inc. 88

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*Writeup Provided by Kilbourne Group Kesler is a mixed-use project that spans between First and Second Avenues North in the heart of downtown Fargo. Named after the former Kesler Block that occupied the site until it was razed in 1976, Kesler includes 109 stylish apartments, almost 9,000 square feet of ground-floor retail space for up to five new businesses, and 69 enclosed parking stalls.

Surrounded by downtown Fargo’s historic Black Building, Stone Building and The Graver, Kesler’s brick and metal siding is a perfect blend of classic and modern.

The project features an elevated patio with direct views of Broadway Square, downtown Fargo’s new programmed public plaza. Residents enjoy SmartRent technologies, which allow for controlled, remote Bluetooth access, as well as a dog wash, two secured bike rooms, secured

package rooms, and a clubroom that adjoins the rooftop patio.

Kesler features furnished corporate units. See more at KeslerFargo.com.

By infilling a central surface lot downtown, Kesler creates an extension of Roberts Alley, an active pedestrian passageway filled with alley-facing storefronts, public art, and outdoor patios. The first business announced in Kesler is Bottle Barn Off Broadway.

Kesler is the fourth phase of a public-private partnership with the City of Fargo which began in early 2016 and replaced three surface parking lots with a city-owned garage and three private mixeduse buildings. The partnership has created more than 500 structured parking stalls, 265 new apartments, and 35,500 square feet of ground-floor commercial space.

Mercantile Location: 405 Broadway North, Downtown Fargo, ND Type of Building: Mixed-Use Multifamily and Commercial Space Stories and Square Feet: 6 stories comprised of 17,000 square feet of ground-floor commercial space and 5 floors of apartments totaling 86,572 square feet When the Project Started: December 2019 Date of Completion: April 2022 Architect of the Project: JLG Architects Construction Companies: Kilbourne Construction Management LLC and Engineering MBN Engineering Inc.

*Writeup Provided by Kilbourne Group Mercantile is a six-story mixed-use building that adds a stately and timeless presence to the corner of 4th Avenue North and Broadway in downtown Fargo. Located in the heart of the entertainment district, Mercantile adds 100 apartments and 17,000 square feet of ground-floor commercial space to the city center, with more than 100 local shops, bars, restaurants, art galleries, theaters, and music venues within blocks.

Mercantile was designed to blend in with the historic architectural styles downtown, with its first four stories faced in brick and wrapped in expansive glass. JLG Architects took great care in designing an attractive backdrop to the countless pictures taken of the Fargo Theatre marquee. Floor-to-ceiling windows flood living units with natural light and provide picturesque views of a thriving downtown. The attached city-

owned 367-stall parking ramp provides district parking for all.

The building’s name is an homage to a four-story brick structure that was built on the site in 1909 for Fargo Mercantile Co., a wholesale grocer that had been operating in Fargo since 1895.

Mercantile’s modern amenities include a clubroom with a pool table, bar top tables and television. The adjoined rooftop patio overlooks Broadway and is perfect for lounging, grilling or relaxing next to the fire pits and outdoor television. Mercantile features the convenience of SmartRent technologies, providing remote Bluetooth access, controllable through residents’ smartphones. The project includes a ButterflyMX package system for secure deliveries, an onsite dog wash and a large secure bike storage room.

Mercantile features furnished corporate units. More at LiveatMercantile.com.

Photo provided by Dan Francis Photography

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Renderings provided by JLG Architects

The Landing at 1001 NP Location: 1001 NP Avenue, Downtown Fargo, ND Type of Building: Mixed-use multifamily with a ground-floor restaurant Stories and Square Feet: 4 stories comprised of 5,000 square foot ground floor restaurant space and enclosed parking, and 222,403 square feet of apartments When the Project Started: October 2020 Date of Completion: August 2022 Architect of Project: JLG Architects Construction companies: Bakken Contracting Co LLC (dba BC Contracting Co) and Engineering MBN Engineering Inc.

*Writeup Provided by Kilbourne Group The Landing at 1001 NP is a four-story mixed-use building adding 154 apartment units to the west edge of downtown Fargo.

Anchored by an available large corner restaurant with an outdoor patio, The Landing creates a welcoming entrance to Fargo’s walkable downtown as visitors enter from the 10th Street underpass. The project features five two-story walk-up units on the north side with private entrances and includes 217 enclosed on-grade, enclosed underground, and surface parking spaces.

The Landing’s 26 unique apartment layouts focus on individuality, accessibility, and modern comfort.

The name is a nod to the site’s historical roots as a planning mill served by a Northern Pacific rail spur. The Landing joins the burgeoning neighborhood of Wild Terra Cidery, Brew Bird, and the Historic Union, home to Pixeled Brewery and Rough Cut Social. Residents of The Landing will enjoy the convenience of remote Bluetooth access to and control of units through SmartRent technologies, and access to a large, elevated clubroom and patio, secured package delivery and bike room. The Landing features furnished corporate units.

See more at TheLandingFargo.com.

Are you a developer with something to share?

Email us at info@spotlightmediafargo.com!

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By Grant Ayers

The Advice That Helped Them Get There What it takes for success

Some of Kill's Accomplishments

The path to success is hardly ever traveled alone, and rarely comes without a few bumps in the road. There's often a multitude of factors that play into one person's climb to the top of their ranks. We spoke with a handful of determined and successful people with ties to the Fargo-Moorhead area regarding what, and who, they believe helped them find success in the area we're proud to call home. Join us as we introduce these individuals over the coming months.

State Farm Ambassador Club Qualifier (2015-2021)

Did yo u kno w?

At the time o f Kill is the on writing, Ry an ly Sta multite F offi Fargo ce agent in arm -Moo rhead the area!

Ryan Kill Agency

Providing Insurance and Financial Services

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Level 3 Ambassador Club Qualifier (2016, 2019, 2020, 2021) SVP Qualifier (2019-2021)

Ryan Kill is more than your average State Farm insurance agent. Not only is he licensed in auto, home, life, health and business insurance; he’s also licensed in both North Dakota and Minnesota. Kill launched his first location in West Fargo in 2015, with a second location in Fargo in September 2020.

Kill emphasized that being a multi-office agent isn’t as common as one might think.

“I believe that it’s less than 1% of the over 19,500 agents that we have at State Farm who have a multi-office agency. You don't get this opportunity

unless you’re doing things the right way, taking care of policyholders the correct way and putting their needs above your own. We're pretty proud about that,” Kill said.

Since the initial launch in 2015, Kill has impacted the lives of many across the greater FMWF area by assisting them through any and all insurance needs.

Throughout his journey to the position he’s in today, Kill has gained a wealth of knowledge and lessons learned over his career. He elaborated on some of the advice that he believes in and attributes to some of his success.

“We're sho wing State Farm that o agency is su ur ccessful be cause we h ambitions of opening ave up here in the FMWF area a third agency . We alread two of them y have , which is le ss State Farm agents natio than 1% of all the only wa nwide. How y we can d ever, o that is by harder and working taking bett er care of o customers ur than every body else.”

- Ryan Kill

#1

Work harder than everyone else.

One of the biggest pieces of advice that I’ve picked up on over the years, and could give to others, is to work harder than everybody else. I grew up working on a farm where I was picking rocks in 100-degree heat, baling hay and getting cut up pulling milkweeds; all while mosquitoes were biting me all over. That's out in the elements and you’re beating up your body doing all those tasks.

I can’t take the work that I do now for granted, as it’s not nearly as hard on the body. My only job is to sit down with somebody and figure out what they care about. But I’m glad that I went through that because it gave me a work ethic that I wouldn’t have gotten anywhere else. If you don’t have the drive, no matter the field you’re in, other people are going to pass you up. If you really want to be at the top, you’re going to have to work harder than everyone else.

#2

Don’t be afraid to be different.

We offer a unique experience that's different from not only every other competitor out there, but also different from other State Farm offices as well. From comments on social media such as our Facebook page to Google reviews of our business, people can see that we’re taking a different path and it’s working. A lot of insurance agents offer similar pitches, and they don’t stick out from one another because of it. We like to do it differently from everybody else and we take a lot of pride in that. At the end of the day, it’s crucial to be different and hold to your values. If a process works, stick to it and don’t change it for anyone.

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a sub above

#3

Staying focused on the job will pay off.

As the economy keeps changing, the hard-working people that are going out there and trying to help more people than everybody else are going to see the most success. Even at State Farm, we have our challenges with staffing and filling positions like everybody else today. However, my staff right now realizes that their job is to impact as many people as possible. These positions have to be filled and our economy is still fluctuating, yet it’s going to change one way or another soon. If you want to take advantage of it, you're going to have to put in the work.

#4 jerseymikes.com

833 24th Avenue E. West Fargo • 701-561-0800 5050 Timber Pkwy. South Fargo • 701-929-6550 1970 South Columbia Rd. Grand Forks • 701-732-3200

If you always do the right thing, you can never do the wrong thing.

We [at State Farm] believe that if we always make the right recommendations and do the right thing, we’ll never have to worry about looking over our shoulders. Outside of work, I think that's a good rule of thumb to follow in life in general. Almost every day, you're given opportunities to go one direction or the other. Well, if you always pick the right choice that you know is the right thing to do, then you’ll never have to worry about doing the wrong thing and making a mistake.

When asked about mentors that Kill has had throughout his journey, he was quick to cite two people that have been some of his greatest inspirations. “The first one would have to be my dad, as I got a lot of the work ethic that I have today from him,” Kill said.

“I grew up in a very farm-based community in west-central Minnesota. In the mid-80s, the farm economy was absolutely terrible. It was all hands on deck when working on the farm since we needed to make sure that the farm wouldn’t go bankrupt during those times. It was successful because of the hard work that my dad showed us growing up, and it’s because of that parenting that I’m the hard worker that I am today.

My dad’s in his mid-70s right now, and he's still working on the farm every single day. I can relate that to myself since my job is to do right by policyholders and continue to work for them.”

Taking a more business-oriented perspective when considering other role models, Kill credits another mentor from a previous job. “The second mentor that sticks with me is Sheldon Emil, my former sales manager at [Liberty Business Systems]. He was the first one that guided and mentored me there. He taught me that you're occasionally going to run into companies that have similar products. It’s a common obstacle in many fields, but he taught me that you have to find a way to stick out from the crowd,” Kill said.

“Through having a consultative approach, as well as a holistic approach, you can identify a customer’s needs and find a solution tailored to them. After doing that, they’ll buy into you and you can support one another. He also taught me that the best course of action is to be honest and upfront with people, then back up what you're saying. I have to credit him because that's how I learned to separate myself from other companies.

When I came in and offered something that nobody else was able to offer, that’s when I began to make a name for myself.

“Whe n educ it comes policy ating and down to it, in h policy olders an forming o d pot ur holde e so diff rs is w ntial n er e h that w ent. That' at makes w s the us e love o bstac overc le om daily basis ing on a .”

- Ryan Kill

Kill understands that insurance may not be at the forefront of people’s priorities and interests. However, he hopes that an understanding perspective and passion from himself may ease customers’ minds.

“Insurance may not be the most exciting topic, but it is something that people need to take a little bit of time to look at and learn from someone like myself. That's probably the thing that I've noticed the most in becoming an agent,” Kill said.

“We have customers that don't have many items that require insurance, but we also deal with people that have a ton of stuff to insure. What we’ve noticed is that there's really no difference in the level of knowledge between them. Sadly, we just don't teach it as a society as much as we should. Our job as an agency is to educate and inform people on how insurance works, find out what they care about the most and make the appropriate recommendations to make sure they're covered the right way. At the end of the day, that’s what matters most.”

Overcoming Obstacles "I think the biggest obstacle is that a lot of people believe that insurance is just a commodity.

Across the industry, there’s a lot of marketing around price and we're very conscious of our policyholders' insurance dollars. State Farm is always going to hold us to some standard for pricing. A lot of the time we’re less expensive, and sometimes we're more expensive.

A lot of people believe that all insurance agents are all the same, which they are 100% not! We joke in our office that we find it insulting if somebody says ‘Oh, you're a State Farm Agent? You're probably the exact same as my State Farm Agent.' There is a massive difference between insurance companies and insurance agents.

We both might be great people with similar professions, but they're not the same as what my agency and I can offer and do differently.”'

- Ryan Kill.

Support Ryan Kill (701) 893-3000 ryan@ryankillinsurance.com ryankillinsurance.com linkedin.com/in/ryan-kill-52647813 540 Oak Ridge Way E West Fargo, ND 58078

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10 Questions

10

Questions ohn Machacek, Chief Innovation Officer for the Greater Fargo Moorhead Economic Development Corporation, has worked with countless startups throughout our community over the past nine years. He knows their ups, and their downs, but most of all, he knows the questions to ask them. Here are John Machacek’s 10 questions for Aaron Juhnkie, Founder of Junkyard Brewing which was recently named “Coolest Brewery” in Minnesota by TripsToDiscover.

By John Machacek Photos by Josiah Kopp and Hillary Ehlen

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01

02

Will you please tell us your Junkyard Brewing Company elevator pitch?

What do you consider your specialty when it comes to brewing?

I've always hated elevator pitches because when attempting to write them, I feel like I am either boasting or desperately trying to get someone's attention who doesn't really care about what I have to say. With that said, I think Junkyard Brewing Company has come pretty far in 10 years. My brother Dan and I started the business with our savings right out of college in our early 20s, and from that scrappy beginning, Junkyard Brewing has come to be regarded as a top-tier brewery in Minnesota. Our busy taproom has become a destination and has helped to spur the redevelopment and revitalization of our neighborhood. People call our taproom the “Cheers Bar” of Fargo-Moorhead.

We've also tried our hardest to be a positive influence on the culture of our community by creating a welcoming space for everybody, and by giving back to our community through a host of fundraisers, donations and other community-building events.

Our specialty is experimenting and constantly pushing the boundaries of what beer can be. I think people have come to know us mostly for our fruited sours, hazy IPAs, and pastry stouts, but we can do a good job with pretty much any style of beer out there. We are also known for constantly rotating our tap menu and the beers we send out to our distribution accounts. We don't have what I would call “flagship” beers, although there are definitely fan-favorites that we've brewed many times over the years. I think that the constant rotation helps to keep people interested, but it can also be a doubleedged sword in the sense that sometimes people just want something familiar.

Our business strategy also requires us to really watch the trends closely and stay on top of anything new that comes along in our industry.

03 I love the vibe and aesthetics of Junkyard.

How would you describe it or what you are going for with the design and feel?

When Dan and I were designing Junkyard, there was a design trend that I would call “Industrial” and it used a lot of metal and reclaimed wood. Raw concrete floors were also starting to become more common in retail-focused businesses at the time. The Industrial design trend was attractive to us because it brought together a sense of the manufacturing process that is essential to a brewery and our sense that we needed to be able to execute something that looked really cool on a tight budget. The design of our taproom is a riff on the Industrial design trend and I think the biggest unique component that we added was the graffiti-style artwork all over our taproom walls. The artwork is mostly based on our beer logos, and most of it was painted by my mom, who is a great artist and has patience for doing those large format paintings.

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10 Questions

04 And speaking of your space, when you first opened along 1st Avenue North in Moorhead, to me it seemed a little off the beaten path at the time, but the corridor has really improved, including your facility. Why that spot?

We initially found ourselves on 1st Avenue North due to a connection with the homebrew store that used to be operated by Ron Stroh on the north side of 1st Avenue. My brother and I used to get some of our supplies from Ron and at some point, we brought our plan of starting a brewery to him, and surprisingly he was interested. Ron made a deal with us that helped us to get started in a tiny little spot between his homebrew supply store and his cabinet shop in the rear of the building. In that location, we were only offering growler refills on Wednesdays and Fridays, and selling a few kegs to local bars. After about half a year at that location, we began moving to our current location where we added the taproom part of the business that allowed us to sell beer by the glass.

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After starting on 1st Avenue in Moorhead in Ron's building, we really began to appreciate the benefits of being located along this corridor. For starters, this road has really high traffic counts and is my personal favorite route to get through Moorhead if I'm traveling east/west. However, our area of Moorhead was in rough shape at the time we opened the brewery. The 1st Avenue corridor had a bunch of old buildings that were either vacant or were being used for unexciting purposes such as storage spaces.

So, another big reason that this area of town appealed to us was that rent was relatively cheap, because there wasn't much demand for the properties, and that allowed us to get started with very few resources.

Since we've opened, Moorhead has enjoyed a lot of redevelopment and revitalization. Several large apartments and mixed-use buildings have gone up on the next block east of us on what were formerly empty lots—and several other vacant buildings in our neighborhood have been either torn down or redeveloped. A couple of other reasons why we liked being in Moorhead were the high-quality water and the positive and supportive attitude of the community, versus on the North Dakota side of the river where we

got the sense that things were more competitive.

05 You’ve made a number of capital investments throughout your existence. How do you go about deciding what and when to pull the trigger on making these investment decisions?

We have always based our investments on customer demand, so when we've become unable to keep up with demand in one way or another, that's when we have decided it was time to expand. I think this business strategy is generally going to mean that we are relatively slow growing, but that's okay with me. Some of my greatest influences and role models in the brewing industry are family-owned companies that have grown quite large, but they've done it over the course of decades. I also like that it's generally pretty financially safe to expand the business in response to demand, versus hoping that demand will catch up with growth, or trying to go out and drum up some demand. We moved from our tiny spot at Ron's shop to our taproom location

in 2014 in response to our customers telling us they wished we had a place to hang out and drink beer by the glass. When we started selling out of beers in the taproom we started adding more equipment. Eventually, the taproom space and our brewing equipment couldn't keep up with demand anymore and we needed to expand the brewing space in 2017 and then expanded our taproom in 2018.

06 Your social media and videos are very creative and active. What’s your strategy behind that?

Our social media accounts have been run by several different people over the years, and each person has had their own style and way of using our social media to promote the business and engage with people. When we started the business, Dan and I did a lot of our social media posting ourselves, and I really enjoyed the creativity of trying to constantly come up with interesting ways to convey information or get people interested. My wife Michelle and I started managing our social media ourselves around January of this year, so we've been

doing that for around 7 months now and it's been a lot of fun to get back into it. I enjoy doing most of the video content and she does most of the photo content.

For the video content, I just keep a list of ideas that I think would make fun videos and when I have some time to shoot the footage, I can just reference my list and get right to shooting content.

07 I imagine there are a lot of armchair brewers out there that have a dream of opening a brewery, and you probably get a lot of those conversations at the brewery. What are some misconceptions and advice you may have?

It’s not easy. There are many breweries that appear to be knocking it out of the park, but there are many more that have quickly crumbled and fallen.

It's common for entrepreneurs to look at the positive examples in an industry while ignoring the negative examples. In a way, that mentality probably helps people take the leap into business, because if you don't focus on the positives,

you probably won't ever go into business. But, at the same time, it's important for entrepreneurs to be realistic and recognize the negative examples in their industry, if only to avoid the pitfalls that have led to the downfalls of other businesses.

any pay for around the first year of our operation. We both also worked construction jobs on the side to pay our bills.

So, I don't know how I could have gotten as much done on my own without having the resources to be able to pay any staff to help me do it.

For any industry, even if it's as crowded as the beer industry has become, there is always room at the top if you can come in and do something better than everyone else.

If there's a single secret to success in business, then I haven't figured it out yet. What I've found is that the key to success is to try to do every single thing perfectly.

Over the years, Dan and I started to express different visions for the brewery and different comfort levels with growth. Dan wanted us to stay smaller and more hands-on, while I wanted to continue to grow with demand. Dan and his wife Courtney also wanted to move away from Minnesota, and they fell in love with Asheville, NC after taking a vacation there.

Together these factors led us to do a deal to buy out Dan's ownership in Junkyard Brewing so he and Courtney could go and start a new brewery in Asheville with their friend Brian. Michelle and I were there to visit and help out when they opened New Origin Brewing Co. in the summer of 2021.

08 Also with the hopeful brewer entrepreneurs, I’ve noticed that it seems like it’s often a group or team of founders, as opposed to one person going it alone. I know you started Junkyard with your brother. What are your thoughts about going at this with partners?

I don't know if I could have started Junkyard Brewing without Dan's help, because we both worked full-time on the business without drawing

business, so it's important for entrepreneurs to recognize that and weigh their options carefully.

Having a business partner is an important decision.

People often say that it's like a marriage, and it really is. In many cases, you are forming an emotional and financial bond with your business partners, so it’s a really serious decision to get into business with someone.

It's also important to have an exit strategy because things change in life and people might eventually want to leave the business. The exit strategy is something that I think is easily overlooked because at the beginning everyone thinks everything is going to be great all the time. An essential part of any exit strategy is a buysell agreement which outlines all of the important things that need to be agreed upon beforehand in order to make a business separation go as smoothly as possible.

I think that it's tempting for a lot of entrepreneurs to go into business with partners because starting a business is scary and many people might assume that doing it with a group of other people will somehow be easier or at least less scary. However, there are many additional unique challenges that come along with having partners in

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10 Questions

09 If you could go back in time to Aaron from several years ago, what hindsight advice would you give yourself?

I'd tell myself to “eat healthier and get more exercise because you're not getting any younger.”

10 What can we do as a community to help Junkyard Brewing succeed?

As long as this community maintains an appetite for really tasty beer, I think we'll be doing great for many years to come. The only things I would ask of the community are to come out and show support for the charitable events that we host, and to tell your legislators that Minnesota should do better to support small breweries with legislation that removes more of the restrictions on small and medium-sized breweries. Small breweries bring value to Minnesota in a couple of big ways. First, there's the economic impact of the beer being made and sold in Minnesota and all the jobs that go along with that.

Second, there's the cultural impact that breweries have by producing beer that's associated with a particular region, and in the many ways that breweries tend to give back to their communities.

To learn more, visit www.junkyardbeer.com Facebook: @JunkyardBrewingCo Instagram: junkyardbrewing

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About John

AWESOME FOUNDATION GRANT AWARD WINNER

FargoMoorhead Rocks Em Christie has been bringing art to the community for the past four years through an unusual art medium—rocks.

E

“I was looking for artistic things to do that were community-centered, and when I stumbled upon the FargoMoorhead Rocks group, I dove in headfirst. It was immediately something I identified as an approachable art medium,” Em said. “Canvases can often be really intimidating. There's pressure to create 'art with a capital A'. However, a painted rock is just such a low-pressure medium.

People who feel like they aren’t an artist aren’t afraid to try painting a rock.”

FargoMoorhead Rocks is a local offshoot of The Kindness Rocks Project, which supports connection through the painting and placing of rocks with cheerful designs or inspirational messages throughout the community for people to find and enjoy. The grassroots initiative strives to support random acts of kindness by bringing smiles to the faces

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of strangers when they are surprised by the discovery of one of the “hidden” rocks. Members of the local public Facebook group paint rocks and hide them throughout the FargoMoorhead area, occasionally sharing hints and clues as to where a rock might be hidden.

In addition, most of the rocks have the address of the public Facebook group written on the bottom so that finders may learn more about the initiative or post images of the rocks they have discovered. Finders are encouraged to keep the rock, leave it for someone else to find, or hide it in a new location— whichever will bring them the most joy.

As a random act of kindness, it is elegant in its simplicity, and has a startling amount of reach. While the rocks may start out being hidden locally, followers of their group can see images posted from people who have located rocks in places as far off as Canada, Texas, Florida and England.

While Em is just one of many members of FargoMoorhead Rocks, they have put their own spin on the initiative by spearheading public events that aim to

involve the community through both the painting and discovery of rocks.

“I see it over and over at events,” Em said. “People begin to mingle. They instinctively encourage each other, oohing and aahing over what their neighbor is doing. They compliment each other and share smiles. It’s a huge part of this project.”

Since 2018, Em has hosted free public rock painting areas at both large events, like Slugfest and Pride in the Park, and smaller events, like the series of Pop-Up Painting Parties this past summer, all at their own expense.

“Really, everyone is an artist,” Em said.

“I want this to be as accessible as possible.”

While Em provides everything needed to create the rocks—paint, brushes, rocks, finishing spray and sealer—they are hoping to make their public rock painting events even more accessible going forward.

Photo provided by Awesome Foundation Cass Clay

“Since I fund everything myself, I currently only have one table and six chairs. To create more space, my only option is to put blankets, paints, and brushes on the ground nearby. For many people, this is not an accessible option,” Em said. “Or if I am set up at a park, wheelchair users end up being stuck at the end of a picnic table instead of in the middle of the action.

FargoMoorhead Rocks is such an inclusive group, but this is one area we need to improve.”

Improvement is on the immediate horizon, as Em was selected as the June 2022 grantee of the Cass Clay chapter of the Awesome Foundation. The gift of $1000 will enable them to purchase additional tables and more accessible seating, making future events far more accessible to participants.

“I am so excited that the grant will help me include more people. I think it’s something that everybody can try and everybody can succeed at, even people who are just starting out at painting and have maybe never held a paintbrush. No matter what you paint, when it goes out into the world and somebody finds it, your rock

unexpectedly creates a smile where there wasn't one before. Maybe it doesn't seem like a huge, earth-shattering change, but I think this project is changing the world for the better, one smile at a time.”

The Cass Clay chapter of the Awesome Foundation awards a $1,000 gift each month for awesome ideas of all sorts. Grant recipients do not need to be associated with a non-profit. Applications can be made at awesomefoundation.org/en/chapters/ cassclay.

AWESOME FOUNDATION GRANT AWARD WINNER

Red River Rainbow Seniors R

Red River Rainbow Seniors is working to bring the history of a hidden minority into the open with their oral history project, ‘Breaking Barriers: Harvesting LGBTQ Stories from the Northern Plains’.

logistics, like what questions we would ask and who we knew that we could reach out to. Dr. Angela Smith, who teaches Public History in the History department at NDSU, conducted training for seven of us, and by the fall of 2017 we had done the first interviews and we’ve been going ever since.”

In 2016, Red River Rainbow Seniors was created by local activists with the support of North Dakota AARP to provide support, education, and social activities for older LGBTQ individuals in the Fargo area. In addition, the group has proved to be the key to creating a permanent record for future generations about the experiences growing up in and/or living as LGBTQ people in the area from the 1930s to the present.

Interviewees sign a legal release for the NDSU Archives to save the interviews for future generations, which they can choose to make immediately available or specify that can’t be released until they are deceased. People remember their experiences growing up, of feeling different but not having a way to conceptualize it in a time before the internet or positive television images of LGBTQ individuals. These people were a hidden minority, viewed negatively by the culture in general, as well as by many religious groups.

Almost all of the interviewees talk about how they came to a point in their lives where they just could not “live the lie” any longer and needed to come out as who they truly were. Because of the strong pressures from heterosexual society in those years, many of the interviewees were in heterosexual marriages and may have children and grandchildren from those relationships.

“As the advisor for the gay and lesbian student group at NDSU, I would periodically have students come to me, interested in interviewing some of the LGBTQ folks in the FargoMoorhead Community. I would connect them with people, but so often the interviews never happened. I kept thinking, it would be nice to capture these stories,” Larry Peterson, one of the founders of the project, said.

Shortly after Larry retired, a chance meeting with friends who were part of the then newly formed group caused him to consider that Red River Rainbow Seniors might be the ideal place to start a serious initiative to collect the life stories of LGBTQ people living in the area.

“Everything just fell together. I made a proposal at a meeting about doing an oral history project and people were very enthusiastic. We got a small committee together and worked on

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“The average age of our interviewees is sixtyfour,” Larry said. “So there are certainly a lot of common themes that emerge, a lot of common experiences, both challenges and triumphs for LGBTQ people of that era.” When almost all of the interviewees finish sharing the stories of their lives, they are glad they did and express their hope that their story may help younger LGBTQ people to not have to go through what they did.

Photo provided by Awesome Foundation Cass Clay

Photographs and information relating to the people interviewed are also collected and included where possible, including pictures of things they’ve made, farms they’ve grown up on, military service pictures, and letters to the editor or Facebook stories that they have written reminiscing about their lives.

“We’re trying to show people’s lives, to collect anything that gives a more complete sense of who they are,” Larry said.

With the work of interviewing and collecting being done by volunteers, the only real cost to the project is the transcription work for the interviews.

With funding from Humanities North Dakota, generous donors, and FM Pride, Red River Rainbow Seniors has been able to transcribe all but 18 of the interviews conducted. With the assistance of a grant from the Cass Clay chapter of the Awesome Foundation, who named the oral history project one of two June 2022 grantees, the group hopes to be able

to transcribe approximately 13 of the remaining 18 to be placed in the NDSU Archives.

With 150 interviews already completed, and a list of over 200 people on their list of potential interviewees, Red River Rainbow Seniors is still actively searching for more participants to provide a broader view of the community.

“A weakness of this project is that contacting interviewees has really been by word of mouth; then everybody tends to look like us. So in general we have a college-educated, mostly white group who live in cities. We struggle to get people who are still in small towns or who may not have college degrees, just because we're less likely to be in touch with them. We’d love to change that.”

To create a more diverse collection of personal stories the Red River Rainbow Seniors hopes to connect with people who have followed different life paths, are of different religious affiliations, and represent all walks of life.

“This is an important part of our state and regional history that has been hidden for many years,” Larry says earnestly. “We need to acknowledge and celebrate these lives.”

Those wishing to learn more or participate in the project are welcome to contact Red River Rainbow Seniors through their email, redriverrainboworalhistory@gmail.com.

With the interviewees’ permission, the transcripts and digital interview files are available at “Digital Horizons: Life on the Northern Plains: North Dakota Voices from the Past.” To explore those available, go to digitalhorizonsonline. org/digital/collection/ndsu-voices

The Cass Clay chapter of the Awesome Foundation awards a $1,000 gift each month for awesome ideas of all sorts. Grant recipients do not need to be associated with a nonprofit. Applications can be made at awesomefoundation.org/en/chapters/ cassclay.

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Ladyboss Midwest IS NOW

Lotus Midwest A Q&A WITH

Jodi Duncan ON THE REBRAND

For more than four years now, we’ve partnered with an organization, known as Ladyboss Midwest, on a monthly basis to highlight women in the community working to make a difference.

Recently, that organization added a second arm to the Ladyboss Midwest brand, Lotus Midwest. We chatted with Jodi Duncan, Flint Group President and Lotus Midwest rebrand Strategic Lead, to learn more about the move.

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Photo by Nolan Schmidt Q. Why the change to Lotus Midwest?

A. It’s more of an evolution of the Ladyboss Midwest brand. We wanted to evolve the brand to have a stronger focus on small to medium-sized businesses and business issues that are relevant to women. We know that women leaders have some different and unique challenges that men don’t face. Lotus will focus on that type of information to help women grow their business and their leadership skills.

Q. A lot of people in the business community either have rebranded their business or have thought about rebranding at some point in their existence. However, there are challenges that come with this. What are some of the challenges you have/ are facing in the rebrand? Do you have any advice for our readers on rebranding that you have learned over time?

A. Companies should spend time considering what their objectives are for rebranding and at what level. We often find that a brand refresh is a better option than a full rebrand. The trick is taking the good equity you’ve already built up and advancing and growing that. Ask yourself “would a rebrand increase our company value and/or make customer acquisition easier?” If so, how and why?

In the case of Ladyboss, the audience has dictated the content and direction for the Ladyboss brand. We decided to embrace this in a way that is authentic to the Ladyboss audience. That left a gap for us regarding the business focus which led us to create Lotus Midwest. Essentially, it’s grown into two separate entities with some crossover at the audience level.

Q. In the past, there have been some outward-facing members of Ladyboss; who do we need to know going forward?

A. There are many women involved in Ladyboss behind the scenes. We’re not focusing on any particular people at the moment. However, the power of Ladyboss is within the active audience members.

Ladyboss has emerged as a lifestyle

brand. We will be adapting the content to map from questions and comments that bubble up from this group. We want women to be able to ask and get answers from this group. We want them to be able to easily access information and support openly. We will be adding features that will make it easier to find the kind of information they are seeking.

Q. What else is changing with the organization as it rebrands?

A. As Ladyboss Midwest refocuses on lifestyle, content will be readily accessible on all kinds of topics that are relevant to women in today’s environment. This will be largely influenced by recurring questions that women are asking in the social spaces currently. Our plan includes expanding these groups throughout the Midwest. What is beautiful about the Ladyboss brand is that it ebbs and flows with the audience.

Lotus Midwest content is all things business at its core. Lotus Creative is the agency arm of Lotus and works with small businesses generally owned or operated by women. We support women in business to help them grow their business and also grow as leaders within their company. Lotus Research does primary research, leveraging the Ladyboss audience to develop insight and generate feedback for other businesses and topics from a woman’s perspective.

Q. For those of our readers who aren't familiar, what is the mission of the organization? How is that shifting with the rebrand?

A. An easy way to think about it is that Lotus is all things business. Ladyboss encompasses broader life challenges.

Lotus is a B2B brand. Ladyboss is an audience brand.

Q. Is there anything else we should be excited about?

A. Women are incredibly powerful. More powerful than they sometimes realize.

Women have tremendous purchasing power, influencing 85% of consumer spending (Source: Forbes 2019). We know that there are areas where women can

step up and be change-agents for a better community. We want to help women fully embrace and leverage their influence and power. It’s the intersection of business and life.

Q. Who are you looking to get involved in the organization?

A. Ladyboss appeals to women ranging from earlier thirties to fifties but is suitable for all adult women who need a resource to help them navigate anything from legal issues to businesses they can trust, to finding someone who can bake a specific cake. It truly runs the gamut.

Lotus appeals to mid-level positions to senior executives, and to women who own or are growing a business.

Q. Is there anything else we should know?

A. It’s time for women to step into their power and influence. Lotus will be researching the differences for Midwest women versus women nation-wide and digging into some unique circumstances at a more granular level. We will work to generate change and hope that one day it won’t be necessary to have segmented programs for women. But for now, statistics support a different approach.

Women make up 25% of C-level executives at the top 1,000 U.S. companies (by revenue). (Source, Forbes 2019) Since 2007, the number of womenowned businesses has grown 58% vs. overall business growth of 12%.

(Source, Forbes, 2019) One out of every 11 American women owns a business. (Source, US Department of Labor) Women control over $31.8 trillion in worldwide spending. (Source, Catalyst. org/research/buying power, 2020) Approximately 40% of US working women now out-earn their husbands.

(Source: US Bureau of Labor Statistics)

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he science fiction film I, Robot is set in the year 2035. Del Spooner, a homicide detective in the Chicago Police Department, receives a phone call to investigate a crime scene. Upon arrival, Spooner is greeted by a hologram of the recently deceased Dr. Alfred Lanning, a co-founder of U.S. Robotics. Dr. Lanning’s hologram says: “It’s good to see you son. Everything that follows is a result of what you see here.” When Detective Spooner starts asking questions, Dr. Lanning’s hologram responds by saying: “I’m sorry. My responses are limited. You must ask the right questions.” After a few iterations of asking a question and getting the same response,

BY Shontarius D. Aikens, Ph.D., Assistant Professor of Management at Offutt School of Business at Concordia College

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Spooner then asks a seemingly simple, genuine, and heartfelt question. At that point, Dr. Lanning’s hologram responds by saying: “That detective, is the right question.” Then, Dr. Lanning’s hologram disappears.

Although Dr. Lanning’s hologram never provided a direct answer to the ultimate question, it does set Detective Spoon on a mission to gather additional clues.

And after gathering additional clues, Detective Spooner asks Lanning’s hologram follow-up questions which lead to additional clues until the truth is uncovered and the case is solved. I find these scenes from this movie fascinating because it is a great illustration of two key points: 1. The importance of asking the right questions.

2. The importance of being transparent about our intentions behind the questions we pose.

In this month’s article, I’d like to share my thoughts on what we as managers can do to improve in both areas.

GARY USSERY

Asking the Right Questions with the Right Intentions Tip #1: Immerse Yourself in the Process/Situation

Consider the show Undercover Boss in which the CEO of a company typically goes undercover as a frontline employee in their company. It is during this time that the CEO gets additional information which helps them to pose better questions to ask in order to solve organizational problems. As an outsider/observer or someone without direct experience, it is easy to pose generic questions. But as an insider/user (someone with experience in a process or situation), you have enough background to pose specific questions. So, to improve one’s ability to ask the right questions, managers can actively engage in the process/situation to get firsthand knowledge and experience.

Let me share a personal example. Last year, I was having a problem with a computer at my home. After reading various how-to articles, I decided to take on the task (albeit scary) of fixing the computer on my own. The process didn’t go as planned nor as smooth as indicated in the instructions. But at each setback, and with more experience, my questions went from general (“Why won’t this

Dr. Aikens can be reached at: saikens@cord.edu

computer work?”) to more specific and informed questions (“Why am I getting this specific error message at this step? What does this error message mean?”). This led me to additional articles and resources.

Eventually, I had exhausted all options. Finally, I called the customer service line to speak to a technician, and I was able to provide this expert with specific and well-informed questions, due to my personal experiences. The root cause of the problem was identified within 10 minutes. I really believe that without that background experience, I would not have been able to pose well informed questions to the customer service technician, which could have resulted in a longer service phone call. How did I become more informed? By immersing myself in the process/situation.

colleagues may act this way for a variety of reasons such as fear of job loss or the desire to maintain one’s power in the organization. In addition, these fears could have nothing to do with you personally and may be the result of past experiences that you may not be aware of. If so, the natural tendency is to be guarded to protect oneself from being blindsided by a harmful ulterior motive.

There are several takeaways here. First, by becoming an active participant in an unfamiliar process, we move from being unconsciously incompetent (not knowing that we don’t know) to being consciously incompetent (an awareness of a gap in our knowledge). Second, as one tries to develop a better understanding, the quality and depth of one’s questions will improve. The more we know from experience (success and failures), the more specific we can be in generating questions that get right at the real underlying issue. Third, as in the case with the show Undercover Boss, managers can develop a greater appreciation and admiration of their employees’ day-to-day work and expertise.

“I took some time to be a user in this process/situation. During this process, I generated questions that I am hoping you can answer.

My intention is to become more knowledgeable on this process/ situation, and I greatly appreciate and value your level of competence and expertise in this area.

Tip #2: Be Transparent

Have you ever been around someone who appears to be guarded? Or that only gives certain pieces of information while leaving out other key details? Some employees and

Be as transparent as possible to help others understand your line of questioning. Help them to understand the context/background.

If you take the time to immerse yourself in a process or situation, you will at least have a common ground on which to communicate. Below is an example of how you might be transparent in expressing your intentions:

Speaking from personal experience, whenever I would disclose my intentions upfront with my supervisees, it led to a more open and trusting working relationship.

Likewise, when my supervisees were forthcoming with information, it put me in a better position to support and advocate for them.

In order to unlock a door, one must have and use the right key. In order to get the information and data needed to make well-informed decisions, one must ask the right questions with the right intentions. I hope these two tips will help you in those aspects with your supervisees and colleagues.