Genesis of Innovation for South Dakota – Board of Directors’ Meeting Notes (Outstanding Efforts!)

Excerpts from this discussion about on-going economic development efforts and opportunities in South Dakota. What is your state doing?

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A large number of South Dakota companies export products. As posited in Thomas Freidman’s book “The World is Flat”, the interstate highway system of the global market place is being built now, and the question becomes whether South Dakota will have an on-ramp. South Dakota must take responsibility and elevate its approach.

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There is a measure to exempt certain business incubators from property tax liability. (House Bill #1129). The legislation would only apply to incubators in South Dakota which are paying real estate taxes with taxpayer’s money.

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N2TEC began as a NSF project where 25 people around the country from various universities came together to look at more efficiently commercializing innovation. The Black Hills of South Dakota was picked as the pilot project, and the N2TEC group was impressed enough with the Black Hills area to want to create the N2TEC Institute in this area, which will become an internationally known Center for research and innovation.

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The Enterprise Institute has partnered with RAIN Services out of Minnesota, to help form LLC’s for investment purposes. The LLC’s can be either local or regional, and lead people through the due diligence process, making it easy to learn about angel capital investments. Individual investments can typically be from $50,000 – $100,000, and the deal size is usually between $500,000 – $1,500,000. Marcia said that nine South Dakota communities are interested, including three in the Hills area. All of the LLC’s will be for-profit entities.

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Bob Tosterud of USD began by describing his passion for helping people start new businesses in small towns. He has been working with the towns of Freeman and Irene to create e-teams of 35 – 55 students. Bob began an extraordinary idea competition, and, to his surprise, 24 business plans showed up. Bob selected three finalists and says he wants to put a youthful face on entrepreneurism in South Dakota. Bob would like to see statewide campus competitions. Bob also said USD has received a $500,000 grant to partner with Sitting Bull College in Fort Yates, North Dakota and that curriculums are being developed, particularly in personal finance.

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Full Meeting Notes: http://www.matr.net/files/GOIBoardMinutesJanuary92006.doc