Graeme Thickins on Tech

Reflections & analysis about innovation, technology, startups, investing, healthcare, and more .... with a focus on Minnesota, Land of 10,000 Lakes. Blogging continuously since 2005.

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Explore the World of Ecommerce Best Practices, Technology, and Trends in Minneapolis Sept 27

Irish Titan has announced its fourth annual Ecomm Forum conference to be held at the Aria event  center in downtown Minneapolis on Thursday, September 27, 2018.  The event, which attracted 300+ last year, will feature a host of great speakers, panelists, and sponsors. Registration begins at 1:00 pm, and  the event closes with a reception that wraps up at 7:00 pm (See a schedule here, which will be updated as the date gets closer.)

If you are involved in any way in ecommerce (who isn’t?), you should get yourself there. Tickets are only $30-40, right here on Eventbrite.

Ecomm Forum 2017 wide shot

The scene at last year’s Ecomm Forum.

Sponsors include many established players in the ecomm space, including DotMailer, ShopifyPlus, Magento, Big Commerce, Vertex, Avalara, Akeneo, Emarsys, and Siteimprove.

Darin Lynch

Darin Lynch, Founder, Irish Titan

IrishTitan, an ecommerce and digital strategy agency, has come  a long way since Darin Lynch launched it in 2004. I love what he’s built, the branding, the tagline (“Business First, Online Second”), the culture, the team. They have a ton of fun, support the community with sponsorships of their own, and the make the list of ‘Best Places to Work’ over and over again. Clients include Haskell’s, ApplianceSmart, Bank Cherokee, Fidelity Bank, Funky Chunky, Harbinger Partners, Heartland Equity Partners, National Camera Exchange, Rave Sports, The Patchery, and more.

Kudos to you, Darin, and the staff who puts such a great conference together!

gener8tor Minnesota Names 2018 Cohort

In what may be the worst-kept secret of the year, gener8tor today formally announced the five startups it accepted into its 2018 Minnesota program. The 12-week summer program officially kicked off the week of June 25th, but they tell me it always takes a while for all the legal paperwork to be completed — thus the delay in an official announcement, even though many in the Twin Cities community already knew. Nonetheless — ta-dah! — here’s the 2018 class, selected from some 800 applications it received from throughout North America:

CellularEMT
Detroit, MI
Dwain Watkins, CEO

CellularEMT connects certified technicians who provide a variety of on-demand services (e.g., cell phone repair, technical support) to consumers. By tapping into the gig economy, CellularEMT offers a lower cost, higher quality service than traditional tech support (i.e., Geek Squad), while providing entrepreneurial contractors higher earning potential than traditional employment. CellularEMT piloted with smart device screen repair, and has grown monthly revenue from $10,000 to $37,000 from January to May 2018.

Faithbox
Omaha, NE
Jeff Smith, CEO

Faithbox provides monthly subscription boxes to the Christian market with proprietary devotionals, books, and products that benefit charitable projects (e.g., fund a school for disabled children in Kenya and health insurance for their mothers). Faithbox also partners with Christian musicians, authors, and organizations to offer custom co-branded subscription boxes to their audiences.

As the Christian brick-and-mortar retailer market shrinks (i.e., fewer books on the shelves at Walmart), Faithbox allows vendors to move the displaced inventory directly to consumers while buying that inventory at discount prices. In addition, Faithbox’s unique partnership with Christian artists and influencers (many of whom have millions of followers) leverages the partners’ brands to drive down acquisition costs and reach a larger audience. Faithbox is an Omaha-based Delaware C-Corp. It generates $180,000 MRR and is growing at 10%+ per month.

Virtue Analytics
Woodbury, MN
Vikas Mehrotra, CEO

Virtue Analytics (previously called Manboat) allows educational institutions to leverage the power of machine learning and predictive modeling to make better decisions across the admissions process. Customized to the institution’s environment, Virtue Analytics provides student-specific recommendations, related to admissions, financial aid & retention, enabling better outcomes for the student and delivering increased revenue to the institution.Virtue Analytics logo

Historically, admissions departments have relied on intuition, guesswork, and Excel spreadsheets to determine the amount of financial aid to offer in a manually intensive, sub-optimized manner. With Virtue Analytics, these decisions are optimized, automated using self-tuning algorithms that allocate available financial assistance by neither over funding (and wasting money) or under funding (and burdening a student with debt). Since going live in January 2018, it has secured contracts totaling $76K ARR with expectations to reach $240K ARR by December 2018.

Onepanel
San Francisco, CA
Donald Scott, COO

Onepanel allows companies, researchers, and students access to the same world-class machine learning and artificial intelligence tools that are used by Google and Facebook. Onepanel takes months and hundreds of thousands of dollars of investment in infrastructure and provides the same toolset as a platform, available at a click of a button. Onepanel’s suite of tools makes machine learning available for highly technical researchers and non-technical analysts alike, allowing them to collaborate and build on each other’s work.

SpeechMED
Miami, FL
Susan Perry, CEO

SpeechMED’s smart device application speaks medical information to patients in the language they understand. SpeechMED’s application removes obstacles to clear communication regardless of language preference, age, vision, and literacy level by playing the information out-loud in the patient’s native language and simplifying medical jargon into simple instructions. SpeechMED empowers patients and their caregivers to understand vital medical information resulting in improved health literacy, higher rates of medication adherence, reduced chance of medical mishap, and the resulting costs to payers. It is a Miami, Florida based Delaware C-Corp. and has a paid pilot at Baptist Health for $10,000.00 per month.

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About gener8tor

gener8tor is a nationally ranked accelerator that invests in high-growth startups. Three times a year, it invests $90K in each of five startups who receive a concierge experience during its 12-week accelerator program. (The program takes place in each of three cities: Madison, Milwaukee, and Minneapolis.) gener8tor supports the growth of these startups through its network of experienced mentors, technologists, corporate partners, angel investors, and venture capitalists. To date, 71 gener8tor alumni have cumulatively raised more than $150M in follow-on financing. Of these 71 alumni, 58% have raised more than $1M in follow-on financing or have been acquired. gener8tor invests in high-growth startups, including software, IT, web, SaaS, life science, medtech, e-commerce, and hardware. gener8tor is a proud member of the Global Accelerator Network (GAN) and is sponsored by American Family Insurance. It is a GOLD-tier accelerator in the U.S. as ranked by the Seed Accelerator Rankings Project.

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Disclosure: I’m a mentor for gener8tor Minnesota.

Minnesota-Raised Entrepreneur Jeremy Allaire Making Big Bet on Blockchain

(Note: as a followup to my post a while back, So What’s Happening in Bitcoin and Blockchain in Minnesota, I thought it would be interesting to tell you about another Minnesota connection of sorts in the blockchain/crypto world.)

Jeremy Allaire, CEO, Circle

Jeremy Allaire, CEO, Circle Internet Financial. (Photo credit: Getty Images.)

For a serial entrepreneur who got his start right out of college in his home state of Minnesota, Jeremy Allaire has had quite a ride. Soon after graduating from Macalester College in St. Paul, he and brother J.J. founded Allaire Corp, an Internet software tools company. After a couple of years in  Minnesota, the firm migrated to Cambridge MA to take a VC infusion. In 1999, it had a successful IPO and soon after was acquired by rival Macromedia for $360 million. Jeremy served as CTO of that firm for a few years, then in 2003 joined VC firm  General Catalyst Partners as an executive-in-residence.

In 2004, Jeremy founded Brightcove, an online video platform used by many top media and marketing organizations worldwide. There, he raised close to $100 million in four rounds and had a successful IPO in 2012. He still serves as Chairman of the Board of Brightcove.

In 2013, Jeremy announced the launch of Circle, an Internet-based consumer finance company that aims to bring the power and benefits of digital money, such as Bitcoin, to the mainstream. As CEO of Boston-based Circle, Jeremy has raised $135 million in four rounds of VC, including $50 million led by Goldman Sachs.

Fast forward to today, when CNBC ran a story  summarizing an on-air interview it did with Jeremy, wherein he stated, in essence, that all global currencies will become cryptocurrencies. (Emphasis mine.) You read that right! He said every currency in the world, as the article stated, “from the U.S. dollar to the Chinese yuan,” will have its own cryptocurrency version.

“Our view is that all fiat currency will be crypto,” he told CNBC in the interview on Monday, June 18. “It seems inevitable at this point.”

The article describes Circle thusly:

Allaire’s start-up offers a blockchain-powered app that lets people send money to each other for free.  Blockchain is the public ledger of activity that underpins cryptocurrencies like bitcoin.

Circle also has a product that lets users invest in cryptocurrencies like bitcoin and ethereum, and another that facilitates over-the-counter cryptocurrency trading for institutional investors.

Circle is now valued at $3 billion and is backed by U.S. investment bank Goldman Sachs and Chinese internet giant Baidu. The CNBC piece also noted that Circle recently said it wants to introduce a new cryptocurrency pegged to the U.S. dollar, called “USD Coin.”

The idea is to speed up transactions made with dollars by using blockchain technology — which maintains a continuously growing digital record of transactions — and reducing the volatility seen in most cryptocurrencies.

It’s not the first so-called “stablecoin” on the market — other cryptocurrencies backed by fiat have been introduced. The most notable stablecoin is tether, a controversial virtual currency which critics have claimed was used to prop up bitcoin prices last year.

Allaire said that Circle’s U.S. dollar-backed crypto would benefit from coming under stricter regulations. The token is being built within an open-source platform called CENTRE, which Circle hopes will be joined by financial institutions and other firms.

Allaire said that the aim of the USD Coin was to bring mainstream financial processes into the world of cryptocurrencies and blockchain technology.

“Our focus with fiat stablecoins is we really think of it as a core building block for a crypto-native global digital economy,” the article quoted Allaire as saying.

“Our interest is in how do we take all of the tasks involved in the financial industry and move those onto a crypto-native infrastructure.”

The CNBC article also added that Circle is looking to add crypto tokens for the Euro and the British Pound.

Wow, what a story! A long way from his start here in the Twin Cities, but this Minnesota-born entrepreneur isn’t just out to change the world of banking — he’s out to change the very nature of money itself.

Go, Jeremy!

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P.S.  As long as we’re taking a bit of a walk back in history, I’ll link to three other posts I wrote about Jeremy on this blog some years ago, including one lengthy piece entitled “Minnesota Boy Makes Good (Very Good)” — based on an interview of Jeremy at the very seminal PC Forum in 2006. It was the last of an amazing run of those conferences, one that stands out in my mind as the best, most star-studded Internet conference I ever attended. And I attended and reported on plenty!

 

 

 

gBETA Announces Minneapolis Spring 2018 Cohort

gBETA demo night photo

gBETA, a program of the nationally ranked gener8tor accelerator, today announced the seven startups that were selected for gBETA logoits gBETA Minneapolis Spring 2018 cohort.

“gBETA works with some of the best and brightest companies in the community to help them achieve their goals and be successful in the long term,” said Eric Martell, managing Eric Martelldirector of gener8tor Minnesota. “We couldn’t be more thrilled to work with seven impressive Twin Cities-based companies for the next seven weeks. Building successful companies is only possible with the support of the larger community, and we’re grateful to our mentors and supporters to be able to provide this service.”

The seven companies selected for the Spring 2018 Minnesota gBETA program are as follows, in alphabetical order:

enVerde repurposes carbon-containing waste into clean, sustainable energy and chemicals. Municipalities, commercial, and industrial organizations can decrease their operating expenses by significantly reducing their waste streams and creating clean fuels and heat they can use locally and immediately. enVerde’s patented gasification technology was built by a team with more than 180 combined years of cleantech experience. enVerde’s technology is based on intellectual property from the University of Minnesota.

MANBOAT increases net tuition revenue and student success by optimizing admission and scholarship decisions. MANBOAT’s subscription-based service provides individualized student recommendations using patent-pending machine learning algorithms. MANBOAT launched in January 2018 and expects to reach $300K in annual recurring revenue by the end of the year.

Spooky Action builds UAVs (unmanned aerial vehicles) that fly forever. Using a proprietary ground-to-air tethered power system, Spooky Action specializes in custom aerial intelligence solutions for applications where drones are too underpowered and helicopters are too cumbersome. Spooky Action’s UAVs were field tested, providing air support to anti-poaching teams in South Africa.

Studioso modernizes music education by connecting students to teachers through its mobile app. Studioso serves both private and institutional music educators and works for all instruments. Studioso’s beta has more than 70 institutional preorders, 1500 Twitter followers, and 3 beta testing partners.

Take 12 is a crowdfunding service that allows friends and family to relieve the financial stress of unpaid maternity leave for working mothers by giving financial gifts in lieu of a traditional baby registry. Take 12 also offers working moms planning resources and community support. In its first year, Take 12 helped 493 mothers navigate their maternity leave experience and helped raise $10,654.00 in financial gifts for new moms.

WorkOutLoud hosts online communities connecting enterprise companies to their customers. WorkOutLoud enables community-wide collaboration, resulting in an improved customer experience. WorkOutLoud has lifetime revenue of $474K over the past 26 months, with 31% growth from 2016 to 2017.

Y Translator provides the only complete translation services for YouTube videos. More than two-thirds of YouTube viewers – one billion – don’t speak English, and content creators are missing out on opportunities to triple their influence and revenue. Y Translator launched its website on January 22, 2018 and closed its first two translations in its inaugural week.

About gBETA

gBETA is a program of nationally ranked startup accelerator gener8tor. gBETA is a free accelerator for early-stage companies with local roots. Each program is capped at five teams, and requires no fees and no equity. gBETA currently operates in six locations: Beloit, Detroit, Madison, Milwaukee, Minneapolis, and Northeast Wisconsin. gBETA graduates have collectively raised more than $5.5M since 2015, and 50% have either gone on to participate in a full-time, equity-based accelerator or raised at least $50,000 in seed financing. More statistics here.

Selected companies receive:
• Access to a community of entrepreneurs including their fellow cohort members, as well as gener8tor and gBETA alumni.
• A formal relationship with at least 2-3 mentors with relevant expertise.
• Introductions to the gener8tor network of successful entrepreneurs, angel investors, venture capitalists, and technologists.
• Individualized coaching and mentorship from the experienced gener8tor team.
• Office space.
• $1M+ in deals and perks from vendors like SoftLayer, Rackspace, Amazon, PayPal, Zendesk, and Microsoft.

More information here.

About gener8tor

gener8tor is a nationally ranked accelerator that invests in high-growth startups. In addition to its gBETA program, three times a year it conducts 12-week accelerator programs in Milwaukee, Madison, and Minneapolis, in which it invests up to $140K in each of five startups who receive a concierge experience during these programs. gener8tor supports the growth of these startups through its network of experienced mentors, technologists, corporate partners, angel investors, and venture capitalists. The 65 gener8tor alumni have cumulatively raised more than $120M in follow-on financing. Of these, 57% have raised more than $1M or have been acquired. gener8tor invests in high-growth startups, including software, IT, web, SaaS, life science, medtech, ecommerce, and hardware. gener8tor is a proud member of the Global Accelerator Network (GAN) and is sponsored by American Family Insurance. It is a GOLD-tier accelerator in the U.S. as ranked by the Seed Accelerator Rankings Project. More information here.

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Disclosure: I’m a mentor for gener8tor Minnesota and gBETA  🙂

So, What’s Happening in Bitcoin and Blockchain in Minnesota?

Bitcoin Minnesota graphicHave you been wondering what might be going on in our state in the burgeoning area of bitcoin, cryptocurrencies, and blockchain? Well, I have, too! Luckily I met a guy recently who filled me in — bigtime. He reached out to me on LinkedIn, and I was glad he did. His name is Stephen Gornick and, just a couple of months ago, he relocated back here to his home state from California. He’s an accomplished techie, and he’s been involved in this space for several years. I’m pretty sure I haven’t met anyone with more knowledge about this field than Stephen. So, I was delighted to learn more from him about all the startups, projects, meetups, and more already happening, right here in our state. The amount of activity shocked me! It’s a list he compiled from research he did upon returning here, as a way to get connected back into our tech community.  Stephen also has set up a Twitter account called @MinnFinTech — so, follow him there! He was nice enough to allow me to republish his great list here:

A List of Bitcoin and Blockchain-Related Organizations and Projects in Minnesota

by Stephen Gornick (LinkedIn)
  • Silicon Prairie Online/SPPX — a MNvest equity and debt-based crowdfunding portal
  • BanQu — Economic identities for the unbanked (ICO forthcoming)
  • Vault Logic — Digital Currency Payment Kiosk Network & ATMs (Coming Fall 2017)
  • Scryp — Currency of cooperation (Coming soon)
  • CBT Success — Pay For Success (aka Social Impact Bond), on the blockchain (Coming soon)
  • Nomics —Yahoo Finance for Crypto (Coming soon)
  • SSAYE (ICO forthcoming)
  • ParaShoot — Video platform (ICO forthcoming)
  • Bitkota, LLC — Lawyer on all things crypto (exchanges, ICOs, & more)
  • Sawtooth Lake Core —A Hyperledger blockchain project that makes use of a trusted execution environment
  • CTI Consulting — Buy and Sell Bitcoin locally with cash
  • CoCreateX — Built a Blockchain-based Thank You app and community
  • Watch My Bit — Video platform, though currently in hibernation
  • Strength In Numbers Foundation’s 2Give Coin — Social tipping platform

Events / Meetups / Groups / Meeting Spaces

Organizations or projects not based in Minnesota but have a presence here

List composed/curated by Stephen Gornick.

Stephen adds: “This is certainly a work-in-progress. Any additions, corrections, clarifications, or any other submissions are welcome. Please submit to me via  e-mail or via mention to @MinnFinTech on Twitter.”

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As Stephen updates me with any further information, I will add it to this blog post. Meantime, if you’re interested in the topic, I’d encourage you to attend any of the meetups listed above. Maybe you’ll even meet Stephen!

Let me know in the comments what you might know about any of the resources on the list, or what you think of the list overall. Thanks!

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