Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.
When the state Legislature passed a law requiring employers to provide paid leave and safe time for employees, Justin Bieganek started hearing differing details from friends, colleagues and peers.
When Dr. Rajiv Tandon was growing up in India, his father was a civil servant and every three years he would move the family from one place to another.
“One day I asked him, ‘why are you planting these trees? We’ll be gone long before they grow up and have fruit,’” Tandon related to me. His father replied, “Remember the papaya you had for breakfast this morning? That’s because somebody planted a papaya tree here long ago.”
That’s the delightful story Tandon told me when I reached him in April, to ask about his latest venture. Tandon is a well-known entrepreneur and business consultant in the Twin Cities, who now is an executive fellow at the University of St. Thomas, where he mentors owners of fast-growth companies through the Rocket Network.
100 Launches is a new program, created over the last two years and tested with 10 entrepreneurs. It’s now in the beginning of a pilot program aimed at helping people turn their big ideas into businesses.
“There are plenty of programs available if somebody has reached a minimum viable product, and then they can take them and grow them further. But there’s very little going on in terms of somebody having an idea and taking it to a minimum viable product,” he said. “We will focus entirely on the seed to minimum viable product stage. We will take ideas, and walk them through a three-step process.”
is walking people through the process itself, “because most entrepreneurs are good at what they do but not necessarily good at everything.”
is populating the platform with mentors and service providers, who can assist entrepreneurs through 10 things they need at this stage, and offer the services for a negotiated price. The average cost to get from idea to product is $50,000, Tandon said. “If I can cut $25,000 out, that itself improves the return at that stage.”
is starting an Evergreen Fund, so those who cross a certain hurdle will receive a grant up to $10,000. “If they don’t succeed they don’t have to pay it back, but if they do succeed, we ask them to contribute to the Evergreen Fund three times what they got,” Tandon explained.
He says they’d like to do 100 launches a year when things really get rolling, this fall, but the number is more metaphorical than statistical. He worries that new-product generation in Minnesota is lagging. “Right now things look pretty good, the economy is going well. But this is all because of the seeds planted in the ’70s, and if you don’t do something about it, two decades from now, we pay a price for it.”
I’m wishing a fruitful growing season for Tandon’s project, and hope it inspires others as it did me. “I came to this country with $8 in my pocket, and I’ve enjoyed the generosity of this community,” he said. “It’s time to give back.”
I am thrilled to welcome Andy Tellijohn to our staff as managing editor. I, meanwhile, after 15 years and 122 issues publishing Upsize as the sole editor, will continue to write this column but otherwise turn over day-to-day editorial duties to Andy. Andy and I worked together years ago at the Minneapolis-St. Paul Business Journal, and he is a smart and well-connected reporter, an early supporter of and contributor to Upsize, an expert sports commentator and an all-around stand-up guy. You can reach him at at********@*******ag.com.
Beth Ewen
Editor and co-founder
Upsize Minnesota
