Lightning Round
1. Rising Tide Software, a participant in Innovate ND, was featured in the Fargo Forum for their work with the West Fargo Police Department to provide a software application that helps law enforcement agencies work more efficiently during major incidents like child abductions and shootings.
2. A statewide network supporting UAS (drone) flights beyond visual line of sight (BVLOS) has been launched with $28 million in funding. It is projected this initiative will create 3,100 jobs by 2028. RFPs will be released soon.
3. The Innovation Technology Loan Fund (LIFT) is accepting applications! The loan program will support technology advancement in North Dakota businesses through the commercialization of intellectual property.
4. Flex PACE at work: An existing daycare in Dickinson purchased a new building and increased their capacity to 140 children from 125. A kitchen store/restaurant opened in Williston and Watford City added a car dealership.
Tech Industry Expands with Accelerated Growth Loan
Introduced in 2019, the Accelerated Growth Loan is already demonstrating its value in diversifying the state’s economy in the technology arena. Two Fargo-based businesses, BNG Team and Bushel, share their tremendous stories on these 5-minute videos.
The Potential of the Petrochemical Industry
We thank Kathleen Neset of Neset Consulting Service in Tioga, North Dakota for sharing her insights on the Bakken play and the initiative to build the petrochemical industry in North Dakota. This 30-minute webinar was held through Bank of North Dakota’s monthly Your Direct Line webinar. To get on the mailing list for future webinars and other BND updates, click here.
Perspectives: Entrepreneurship is a Team Sport.
For those that watch headlines, they'd know that often it’s an individual that gets the recognition for being an entrepreneur. Think Oprah, Musk, Dot. Yet, as you scratch the surface of their story, you'll quickly learn that the entrepreneur’s experience was a team sport.
Last week, Emerging Prairie hosted a Founder's Only retreat. 40+ founders from across the upper Midwest joined to reflect, discuss, and consider their next steps. These folks represented several industries of focus, were born in 12 different counties, and were nearly evenly split by gender. Yet, they shared a common struggle, passion, belief - that they could solve problems for others.
As these entrepreneurs shared stories of adventure and momentum, challenges and potential, one thing became very clear. For those that were still going, they all depended on others.
The support system around an entrepreneur could very well be the differentiator upon their success. Cofounders, first teammates, spouses, friends, and family all come to mind. Yet, what I'm learning is that they need more support around them. Entrepreneurs need each other, they need supportive financing partners. They need competent attorneys and accountants that understand the process and are willing to help. They need cheerleaders and great customers. They need a village.
There is something special unfolding in North Dakota. Decision makers, University faculty, and community members are rising up to be part of an entrepreneur's team. And the Bank of North Dakota continues to be our unique competitive advantage. As the Bank continues to partner with local banks and the North Dakota Department of Commerce, entrepreneurs are gaining the benefit of programs and policies that allow them to scale and feel supported.
As we look around the state, let us reset our minds and continue to support entrepreneurs, yet look beyond them to see those around them. Let's continue to advocate for the resource partners, the professors, and those that are close to the risk takers. There is so much more going on than what the headlines say.