TECHdotMN Seed Docs Session 1.0

by The TECHdotMN Team

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We are creating ‘off the shelf’ fundraising documents for Minnesota tech entrepreneurs to use in first round financing scenarios, specifically related to intrastate crowdfunding MN Statute 80A.461 aka MNvest.

In doing so, we are seeking input from those actively engaged as:

+MN Tech Entrepreneurs
+MN Tech Investors
+MN Tech Lawyers
+MN Tech Accountants

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Paulsen Bill Proposes Tax Advantages For Startups

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Via Ripon Advance

Screen Shot 2016-07-25 at 10.12.10 AM“Legislation recently introduced by U.S. Rep. Erik Paulsen (R-MN) aims to promote employee ownership and encourage innovation at startup companies. The Empowering Employees Through Stock Ownership Act, H.R. 5719, would enable startups to defer taxes on stock options in employee compensation packages to make it easier for employees to exercise those options.”

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Q&A With Uptime Legal Systems Founder & CEO Dennis Dimka

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Dennis Dimka

Dennis Dimka, Founder & CEO, Uptime Legal Systems

If you’re not familiar with Dennis Dimka and his Eden Prairie “Law Firm as a Service” Uptime Legal Systems, you should be now. They were ranked #2,010 on the 2014 Inc. 5,000 list with $2.7m revenue and again #2,033 in 2015 with $4.15m top line revenue.

With consistent double-digit year over year growth, healthy margins and profitability — the company just acquired New York-based JurisPage while Dimka was also recently nominated as a 2016 EY Upper-Midwest Entrepreneur of the Year Finalist.  Let’s learn more about Uptime’s success in the making:

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‘Law Practice As A Service’ Uptime Legal Buys NYC-Based JurisPage

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Via News Release

Uptime Legal Systems, the leading provider of Law Practice as a Service™ (LPaaS) to small and mid-sized law firms, today announced it has acquired JurisPage, a leading law firm website design, internet marketing, and lawyer SEO company. The acquisition expands the products Uptime Legal can offer to its clients throughout North America.”

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Webster Wins Open Data Court Case Against Hennepin County

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By James Eli Shiffer, Star Tribune

Tony Webster wanted to know whether the Hennepin County Sheriff’s Office was using newfangled technology to track people through their faces, fingerprints and irises. So in August, Webster filed a public records request with the county seeking contracts, e-mail messages or any other data about mobile “biometric” technology.”

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As MNvest Lags, A New Bill Proposes Extending The Angel Tax Credit To The Masses

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Terri BonoffMinnesota Senator Terri Bonoff and a handful of peers have recently introduced SF 2624 as an amendment to the Minnesota Angel Investment Tax Credit (AITC) that dates back to 2010.

The proposed legislation also builds off another bill that was passed into law earlier this year known as MNvest that has been waiting for nine months at the mercy of Mike Rothman at the Minnesota Department of Commerce.  This rulemaking process itself could take up to two years to complete before intrastate crowdfunding is available in the first place.

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ACLU MN Creates A Mobile App For Police Encounters

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By Melissa Colorado, Kare 11

“ST. PAUL, Minn. – As more police departments like Minneapolis and St. Paul prepare to equip their officers with body camera, the ACLU of Minnesota is unveiling a free smartphone app that will record police encounters. It’s called the “Mobile Justice” app and it is available for Android and Apple users.

The app allows users to record video of a police encounter and send that video immediately to the ACLU of Minnesota. If the cell phone is confiscated or if the video is deleted, the ACLU will be able to store and review that video.”

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Twin Cities Tech Attorneys Weigh In On The New SEC Crowdfunding Rules

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sec-sealThe U.S. Securities and Exchange Commission (SEC) has finally pulled the trigger on Title III of the JOBS Act, intended to expand funding options for startups by easing various securities regulations.

Last week, they announced the adoption of rules for non-accredited investors to participate in securities-based crowdfunding by lifting what is commonly known as the ‘general solicitation’ ban.

Equity crowdfunding transcends common means of reward-based campaigns found on Kickstarter, Indigogo, etc. — whereby supporters receive some value other than ownership.  The overall premise with equity crowdfunding is startups can legally solicit actual cash investment from the general public in due time and with proper registration.  This is promising for those ventures that want an option to raise outside the tradtional angel / venture path.

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Burnsville Startup Anser Innovation Gains IP For Remote Medication Dispenser

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Via News Release

“MINNEAPOLIS – Oct. 12, 2015 – Anser Innovation today announced the United States Patent and Trademark Office has issued a notice of allowance for its first patent on the Audiovisual Medication Management System, a pioneering technology that will enable caregivers to remotely dispense medications to their dependents and confirm medication compliance via two-way audio/visual connection with a smartphone, tablet or PC.”

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Infinite Campus Is Suing TIES For No Bid Contract & DPA Violation

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Via News Release

“BLAINE, Minn., Oct. 8, 2015 /PRNewswire/ — Infinite Campus, a Blaine, Minnesota-based developer and provider of K-12 student information system solutions, filed a lawsuit today against Technology and Information Educational Services (TIES) and Mark Wolak, in his capacity as executive director of TIES, for TIES’ failure to comply with the competitive bidding process as required by Minnesota statute and its failure to comply with the Minnesota Government Data Practices Act. The civil complaint was filed with the Ramsey County District Court.”

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