TECHdotMN: News about Minnesota Startups

By Lee Shafer, Star Tribune

“This week Heroic Inc. is launching its online service for people to refer friends and neighbors to a favorite car repair shop, roofer or house cleaner. Heroic is a start-up you want to cheer on, as all of us feel the pain of shopping for the right provider and not quite trusting what we read online.

One of the good things about having real in-the-flesh friends and neighbors is getting the straight dope on who can really be trusted to fix a Volvo or a replace an aging roof, and it’d be great to get their thoughts without having to place a phone call or send an e-mail.”

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At least 37 early-stage Minnesota tech companies raised a cumulative $28m in financing during the months of April, May and June according to information collected and analyzed for the second quarter 2012 Capital Review.

The data set represents a proxy of local investment activity into IT/High Tech: Saas, web/mobile, hardware and robotics systems.  It is imperfect, considering that there will always be undisclosed transactions and those which are off the record.

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Judges from the Minnesota Cup statewide business plan competition have recently trimmed a list of 11 semi-finalists down to to three finalists within the ultra competitive High Tech division.

These three startups are now vying for the division crown on August 28th; a $25k cash prize, host of supporting services, visibility, and maybe even some Minnesota style bragging rights are all up for grabs.

From there, the division winner will compete amongst the other five divisions for the overall grand prize on September 6th, which includes an additional $40k non-dilutive cash.

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Ten presenters were just announced in anticipation of MinneDemo tonight, Minnesota’s longest running and highest profile technology demo events series.

An anticipated crowd of 500 will converge on Aria at The Jeune Lune around 6:30 to watch fresh and homegrown technology creators make their pitch while proving their prose.

Short on the snake oil and long on adult beverages (usually), participants and audience members mingle with a lively and sampling of Minnesota’s diverse technology community.  It’s a legitimate buzz you won’t catch anywhere else around town.

“We like to think that geeks and those interested in what they are doing (i.e., investors, media organizations, etc) will enjoy an event centered on seeing what the local scene is up to and networking before, during, and afterward with food and drinks. It’s an energizing and informative evening,” — MinneStar.

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Emerging startup Heroic has won over a syndicate of local angel investors who are leading a first round of funding for the “e-harmony of home services” consumer play from Minneapolis.

While many pre-revenue ventures may overextend their energies wrestling with first money buy-in, often taking whatever they can get, CEO and co founder Justin Barrett says Heroic’s biggest question is “Whether our initial $600k seed round is even high enough?”

“There’s a strong appetite given the the market size, our unique model, and the credibility of our lead investors.  We’re on to something big, which is validated in part by how fast the conversations are accelerating and spreading to networks around the country.”

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By Jeff Hargarten, The Minnesota Daily

“A new website is helping University of Minnesota students find menial jobs for quick money.

Helloheroic.com, launched last week, advertises jobs like raking leaves and making lunches. Most requests are for tedious tasks people are unwilling or too busy to do themselves — anything from cleaning an apartment to transferring an entire CD library to iTunes.

The site markets itself as a tool for the University’s community, and has attracted thousands of visitors through social media advertising.”

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