TECHdotMN: News about Minnesota Startups

Minnesota technology entrepreneur Matt Bauer unexpectedly announced last month that Pedal Brain would be closing shop after 4 years and $1m funding due to “collateral damage.”

We asked Bauer he if would elaborate on the details of what happened, maybe share some insights and lessons learned with the pure candor that he’s known for.  Following is the third segment [part 1 & part 2] of our interview as part of the Entrepreneur 2 Entrepreneur series:

What advice do you have for tech other entrepreneurs pursuing big and risky things?

Before I can answer that, I need to say something that isn’t said nearly enough. Chances are very good if you’re an entrepreneur seeking investment you’re not pursuing something big and risky enough to justify investment. What you’re calling a startup is really just a new business – the modern day equivalent of a 1950s local grocery store, barbershop or car dealership. I’m not knocking your pursuit. I just want to bring some clarity to the situation and hopefully convince you to go bigger – much bigger. Build what you’re thinking of currently after you’ve failed going bigger a few times. Or maybe don’t because you’ve made it with your bigger idea.

Read More…

Minnesota technology entrepreneur Matt Bauer unexpectedly announced last month that Pedal Brain would be closing shop after 4 years and $1m funding due to “collateral damage.”

We asked Bauer he if would elaborate on the details of what happened, maybe share some insights and lessons learned with the pure candor that he’s known for.  Following is the second segment of our interview [read the first here] as part of the Entrepreneur 2 Entrepreneur series:

Why not keep going, you already had half the money?

The investor that didn’t want to continue had a preferred position and thus making a new investment by anyone very unlikely. This includes my willing investor as his terms were for the preference to be removed prior to his investment. When you raise money it’s done along a curve. Depending on a large number of factors that curve is either favorable or not to new investors, existing investors and founders. We were in that unique place where it’s wasn’t favorable for anyone.

Read More…

Minnesota technology entrepreneur Matt Bauer unexpectedly announced last month that Pedal Brain would be closing shop after 4 years and $1m funding due to “collateral damage.”

We asked Bauer he if would elaborate on the details of what happened, maybe share some insights and lessons learned with the pure candor that he’s known for.  Following is the first segment of our interview as part of the Entrepreneur 2 Entrepreneur series:

What happened to Pedal Brain?

Before I answer, I want to make one thing very clear. The decision to end Pedal Brain was my decision. Yes there were many outside forces that pushed this decision but ultimately only a founder can end a startup just as only a founder can start it. So as you read this, know that I blame no one and accept responsibility for all decisions made whether directly by myself or those acting in Pedal Brain’s capacity.

Read More…

Pedal Brain, a Minneapolis startup initially founded some four years ago by local technology inventor and entrepreneur Matt Bauer, is “mothballing due to collateral damage.”

Truly a dynamic and audacious venture, Bauer’s ultimate vision was to combine hardware and software into a bike computer, training website and coaching platform for serious bicyclists.

Bauer had secured approximately $1m in funding since an early 2010 launch, completed numerous stages of R&D, had production and beta users, including some of the industries most well known names.

Read More…

By Dana Severson, Twin Cities Business

“But, no matter the reason, Minneapolis (or Minnesota for that matter) is indeed a great bicycling community. So great in fact, it has one of the highest number of bicycling commuters in the country.

Of course, with so much interest in bicycling, you would assume it would breed innovation. And your assumption would be correct.  One of those innovations comes from Minneapolis cyclist and entrepreneur, Matt Bauer. Frustrated with the existing bike computers on the market, Bauer created Pedal Brain.”

Read More…

By Wendy Lee, Star Tribune

“The iPhone is proven as a way to fill time, from making posts on social networks to playing silly games. Now, some entrepreneurs hope to add to its more practical uses, enabling it to monitor health and prevent disease.

Local companies are in the process of developing a new generation of iPhone accessories to help prevent heart disease, measure the temperature of food and determine whether you’re exercising to your fullest potential.”

Read More…

By Thomas Lee, MedCity News

“MINNEAPOLIS, Minnesota– Despite its name, Pedal Brain LLC’s ambitions far exceed mere bicycles. In fact, just replace “Pedal” with “Health” and you start to better understand what this angel-backed start-up wants to do.

The company recently struck a deal with HED Cycling Products USA in Shoreview to sell a software system that records real time data like speed, power, and heart rate from bike-mounted sensors and view the information on an iPhone or website. Pedal Brain has already raised $250,000 from angel investors, about half of its Series A round.”

Read More…

Listen to the TECHdotMN podcast with Matt Bauer, Founder, Pedal Brain LLC

Part I

1. ArtsApp – (1:14)  Like Monster.com for artists to submit multimedia (Dejen Tesfagiorgis)
2. Reliacloud – (10:23) A cloud computing platform that allows people to build scalable computing infrastructure on demand (Jason Baker, VISI)
3. Pedal Brain – (18:50) Advanced cycle computer based on the iPhone platform combined with web-based data analysis (Matt Bauer)
4. MinuteBids – (29:25) An online bidding platform that makes it easy for property managers/owners to request and get bids for their property maintenance needs from top rated service providers (Jon Coudron)
5. Pedalr – (37:37) A many-to-many market place for people who love bikes (Andrew Korf)

Videography & Livestreaming Services By:

Part II

1. MobileRealtyApps.com – (00:01) Custom branded MLS home search apps for realtors on iPhone and Android (Aaron Kardell)
2. MileMarker – (10:00) Helps organizations capture ideas and prioritize them, making it easier to understand what to work on first (Bill Galfano)
3. Live Information Manager for Business – (19:43) Connects employees of an organization to their data and each other from anywhere in the world, all from within a single workspace (Roger Peters)
4. Mobile Roots – (28:41) Customized iPhone applications for campaigns (Lynn Smith)
5. WebSlide – (35:32) Provides you and your clients with a private, secure, easy-to-use system for uploading, sharing, and collaborating on designs without ever leaving your browser (Paul Armstrong)

Pedal Brain is a real time cycling computer, training website and coaching platform invented by Minnesota technologist Matt Bauer.  The product was publicly unveiled about one week ago and has already caught a multitude of  national press including TechCrunch, Gizmodo, Engadget, and Pioneer Press.  Great to see such a promising local startup coming hot out the gate!

Join TECHdotMN as we chat with Matt for 20 minutes about Pedal Brain and tech entrepreneurship in Minnesota.