The Minnesota SportsTech Cheat Sheet v1 was published last week and here are five takeaways from the research:
1) While the cluster is 90%+ post-revenue, it’s still really nascent; 18 of the 29 firms (62%) are sub $1m in sales.
2) It’s heavily bootstrapped, and likely to stay that way; 13 of the 18 (72%) bootstrapped firms indicated “no intentions” of fundraising in the near future.
3) That said, the cumulative amount of external capital raised across Minnesota’s sportstech cluster is estimated $35m.
4) Nary any overlap in products/services, there’s clear overlap in terms of the sporting segments and target markets each respective company serves. This indicates ripe opportunity for collaboration.
5) Full time cluster employment is ~800, part time is ~300 = 1,100 people employed in Sportstech across MN.