Two Minnesota tech firms among ‘America’s Most Promising Companies’

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ForbesAmericasMostPromising1Two Minneapolis tech companies — Magnet 360 & Code42 — are among America’s Most Promising, according to Forbes.

“Over the course of four months we reviewed hundreds of applications from businesses across the country. The final assessment is based on growth (both in sales and hiring), quality of management team and investors, margins, market size and key partnerships. Then we spoke to each company to make sure we didn’t miss anything.”

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Three Minnesota tech companies ranked on Forbes’ 100 best list

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Forbes 100 2013Size is a relative thing, but according to Forbes, publicly traded companies with up to $1 billion dollars in revenue are still considered small.

That’s the gist of a new list that ranks America’s 100 best small companies based on factors such as earnings growth, sales growth, stock pricing and return on equity.

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What Best Buy Will Gain from Starbucks’ Loss

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By Rick Moss, Forbes

“How is Best Buy like Starbucks? Aside from a big overlap in their target demographic, there may be more points of difference than similarity. But there is one thing they will soon share — the influence of Stephen Gillett.

Late last week, the multinational consumer electronics chain with over $50 billion in annual revenue announced the hiring of Mr. Gillett, who most recently oversaw Starbucks’ “Digital Ventures”, to head Bestbuy.com and the retailer’s other digital efforts.”

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Best Buy Reorganizes To Emphasize Connected Devices

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By Elizabeth Woyke, Forbes

“In a bid to boost revenues and capitalize on the connected devices trend, Best Buy has combined several of its retail groups to into what it calls a “connectivity business group”. The group will sell a range of devices from computers to tablets, e-readers and cellphones along with associated service plans in Best Buy and Best Buy Mobile stores. Best Buy made the announcement at a small reporters event on the sidelines of the Consumer Electronics Show (CES).”

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Why Best Buy is Going out of Business…Gradually

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By Larry Downes, Forbes

“Electronics retailer Best Buy is headed for the exits. I can’t say when exactly, but my guess is that it’s only a matter of time, maybe a few more years.

Consider a few key metrics. Despite the disappearance of competitors including Circuit City, the company is losing market share. Its last earnings announcement disappointed investors. In 2011, the company’s stock has lost 40% of its value. Forward P/E is a mere 6.23 (industry average is 10.20). Its market cap down to less than $9 billion. Its average analyst rating, according to The Street.com, is a B-.”

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Genesys Works founder named to Forbes ‘Impact 30’

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Forbes Magazine has published its first-ever ‘Impact 30’  list of global social entrepreneurs and Genesys Works founder Rafael Alvarez was recognized for “tackling the world’s most intractable problems.”

Rafael Alvarez Genesys Works

His earned-income nonprofit creation provides students from economically disadvantaged high schools with professional internships and mentoring opportunities within the IT division of various corporations.

“This recognition is really a tribute to all of those involved at Genesys Works…Thank you for being there and for seeing the vision of how we can fundamentally change the tracks of life for so many young people across our country,” Alvarez said.

 

Started in 2001 and based in Houston, TX, Genesys Works has trained hundreds of students to date — many from the Twin Cities — where the org’s only sister location is led by  “reformed venture capitalist” (Crescendo) Jeff Tollefson.

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Minnesota Senator Al Franken calls out ‘rootkit’ firm Carrier IQ

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By Andy Greenberg, Forbes

As the privacy backlash against phone-tracking firm Carrier IQ has snowballed over the last several days, the firm has largely stopped answering reporters’ barrage of questions. Now it’s Washington‘s turn.

…So on Thursday, Senator Al Franken sent an open letter to Carrier IQ’s president and chief executive Larry Lenhart with a list of pointed questions about what exactly Carrier IQ does.”

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Rimage’s Disc Business Is Dying. Can Acquiring A Cloud Company Save It?

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By Chris Barth, Forbes

“The compact disc is dead. And although DVDs and Blu-ray discs seem to have a little more life left in them, those formats seem headed the way of the Dodo as well. For most consumers, this is a welcome progression; clunky storage is replaced by sleek devices, scratched discs are replaced by HD streams and impossible shrink wrapping is replaced with mouse clicks and remote buttons.

For Rimage, a company that has made its money in disc manufacturing for nearly 25 years, it’s a change that increasingly threatens profits – and existence.”

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