This morning, Minnesota Cup hosted its first event in the new 101 Series. The topic for today was the legal components of raising capital in Minnesota. Held at the Carlson School of Management, the event attracted startups interested in learning more as well as seasoned veterans looking for a refresher on some new laws related to raising money.
The 101 Series is a string of free events hosted by the Minnesota Cup to help entrepreneurs learn more about the core business functions and how they can be applied to startups. Next on deck for the series is Accounting 101 on Friday, February 7.
The event began with Kevin Spreng of Fredrikson & Byron who spoke about structuring follow-on financing. He gave advice about hiring the right team and to always be thinking about the next round of financing in order to help your business in the future. His last piece of advice was to negotiate the term sheet before you officially sign anything for your business.
Next up was Jeffrey Robbins of Messerli & Kramer who informed the audience about the Minnesota Angel Tax Credit and the qualifications that companies and investors must meet in order to be eligible. Some qualifications include being headquartered in Minnesota, having under 25 employees and many more.
Last up was Cate Heaven Young of Stinson Leonard Street who gave the audience an update on the proposed rules of crowdfunding by the SEC. One important fact Cate shared was that the maximum capital that can be obtained in a 12 month period for crowdfunding is 1 million dollars.
A big thank you to Kevin Spreng, Jeffrey Robbins and Cate Heaven Young for their time and valuable information and for kicking-off our 101 Series!
If you were not able to attend the event but would like more information please see the links below: