Arden Hills' IntriCon grows medical manufacturing business

IntriCon declined to identify which devices would be manufactured under contract in the new space. But company executives told investors that a 27 percent increase in sales in the fourth quarter was primarily driven by production of Medtronic's MiniMed wireless glucose monitoring systems.

"We are well-positioned with Medtronic for 2018, providing key system components, including the continuous glucose monitor sensor assembly and accessories," CEO Mark Gorder told investors in a recent communication. "Overall, demand from Medtronic, as well as other medical customers, is strengthening."

In the past six months, IntriCon customers have invested or committed to more than $3 million in capital equipment, prompting the expansion.

Last week, IntriCon announced the signing of a five-year lease on 30,000 square feet of new manufacturing space at 1275 Grey Fox Road, Arden Hills, near the company's existing facility in the city. The expansion will allow IntriCon to create 150 jobs during the first half of this year.

IntriCon makes body-worn medical gadgets including lower-cost hearing devices for the "value-based" hearing healthcare market. IntriCon's largest revenue source is manufacturing microelectronics, assemblies and plastic components for "emerging and leading medical-device manufacturers."

"The expansion of our medical business, which we expect will continue, warrants this type of investment to fuel the company's next wave of growth," Gorder said in a news release about the expansion.

The expansion will accommodate robotic assembly of medical components and systems, and an expansion of IntriCon's molding capacity.

It also is one of Minnesota's best-performing stocks, rising from $7 per share in January 2017 to $18.50 per share recently.

Joe Carlson

A diverse group of 130 entrepreneurs, investors and others in the "entrepreneurial ecosystem" set out to try to "fix capitalism" last week as part of the first ConnectUP! MN summit in Minneapolis.

"This is about making connections. … This is about the people who are overlooked," said Y. Elaine Rasmussen, chief executive of Social Impact Strategies Group and the main producer of ConnectUP!, during her opening remarks last Wednesday.

The day-and-a-half conference at the downtown Radisson Blu was dedicated to connecting small business owners, investors, city leaders and nonprofit representatives with each other.

Entrepreneurs were able to engage in one-on-one counseling sessions with legal and financial experts. Many of the sessions centered around securing capital such as "securing the bag: investor landscape and capital options" and "know your numbers: financials for side-hustles."

"This is unique in a sense that it is putting me in direct connection to people with access to funds," said Tiffany Dykes, a grant writing and fundraising consultant and conference attendee.

The summit was a prelude to the Minnesota Council on Foundations conference. ConnectUP! was sponsored by partners including the Bush Foundation, the Jay & Rose Phillips Family Foundation of Minnesota, Nexus Community Partners and others.

Nicole Norfleet

Steele Smiley plans to sell franchises in his Crisp & Green, a year after opening "highly successful" salad shops in Wayzata and the North Loop.

Smiley, the former owner of Steele Fitness, was the creator of the fresh-food concept and took over as majority owner and operator in the summer of 2017. Restaurateur Ryan Burnet remains a partner in the concept. The company declined to quantify its investment or whether it has positive cash flow.

Smiley, 39, a former Wall Street investment banker and swimmer at the University of Virginia, started Steele Fitness 12 years ago. It was acquired in 2013 by the larger Snap Fitness of Chanhassen for an undisclosed amount.

The salad craze has become something of a science in the battle for high-end healthy eaters. Crisp & Green, for example, sampled eight versions of 'herbed falafel' to settle on the "perfect one … not only flavorful and nutritious, but unlike most falafel, it is baked rather than fried."

Last summer, Crisp launched a "dock delivery" service for those busy boaters on Lake Minnetonka.

Neal St. Anthony