A number of Twin Cities tech companies are growing in a good economy, executives said last week at the annual "Venture" conference of the Minnesota High Technology Association (MHTA).
Moreover, recent sales of several firms, such as Jamf, SportsEngine, GovDelivery and others, at buoyant prices in a sellers' market, as well as recent and planned stock offerings, are fueling more growth for med-tech, software and other outfits.
"Ring the bell and stamp the feet," said Michael Gorman, longtime managing director of venture capital firm Split Rock Partners, whose firm has been an owner of a few winners. "We should be thrilled. That capital will recycle its way through young [entrepreneurs] who will do it again and again."
Not all is perfect. There are growing pains and grumbling in the employer ranks about everything from looming shortages of skilled workers to the recent loss of the popular Minnesota tax credit for "angel" investors, individuals who invest money in startup companies.
Lee Jones, a 30-plus year veteran engineer who worked at Medtronic, is on her second startup, Rebiotix. It is going through the tedious, yearslong FDA approval process to commercialization.
"This can be a long haul," she said, noting that it is the rare entrepreneur who can go from nothing to $100 million or more in revenue in several years.
Yet growth capital, good products and market success is fueling a growing tech hub.
"We love it here," said Matt Matsui, senior vice president of products and strategy at Calabrio, the fast-growing software firm of 400-plus people, that focuses on call center and workforce-management products. "The workforce is excellent. We're growing and we're getting a lot of things right.''