7. EDSR 06-12-2006 - Laserfiche WebLink

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Diceusa P.UA Business Incubator Pcobrtam Malysis' June 12, 200( Page 3 of 4 warrant the need fox a "reserved" incubator building, in addition to the higher cost of leasing a newer building. Access to Capital Between 1997 and 2003, Incubator tenants enjoyed access to investments from the following funds: • Anoka Shexbuxxie County Capital Fund (ASCCF).......Up to $50,000 • Elk River Investment Club ..................................Up to $25,000 • Initiative Foundation Seed Capital Fund ................Up to $50,000 Below is the current status of each of the funds: Anoka Sherburne County Capital Fund (ASCCF) According to Board Chair Jeff Johnson: • There is currently no funding available. • The fund has provided one or two investments since the passing of the Anoka County Partners' former executive director. • The board is evaluating the following options regarding the future of the fund: 1) liquidate the fund 2) act as a caretaker monitoring the previous fund's investments and 3) partner with a new community development group that would act as a champion of the fund. • The board received formal notification in Apri12006 that Anoka County Partners, formally known as the Anoka County Economic Development Partnership, would no longer provide administrative support to the fund. According to Executive Director David Piggot, the Anoka County Partners: o have recently written off investments made to 15 companies o severed ties with the Anoka Investors and the ASCCF in Apxi12006 o plans to sever ties with the Columbia Heights Incubator. Elk River Investment Club According to member Cliff Lundberg: • There is currently no funding available. • The club has written off most of their investments, with the exception of Cymbet and I{- Netica. Initiative Foundation Seed Capital Fund According to John Kaliszewski of the Initiative Foundation: • There is cuxxendy no funding available. • The Initiative Foundation plans to promote the development of five to seven RAIN funds (angel investor funds) in Central Minnesota. St. Cloud recently became one of Minnesota's thirteen RAIN funds. • As done in the past, the Initiative Foundation would prefer to follow the lead of a local investment fund when investing in start-up companies in Elk River. If a new fund was formed ox the ASCCF became active again, the Initiative Foundation may be willing to invest in the fund.