7.0. EDSR 02-09-2004 - Laserfiche WebLink

Home Browse Search

Elk River Incubator Program Status Report: 10 July 2003 There's a Shortage of Seed Capital in the Land Most of the prospects that have been identified in the past three months are holding firm in their homes/garages until it is clear that they can raise sufficient equity capital with which to grow their businesses once they would move q Y into the incubator facility in Elk River. While not meant to complain, it must be recognized as a fact of the present economic and stock market cycles that the cupboard is bare at both the Anoka Sherburne County Capital Fund (ASCCF) and the Elk River Investment Club (ERIC). The entrepreneurial prospects understand this and some are not inclined to move-in or to seek approval for moving in until it is clear that they will receive a modicum of funding from these • two sources. The short run prospects for additional funding for each of these two groups is mixed. At the ASCCF, Mr. Roger Jensen, our dear friend and colleague, died suddently on the 30th of June after surgery for a brain tumor two weeks prior to his death. The ASCCF is in the process of seeking a replacement for Mr. Jensen and to continue his work of seeking new funding from the banks, utility companies, and the private investors that have expressed interest in either making a follow on investment or an initial investment.