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How can we get the venture and startup ecosystem in Minnesota to really take off? According to Mary Grove of Bread and Butter Ventures, we need to shift resources from investments in real estate and late-stage private equity into venture capital. Those investments could provide necessary oxygen to innovators that are looking to build and scale their companies and create growth engines for the state for many years to come. Mary says that we're in an AI bubble – but it's not going to pop soon. Your company needs to be thinking about your strategy: "Whether you are an AI company or not, there needs to be a component of an AI strategy."If you're building a company, here are the three things Mary says you need to think about before you raise venture capital: 1) What is the founder/product fit? Why you, why this problem, and why do you want to be on a ten year journey to build it? 2) What type of business are you building, and what's the best way to capitalize that business? Venture is a very specific type of funding, and you should make sure it's aligned with your company's goals before pursuing it. 3) Do you have a team of co-founders that you deeply believe in? Mary shared that the team is the biggest thing they look at before making an investment. What are your strengths as a leader, and is this who you want to be in the trenches with day in and day out?
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