North Dakota Business and Economic Development

"Intelligent InSites is a company with aggressive goals and tremendous potential for growth," said Arthur Ventures Chairman Doug Burgum. "With a product conceived and developed in this region, but with global application, and an ambitious plan to succeed, it was exactly the kind of business we were looking for."

Innovate ND is a competitive program that awards cash prizes. Entrants participate in online education, business planning and mentoring from proven business owners.

Arthur Ventures is interested in companies involved in information technology, life sciences and clean technologies. Burgum says the typical deal will involve between $1 million and $2 million.

"These people have been farming rocks for generations," he says. "It’s like winning the lottery."

Or the booby prize.

A report from the U.S. Geological Survey has estimated that up to 4.3 billion barrels of oil could be recovered from the Bakken in North Dakota and Montana.

"The big difference now from the land boom in the 1980s is that a lot of the land is paid for with cash."

What separates Wingspan from other angel investors is the access to: marketing and advertising personnel; accounting, legal, and IT services; office, warehouse and operational space; and executive management resources that are available for Wingspan business partners.

To date, DVG claims it is the only completely student-managed venture capital fund within the United States.

North Dakota shows how a small, largely rural state can become a player in the high tech, knowledge-based economy. It’s a tremendous story of how government, universities and industry can cooperate to build a high-tech economy in rural communities.

Agreement will bolster North Dakota start-up, development of high-tech tools for U.S. military