by Catherine Jelsing
"Small opportunities are often the beginning of great enterprises."
- Demosthenes (384 BC - 322 BC)
 When clock strikes 5:01, entrepreneurs gather at NDSU
The 5:01 Entrepreneur Society, based at NDSU's Research and Technology Park, already has a success story.
Research Park executive director Tony Grindberg pulled together the first 5:01 meeting Sept. 26, 2002, to promote networking between entrepreneurs, scientists, business people, investors and students. Advertising was by word of mouth; 65 people attended.
Participation doubled at the second 5:01 gathering Dec. 10. It seems Grindberg is right: "The number one thing an entrepreneur wants is a place to talk and network with fellow entrepreneurs."
Rubbing shoulders with the right people at the right time can yield amazing results. At September's 5:01 gathering, an entrepreneur shared an idea with an angel investor. Their conversation continued beyond the gathering and the angel invested $200,000 in the entrepreneur's venture. "I consider that a success," Grindberg told December attendees.
While the focus is on networking, the society meetings do allow some time for informal presentations. Featured speaker on Dec. 10 was Delore Zimmerman, founder and president of CEO Praxis Inc., a community and enterprise development firm based in Grand Forks, N.D.
You have to sell
Zimmerman outlined key components of entrepreneurship, such as creativity, ideas, know-how and capital. Successful entrepreneurs, he said, are willing and able - to constantly revise strategies, to leverage resources by networking with other companies, and to sell. "Sales," Zimmerman said, "is the ultimate in entrepreneurship."
Zimmerman's presentation raised many questions, especially about the Center of North America Capital Fund, which CEO Praxis manages. The company's goal is to invest up to $50,000 in 20 early-stage and expanding companies every year. Since venture capitalists do not invest in the Midwest, Zimmerman said, "We need to develop our own capital here."
Students encourage entrepreneurship
NDSU student body president James Burgum and Abigail Barber, representing Students for Free Enterprise and Student Government, spent a few minutes explaining the TIME (To Inspire More Entrepreneurs) Project.
TIME includes several initiatives to promote student entrepreneurship, including:
- a Fund for Student Entrepreneurship that will generate "idea" scholarships for NDSU students;
- a proposed state-funded internship program called Project Opportunity;
- and a push to get students involved in civic leadership so they can help shape North Dakota communities that are attractive to young adults.
The next 5:01 Entrepreneur Society meeting will be held in the Skills and Technology Training Center on Feb. 24. Erik Pages, policy director for the National Commission on Entrepreneurship, is scheduled to speak.
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