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Sweet marketing music

Tanner Montague came to town from Seattle having never owned his own music venue before. He’s a musician himself, so he has a pretty good sense of good music, but he also wandered into a crowded music scene filled with concert venues large and small.But the owner of Green Room thinks he found a void in the market. It’s lacking, he says, in places serving between 200 and 500 people, a sweet spot he thinks could be a draw for both some national acts not quite big enough yet for arena gigs and local acts looking for a launching pad.“I felt that size would do well in the city to offer more options,” he says. “My goal was to A, bring another option for national acts but then, B, have a great spot for local bands to start.”Right or wrong, something seems to be working, he says. He’s got a full calendar of concerts booked out several months. How did he, as a newcomer to the market in an industry filled with competition, get the attention of the local concertgoer?

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by Andrew Tellijohn
December 2003

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Venture Capital


Panelists speak mind
about perils of VC funding

The close contact that venture capitalists have with companies they fund can be uncomfortable, at least according to two panelists at the 17th Annual Minnesota Venture Finance Conference in October.

“By and large, venture capitalists are lazy,” said panelist Steve Oesterle, M.D., a Medtronic Inc. senior vice president. “They like to start firms up 15 miles from their office, because they like to keep their thumb in the eye of the companies they’re controlling, if you know what I’m talking about.” 

“I know what you’re talking about,” replied fellow panelist Bonnie Baskin, as the crowd of entrepreneurs and financiers roared. She’s CEO of AppTec Laboratory Services in St. Paul, and raised $14 million in February 2003 from venture capitalists to finance a new facility.

Oesterle began his remark with an “apology” to moderator Pete McNerney, managing partner of venture capital firm Thomas, McNerney and Partners and an AppTec board member. McNerney responded that he believes it’s a shortage of experienced biotech entrepreneurs, rather than dispirited venture capital funding, that limits the growth of the industry in Minnesota.

The Collaborative and the Minnesota Venture Capital Association sponsored the conference.

Bonnie Baskin, AppTec Laboratory Services: 651.675.2000