Spring 2007

Newsletter
Happy Spring from the members of the Dakota Venture
Group! In case you haven’t heard, the Dakota Venture
Group (DVG) is a University of North Dakota student
managed venture capital fund that was founded in Septem-
ber of 2006 by a donation from Bart and Lynn Holaday
through the Dakota Foundation.

DVG is one of only a few student managed venture capital

funds in the United States. DVG is unique because it is cur-
rently the only fund where students complete all due diligence, make the final investment
Volume 1, Issue 1
decision, and negotiate the deal’s term structure. By participating in the Dakota Venture
Group, UND students receive an unheard of opportunity for experiential learning in the May 2007
field of venture capital and angel investing.

The investment strategy of DVG includes making investments in high-growth ventures

started by entrepreneurs in Minnesota and North Dakota. DVG also has a priority to in-
vest in companies started by UND students and alumni. All investments are made with the
goal of fostering regional economic growth.
Inside this issue:
Future goals of DVG are to involve 25 additional UND students in the managing and
funding process as well as offer students internships in finance, entrepreneurship and mar-
Meet the DVG 2
keting, a final goal is to raise a total of $5 million to be invested through the fund. Board Members

“My wife Lynn and I want to give students the opportunity for hands‐on  DVG New 2

learning from investing in startup ventures to train both aspiring venture  Members
capitalists and emerging entrepreneurs who need to know what it takes to 
attract equity investments.” ‐ Bart Holaday, Founding Benefactor  Portfolio 3
Addition

Announcing the DVG For-Profit Fund DVG Advisor

Spotlight
3

This spring DVG will be seeking investors for its new for-profit venture capital fund. Sponsors 4
DVG was founded as a non-profit evergreen fund that would grow based on donations
from benefactors and returns on investments. After several inquiries and requests from
potential investors DVG has decided to create an additional for-profit fund for accred-
ited investors. As Ben Olson, DVG managing director explained, “It’s exciting and scary
to have a for-profit fund; if we invest in a venture and suffer a loss, it’s going to be our
necks on the line.”
For information on becoming a DVG investor or benefactor contact Lee Groeschl at
lgroeschl@dakotaventuregroup.com.
Meet the DVG Managing Board of Directors
The managing directors of DVG come from a variety of
academic backgrounds and were recommended by UND
faculty to found and organize DVG in October 2006. Each
director utilizes their entrepreneurial and investment
experiences to contribute to the overall success of the fund.

Lee Groeschl, President, is an MBA student at UND, focusing

his studies on entrepreneurial finance. Originally from Fond
du Lac, WI, Lee is a finance and investment consultant at the
Center for Innovation who is currently working to start his
own venture.
Amy Indridason, VP of IT and Operations, is an MBA stu-
dent at UND, where she also received a BBA in Information
Systems. Amy has a passion for growth within the region
which was fostered by growing up in rural Cavalier, ND.
Will Kusler, VP of Finance is an MBA student, focusing his
studies on risk management and real options. Will was raised
in Kulm, ND, which has led to his desire for economic re-
gional growth. Will also received a BBA in Financial Manage-
ment from UND.
Ben Olson, VP of Business Development, is a senior account-
ing and entrepreneurship student at UND. Ben is from Apple Front L to R: Shannon Pearson, Amy Indridason
Valley, MN and is currently working on starting a company,
Back L to R: Ben Olson, Will Kusler,
which allows him to understand the perspective of entrepre-
Lee Groeschl
neurs seeking funding.
Shannon Pearson, VP of Marketing, is an MBA student who
will be focusing her studies on creating a new valuation model Minot, ND has allowed her to naturally be drawn to
for ND companies. Growing up in an entrepreneurial family in the opportunities associated with entrepreneurship.

Dakota Venture Group Introduces New Members

As a UND student organization it is im-
portant that DVG has a plan for succes-
sion and growth. Throughout the past
three weeks DVG interviewed 15 UND
student applicants. The applicants in-
cluded Engineering, Law School, and
CoBPA Graduate and Undergraduate
students. In the end the following stu-
dents were invited to join the Dakota
Venture Group:
Brian Berseth, Electrical
Engineering
Mark Giese, Investments
Nate Kenner, Entrepreneurship
Grant Marquardt, Marketing and
Management
Matt Maurer, Entrepreneurship and
Marketing
Morgan Simonson, Entrepreneurship
Kristine Svensoy, Entrepreneurship
Martin Tatom, Management
Marcus Tibesar, Entrepreneurship
Chris Virta, Law School
Dan Waind, Marketing and
Combined MBA
Sterling Wiggins, Investments
The new members will gain first hand
experience investing in start up ventures.
Two of the students will also be complet-
ing an Entrepreneurship internship
through DVG.

Page 2 Spring 2007

Portfolio Update
The members of the Dakota Venture
Group are proud to introduce the new-
est addition to the DVG portfolio:
TheWineStandard.com, which was
launched earlier this month by recent
UND CoBPA graduate Tommy Leikas.
Leikas graduated in December 2006
with a degree in entrepreneurship.
Starting a company is a new direction
for the former UND basketball player,
who decided to give up his basketball
career to develop a new venture.
TheWineStandard.com is essentially a
one-stop shop for wine accessories.
Leikas currently offers about 200 items
online and hopes to grow his product
line to more than 2,000 items. The site
specializes in high-end products such
as wine openers, decanters and vacuum
pumps. Featuring popular brands such
as Bottega del Vino, Ravenscroft,
Riedel, Waterford, Houdini, Rabbit,
Screwpull and several others.
But Leikas' plans don't specifically
revolve around wine. He is entering the
world of Internet marketing and a
process called Search Engine
Optimization, or SEO. Lekias origi-
nally researched more than 100 differ-
ent markets, but settled on wine
DVG Advisor Spotlight
The student members of Dakota Venture
Group are in a constant state of experien-
tial learning, that learning is supported
primarily in part by a strong base of advi-
sors who boast several successes in start-
ing new ventures, managing investments,
angel investing, finance, and venture
capital.
Dr. Jeffery Stamp
Dr. Stamp is an Assistant
Professor and the En-
dowed Chair of Entrepre-
neurship and Innovation
Page 3
accessories because the topic is
frequently searched on web sites such
as Yahoo! and Google.
"A major strength of the Internet is its
ability to amplify the power of niche
marketing," Leikas said. "Niche sites
allow marketers to define themselves
as experts in specific fields."
In those specific fields, business suc-
cess is related to ranking on search en-
gines. For Leikas, the goal is to get
TheWineStandard.com on the first
page of Google when people type in
specific keywords - an accomplishment
he hopes will spark increased customer
traffic on his Web site. "Customers
don't find you unless you're on the first
page of Google," he added.
In order to get there, Leikas is currently
studying SEO principles and applying
them to his business. SEO involves
identifying specific keywords and
phrases related to a Web site and find-
within the UND College of Business and
Public Administration. He is an asset to
the DVG students sharing his wealth of
real world knowledge that has been de-
veloped through various entrepreneurial
endeavors.
In corporate life at Pepsi Co, Dr. Stamp
was the inventor, creator, and brand man-
ager of Frito Lay’s “Baked Lays.”
He also has extensive experience in con-
sulting, angel investing, marketing, and
teaching. Dr. Stamp currently has sev-
eral of the DVG students in an Entrepre-
ing a way to get the Web site a high
ranking when those terms are used in
an online search. "There's a real
science as far as how your site ranks,"
he said.
Leikas is following the footsteps of
another UND graduate, Dan Thralow,
CEO of Thralow Inc, who operates a
number of Internet specialty stores that
generated more than $26 million last
year. He began with one Web site, Bin-
oculars.com, in 2001.
Visit www.TheWineStandard.com, The
Source for Everything Wine. Tommy
Leikas can be reached at 1-888-878-
2942.
neurial Finance course where the ins and
outs of venture financials and venture
capital are explored.
Dr. Stamp’s infectious passion for busi-
ness and creativity make this class a fa-
vorite of several students and his person-
ality contributes to him being a highly
sought after key-note speaker.
Dr. Stamp is currently working with the
DVG students to help them gain a
stronger understanding on venture
valuation methods.
Spring 2007
 The Dakota Venture Group is one of the only venture capital
organizations in the United States to be managed by students.
DVG’s mission is to invest in start-up and early stage ventures
throughout North Dakota and Minnesota with the ultimate goal
of fostering economic growth throughout the Plains.

Center for Innovation

4200 James Ray Drive
Grand Forks, ND 58203

Phone: 701.777.6053

We’re on the Web

www.DakotaVentureGroup.com

Sponsors
The members of DVG would like
to welcome two new sponsors:
First State Bank and State Farm
Insurance Agent, Sharon Opdahl.
DVG sponsors are a showcase of
the region’s most esteemed busi-
nesses. Sponsor contributions are
used to fund DVG administrative
and operating expenses.
Sharon Opdahl, an NDSU
alumni, has been a
State Farm Agent
since 1989, she
has qualified and
received several
awards including the National
Quality Award. And she is a mem-
ber of the National Association of
Insurance & Financial Advisors.
Sharon can be reached through the
DVG website sponsors link or at
www.sharonopdahl.com.
First State Bank
has been a part of the Red River
Valley since 1885, with locations
in Buxton, Thompson, and Grand
Forks. First State Bank has made
its mark as an agricultural bank,
and still supports farmers today.
It also strives to offer all of the
convenient and innovative banking
services that today’s customers
demand. Learn additional
information about First State Bank at
www.firststatebanks.com.
DVG’s sponsors are also given
substantial exposure to our portfolio
companies in order to develop
relationships and potential clientele.
If you are interested in becoming a
sponsor of Dakota Venture Group
please contact Shannon Pearson at
spearson@dakotaventuregroup.com.

Page 4 Spring 2007