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A RIAN Webinar
With Presenters: Rodrigo Cintra of North Dakota/NW Minnesota Regional Center, and Bruce Gjovig of Center for Innovation
Rodrigo Cintra EB-5 Regional Center Manager/Entr. Consultant January 24, 2012 Regional Innovation Acceleration Network (RIAN) Webinar
Agenda
Center for Innovation EB-5 Foreign Direct Investment North Dakota/NW Minnesota Qualifying Companies Opportunity/Risks Process & Timeline Costs RC Application Process Q&A
Background
Launched 1984 Among first entrepreneur centers in nation Skalicky Tech Incubator 1996 Ina Mae Rude Entrepreneur Center 2005 Ina Mae is NDs First Center of Excellence for Economic Development Access to Capital: Angel Networks, student VC 1 of 19 incubator worldwide: NBIA Soft Landings Center for Innovation Foundation raised $26 M Designated EB-5 Regional Center in 2011
540+ startups (+ Innovate ND) 110+ startups in incubator 90% operate with profit, sustainable $130 M + investment 4,800 jobs created statewide 340+ entrepreneur interns Stronger entrepreneur community
Entrepreneur Services
Business Plans Marketing Plans Market & Feasibility Studies Export / Import Plans EB-5 Regional Center Angel & Seed Capital Innovate ND (Innovatend.com) Rural Technical Assistance Program SBIR /STTR grants Proposal Preparation Strategic Relationships Student Internships Incubator Space Entrepreneur Seminars Youth Entrepreneurship Partnerships with other service providers
Innovate ND
Fostering Innovation & Entrepreneurship statewide 6th year: venture competition, online entre. education, business plan tools & coaching/assist Organizing Sponsors: UND Center for Innovation, North Dakota Governors Office & Department of Commerce, NDSU Research& Technology Park UND: Educational content Dr. Jeff Stamp UND Center for Innovation: coaching & mentoring
Incubator Facilities
EB-5 Investment
EB-5
U.S. Federal Program
ND/NW-MN Authorized Center
Foreign Investment
$.5MM - $1MM per Investor Qualified Companies 10 Jobs within 2 years per Investor
Return on Investment
Green Card / U.S. Residency Principal Fees
Qualifying Companies
Companies
ND/NW-MN Target Employment Areas (TEA) Bank Relationship: Demonstrate 5 year ROI/Exit plans Create at least 10 direct or indirect U.S. Jobs Agribusiness, Aviation, IT, Utilities, Real Estate, Bio-Science, Manufacturing: Expansion only!
Investors
Desire U.S. Residency (Self, Spouse, Family <21) Clean Investment Capacity Invest Fall within EB-5 Zone + Target Industries
Coordination
USCIS Reporting
Immigration Consultants
Econometric Analysis
Investors
PPM Consultants
Lincoln Stone Stone & Grzegorek lincoln@lskglaw.com Laura Danielson Fredrikson & Byron ldanielson@fredlaw.com
Rodrigo Cintra
EB-5 Regional Center Manager rodrigo.cintra@ndmneb5.com
Potential Risks
Companies
Equity Participation Share Valuation / PPM Credit Line Capacity Unrealized Jobs/ROI Escrow: 3 12 months
Investors
Not Approved by USCIS 5 Years ROI not realized Reject: Unrealized Jobs I-526 Incomplete (delays)
Costs
Companies $70,000-$80,000
EB-5 Fees ($65k) Econ Analysis Annual Reporting PPM Documents Investor Pckg Prep Financial Due Diligence Project Management
Investors $40,000-$50,000
EB-5 Fee ($25K) Annual Reporting Legal Immigration Fees
Savings of $95,000
Business Plan
Marketing +Operational efforts
Reporting Obligations
Experienced Advisors
Side by Side Investing Complex and lots of coordination of experts USCIS process is slow
RC, Investors, Applications
Reauthorization Important
Set to sunset September 2012
Q&A
Thank You
Contact Us
Bruce Gjovig
CEO, EB-5 Regional Center Bruce@innovators.net 701-777 3132
Rodrigo Cintra
Manager, EB-5 Regional Center rodrigo.cintra@ndmneb5.com 701- 777 3970
Susan Geib
EB-5 Consultant, Foreign Trade Ventures susan@ndmneb5.com 701- 541 0735