[philcrissman]

I'm not sure about it being the "first"; The Minnesota Cup (http://breakthroughideas.org/) has been around for awhile, and http://minnestar.org has done some micro-seed funding.

http://speedylemur.com is also local to Minneapolis, though I don't know how many startups they've funded yet.

Regardless, still cool news for entrepreneurs in this part of the midwest...