They are innovators and achievers, leaders and role models. Each has built businesses from scratch or expanded a small operation into a company that helped shape its industry.
This year’s inductees into the Minnesota Business Hall of Fame join an elite group of individuals who rank among the most accomplished Minnesota business leaders of all time.
Each is an individual of enterprise. Each has been an agent of change and altered the business landscape for the better. Each, however, has become distinguished in his own way. Here are the members of the Minnesota Business Hall of Fame’s class of 2010:
A former product manager at a no-revenue company, SciMed Life Systems, he drove the development of successful med-tech products. As SciMed’s president, he directed revenue growth from $300 million to $1.5 billion within five years. Since 2000, he has cofounded two business incubators and cofounded or joined the boards of 14 medical device companies.
In 18 years, he amassed a portfolio of 64 legal journals and business newspapers in 21 U.S. markets; executed a successful public stock offering in a hostile market; created a provider of mortgage-default processing and document-review services; and built the Dolan Company into an enterprise with $300 million in revenue.
He’s the nation’s largest private developer of medical facilities and a manager of 4 million square feet of commercial real estate space—even after selling 1.5 million square feet in 2008. In recent years, his development projects have generated $300 million to $1 billion per year.
A former meat cutter, he became CEO of the company now called Hormel Foods Corporation, where he embraced new food-processing technologies, assessed changing consumer tastes, and transformed the company from a traditional meatpacker into an international seller of branded packaged food products.
Arguably Minnesota’s largest and most influential investor. As managing general partner of Norwest Equity Partners, which has $4.6 billion in capital under management and a current fund of $1.2 billion, he has financed the Buca di Beppo restaurant chain, Life Time Fitness, and dozens of other companies.
In addition to serving as editor and publisher of Twin Cities Business, his diverse 34-year career comprises corporate communications, government service, and investment banking.
Click the links below to read each of their stories.