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Imagine a bright-eyed young graduate of a North Dakota college, diploma in hand, standing at a crossroads. One way is to pursue opportunities in faraway cities. The other is to root them in the communities that provided their education. Sadly, this decision tilts toward expulsion for more than half of graduates. In 2017, only 49.1% chose to stay, reflecting a deep-rooted challenge facing North Dakota: brain drain.
In a recent move, the North Dakota Legislature passed a bill that would strengthen the University System of North Dakota’s budget for the 2023-25 period. This budget is nearly $800 million, representing a staggering 15.5% increase. from the previous one. This investment is especially noteworthy given the state’s relatively small population. But this investment in education appears to be slipping through the hands of the state, as these talents are forced to seek opportunities elsewhere. For taxpayers and the state, the problem lies not in the financial commitments, but in the lack of sufficient funds to reap the benefits from this investment.
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So how can the nation turn the tide and ensure investments in education translate into tangible growth and opportunity? Join the North Dakota Growth Fund. This is a ray of hope with $100 million in funding. This is more than just a fund. It is a statement of intent and a commitment to transforming the state into a fertile ground for innovation and enterprise.
Led by 50 South Capital, NDGF invests strategically in potentially game-changing sectors, from agri-food to technology startups. We strategically allocate funds across a variety of investment vehicles, including venture capital, private credit, private equity, growth equities, infrastructure, and tangible asset opportunities. These investments will go to companies and private funds headquartered in North Dakota or with a significant presence in the state.
For example, consider the fund’s investment in Lewis & Clark Agrifood. Lewis & Clark Agrifood then backed Bushel, a Fargo-based digital platform that revolutionized the agricultural supply chain. Buoyed by this influx of capital, Bushel is proof of what can happen when new capital meets local ingenuity. It’s not just about the more than 50 North Dakota graduates they employ. It’s about showing what’s possible within the state’s borders.
The story doesn’t end here. If you look around the Midwest, you’ll find a parallel fund in Nebraska called Invest Nebraska. Boasting investments in over 106 high-growth companies and creating over 1,044 full-time jobs, their blueprint is worth emulating. This proves that the State-Assisted Capital Program is not just a theoretical exercise, but a practical solution to a real-world problem.
North Dakota is at a crossroads, and the path forward is clear. NDGF emerges as a pivotal catalyst for changewe encourage graduates to build their futures where their roots are. It’s about creating an environment where ambition and local loyalty are not contradictory, but two sides of the same coin.
As policymakers and leaders think about the future, it is important to keep in mind the dreams and aspirations of young people, who are a central element of this issue. The North Dakota Growth Fund can be a source of inspiration. This power allows our state’s graduates to not only secure a living from their degrees, but to build truly fulfilling lives right here in North Dakota.
Oudom Heen is an assistant professor of finance at North Dakota State University and a faculty researcher at NDSU’s Chaley Institute for Global Innovation and Growth. Corey Wilmer is an undergraduate research assistant at Challey Institute.
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