Building a Legacy: A Founder Invested in the Dakotas

It didn't begin with a grand vision. It didn't begin with a professional business plan, and there was no key mentor that guided my every step. Technology allows anybody to go build something out of thin air. Success, it doesn't mean much if it only benefits the person that achieved it, because I've got so much work left yet to do and so much more to accomplish.

Welcome to the stage, Matt Paulson. Nearly 2 decades ago, Matt Paulson founded MarketBeat and built it from the ground up into the largest digital media company in the Dakotas, a $40 million per year digital financial media company serving more than 5 million subscribers. What makes Matt truly deserving of this recognition is what he has done with that success. Through homegrown capital, Matt has invested in more than 80 technology companies, helping other entrepreneurs take their ideas and turn them into possibilities. And seeing that potential entrepreneurs needed more help than what existed at the time, he founded Startup Sioux Falls in 2017. It exists to create an environment of mentorship, education, connection, and resources to help burgeoning business leaders. Matt's impact also reaches through his philanthropy, community Matt Paulson is recognized for his community leadership, nonprofit service, and willingness to invest his time and talent in others. As one of his nominators said about him, some people build successful businesses. Matt Paulson builds opportunities.

Thank you. It's a tremendous honor to be inducted into the South Dakota Hall of Fame alongside a group of inductees who have made so many positive impacts on the state. You know, when I think about how my professional story began, you know, it didn't begin with a grand vision. It didn't begin with a professional business plan, and there was no key mentor that guided my every step. Rather, it began with a Packard Bell computer that my parents brought home when I was in the 4th grade. It had a 133 MHz processor, 16 MB of RAM, a 14-inch monitor, and a 1.2 GB hard drive. By today's standards, it's a dinosaur. Not a fossil, but a dinosaur. But back then, it opened a window into an entirely new world: the internet, the World Wide Web, the information superhighway. Soon after I started building websites, I learned how to write HTML and I played lots of video games, so I made websites about my video games, one of which was SimCity 2000, great game. And I put banner ads on my website for free web hosting accounts, and if somebody went and signed up for a free web hosting account, I'd make $1.50. So I was able to make $25 to $50 a month by putting banner ads on my website, and it was awesome. After getting my first commission check in the mail, I realized something very important, and it's that technology allows anybody to go build something out of thin air. The internet has created endless opportunities, and it certainly created some of my first economic opportunities. Years later, as a freshman at Dakota State University, I was working at McDonald's to pay tuition. Not the most fun job in the world, but it paid Pay the bills. Anybody work at McDonald's growing up? Anyone else? A few of you? Awesome. But my sophomore year, I was determined to do something a little bit different, and I was able to get a job writing for the campus newspaper, the Trojan Times. And I suspect nobody else applied for the job, but I got it nonetheless. But that gave me some confidence in thinking, if the university will pay me to write, maybe somebody else will pay me to write too. This led to a freelance writing career, a personal finance blog, and eventually an investment website that later became MarketBeat. Certainly, there were plenty of false starts and setbacks along the way, business ideas that failed, and times when the big tech companies changed the rules of the game. Every success and every failure taught me something that made me just a little bit better the next time around. You know, what I love about entrepreneurship is just the feedback that the marketplace provides. Your customers are your bosses, and if you listen to their needs and provide them value, you can achieve both financial prosperity and personal freedom. If you do this long enough over a long period of time, you can create jobs, you can strengthen communities, and you can give back in ways that you never thought possible. You know, when I started my business, there weren't many resources for— in South Dakota for technology founders. I didn't raise venture capital because I didn't know what venture capital was. Entrepreneurship was a lonely experience for me, and as I got success in business, I just became passionate about building the resources that I wish were there for me when I was getting started. That led to the creation of Startups Sioux Falls, Falls Angel Fund, Homegrown Capital, and the Paulson Center at Dakota State. It also led to dozens of investments in the next generation of startup companies across our region. You know, I've come to believe that one of the best things that successful people can do is make the path just a little bit easier for those that come behind them. For me, that means mentorship, philanthropy, and community service. You know, my Christian faith has taught me that we don't actually own anything, and we are simply managing God's resources. for the benefit of others. Success, it doesn't mean much if it only benefits the person that achieved it. You know, we're only here on Earth for a short time, and my goal is to simply leave Sioux Falls in South Dakota better than I found it. We all know success never happens in a vacuum. Many, many people helped me get where I am today. I especially want to thank my parents who are here with us tonight. My mom Joyce, she was a school librarian. My dad Paul, was a police officer and later a 911 dispatcher. You know, for years my dad had to work unusual hours and overnight shifts, but he did it and he did it without complaining about it. He simply did what was necessary to provide for his family, and he did it for decades. You know, his example has stuck with me into adulthood and has informed how I show up for my wife and kids as well. I also want to thank my wife, Corinne. Corinne, you know, you believed in me before really anybody else did. Some people know this, but my son Micah was born 10 weeks early, 3 pounds, 1 ounce, and he was in the Sanford NICU for 71 days. And I told my wife, Corrine, you know, I've got a full-time job, I've got my side business, I'm trying to finish a seminary degree, and now we have a newborn son. The time doesn't exist to do all of these things. How about I quit my job? When our kid was in the NICU. And she didn't look at me like I'm crazy, and she believed in me. Corinne, you took a chance on me, and you've supported me through every season of life. The life we built together with our children, Micah and Addie, who are both here, and then our pets, Mork and Mindy and Clementine, the leopard gecko. You know, that means more to me than any business accomplishment ever will. Corinne, you've been my partner in all of it. Thank you. Finally, I want to thank some of the faculty members at Dakota State. That just made a huge impact on me as a student and really shaped my professional career. I know Dr. Tom Halverson was intending to be here tonight, but his brother had a medical issue that Tom had to help with. But also Dr. Josh Poli, who made one of the videos out there for me, and then his father, the late Dr. Wayne Poli. Those guys and many other faculty members, they invested in me as a student way more than they probably should have. I'd show up in their offices and they would just chat with me for an hour. They didn't have an hour to give me, but they gave it to me anyway. They provided unique learning experiences. They sent me to a conference in Vegas for free called Microsoft MIX. That was a lot of fun as a 21-year-old. They even gave me a job at one point. They wanted to start a programming business called Logic Lizard, and they gave me a job working there. That was kind of cool. So those 3 gentlemen, just thank you for your time investment. And me and just countless other students over the years. I also just want to thank everyone that showed up for me tonight. There's three tables of Markabee people. Thank you all for coming and supporting me. There's a table of Dakota State faculty and staff that are here. My family, my wife's family, my wife's sisters drove down from Minneapolis and up from Lincoln to come here tonight. My wife's mother's here. My business partner Tim's here. Some of my My banker Rocky's here. Some of— just so many people. One of my mentors, Don Miller, is here. Just, I'm honored that you all showed up for me, and I just really appreciate that you came. Just thank you all for coming. At 40 years old, receiving an honor like this feels just a little bit unusual because I've got so much work left yet to do and so much more to accomplish. As I continue my career, I'm going to continue to strive for excellence. I'm not going to quit. I'm not going to stay home playing video games all day, but I am going to work to inspire the next generation of business leaders and startup founders in the state. South Dakota has given me a place to build a world-class business. It's given me a place to raise my family, and it's given me opportunities that I've never imagined would be possible. as a 4th grader sitting at home in front of the family computer in Mitchell. I'm deeply grateful for this honor, and I hope to spend the decades to come proving worthy of it. Thank you all very much.

I think many of you know how generous Matt is in investing in the state of South Dakota, but I hope you caught how generous he is with his time and the investment he gives to anyone in his life, his employees, his mentors. The investment of time from someone like Matt is truly valuable too. So thank you, Matt, for all you do.