Episode 39 - Matchstick Ventures Partner Ryan Broshar

Growing up on an Iowa farm taught Ryan Broshar about taking risks and working hard. And it made him realize at an early age that he’d rather sell the corn than harvest it. His first startup, a university-based publication business called University Guide, grew out of an entrepreneurship class assignment at the University of Minnesota. It became a profitable business that Broshar sold two years out of college. While pursuing an MBA at Colorado University-Boulder, he got involved in the emerging startup community and worked for an investment fund. It was 2008—“the economy was crashing, but (tech startups) weren’t going down; they were thinking forward.” When he and his wife moved back to Minnesota to be closer to family, Broshar saw an opportunity to support the Twin Cities startup community. He co-founded BetaMN, a support system for founders that puts on a showcase-style event to connect founders with investors. Next, he co-founded Twin Cities Startup Week, which has become a national draw, attracting large companies and investment dollars to Minnesota. He was instrumental in bringing the Tech Stars Retail Accelerator program to Minnesota, and served as managing director for four years before leaving to concentrate on Matchstick Ventures, a seed stage firm focused on early stage tech companies in the Midwest and Rockies. In 2019, Matchstick raised $30 million in its second round. The fund has invested in 50 companies to date including Upsie and Inspectorio. “What I really liked about my own startup was the start,” Broshar says. “I like the zero to one of building a company. One to 10, I get kind of bored and start thinking, what’s the next idea? When you’re investing, you’re always starting. It’s a great fit for me.” Early stage investing appeals to Broshar because of the mentorship component. “You have to have empathy for the founder and understand there are going to be pivots. When you’re an early investor in an early stage company, it’s part financial support, part cheerleader, party psychologist. Being a