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Kevin O’Leary, a well-known investor and Shark Tank personality has earlier recognized North Dakota as a prime location for business growth. His investment program, Wonder Fund North Dakota, operates as a direct investment initiative within the North Dakota Development Fund, utilizing federal resources from a State Small Business Credit Initiative (SSBCI) grant.
During an interview with Fargo Inc. on November 7, 2023, O’Leary praised the state's pro-business policies and economic environment, stating:
"This is a golden period for North Dakota, it really is. It’s going to come out swinging as a competitive state."
His involvement has helped position the state as a rising business hub, attracting investors and entrepreneurs looking for favorable conditions.
Shark Tank Kevin O’Leary’s investment signaled a new era for North Dakota’s business landscape
Choosing North Dakota
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O’Leary’s interest in North Dakota began nearly a decade ago with his investment in PRx Performance, a Shark Tank success story. This early success made him aware of the state's strong business potential.
"My first connection with North Dakota came almost 10 years ago with my investment in PRx Performance, which has been one of the most successful deals in Shark Tank history," he explained.
Kevin O'Leary credited North Dakota's business-friendly policies for his investments. He explained that he would avoid similar programs in states like New York, New Jersey, Massachusetts, or California due to their regulatory frameworks.
"It’s really about policy. I would never do a fund like this in New York, New Jersey, Massachusetts, or California. Those states are uninvestable," he stated.
The Shark Tank investor further highlighted that North Dakota’s policies have made it easier to attract capital, an essential factor in his decision-making process.
Attractive business destination
North Dakota’s economic landscape has evolved significantly, focusing on investor attraction through policy stability and competitive taxation. The Shark Tank investor emphasized these conditions during his Fargo Inc. interview, stating,
"My job is to be an ambassador of that policy, and I do it willfully because the policy is stable, the government is supportive of businesses, and taxes are competitive."
In the conversation with Fargo Inc., Josh Teigen, North Dakota's Department of Commerce Commissioner, added that one of the primary reasons for selecting O'Leary Ventures was its focus on early-stage capital investment. He noted that, unlike most venture firms that invest later, O'Leary's model provides crucial support for new businesses.
Another factor that enhanced North Dakota's business appeal is the change in workforce dynamics post-pandemic. Kevin admitted that advancements in technology have allowed companies to operate remotely, making the state even more competitive. He explained:
"North Dakota is very competitive, particularly now when you could headquarter in North Dakota and hire people from all over the world."
The broader impact of O’Leary’s involvement
O’Leary’s endorsement of North Dakota goes beyond financial investment. His public advocacy about the state’s business potential acts as a promotional tool, drawing national and international interest.
"I am traveling the world talking to people about North Dakota—there’s plenty of capital that needs to be put to work on a long-term basis that knows nothing about the policy of North Dakota," he stated in his Fargo Inc. interview.
Teigen highlighted that O’Leary’s public presence has played a key role in shaping perceptions of North Dakota’s economy. He explained that an unexpected advantage of working with Kevin has been the increased media coverage showcasing North Dakota as a business-friendly state.
The Shark Tank investor regularly appears on national news platforms, further spotlighting the state’s economic policies and investment opportunities.
New episodes of Shark Tank premiere on Fridays at 8 PM ET on ABC and can be streamed later on Hulu.
