I'm not sure about it being the "first"; The Minnesota Cup (<a href="http://breakthroughideas.org/" rel="nofollow">http://breakthroughideas.org/</a>) has been around for awhile, and <a href="http://minnestar.org" rel="nofollow">http://minnestar.org</a> has done some micro-seed funding.<p><a href="http://speedylemur.com" rel="nofollow">http://speedylemur.com</a> is also local to Minneapolis, though I don't know how many startups they've funded yet.<p>Regardless, still cool news for entrepreneurs in this part of the midwest...