GRAND FORKS: Kevin O’Leary, a renowned entrepreneur and television personality, delved into discussions about AI, satellite technology, and North Dakota’s potential role in these areas during his national tour on Friday.
In a packed venue at the Memorial Union, O’Leary, best known as a key figure on ABC’s “Shark Tank,” engaged in a conversation with UND President Andrew Armacost.
Due to the overwhelming attendance, the doors had to be closed five minutes prior to the event, prompting organizers to relocate some attendees to another area where they could watch the event remotely.
Armacost noted that the turnout exceeded that of OpenAI founder Greg Brockman, a North Dakota native, who visited the campus in September.
In a somewhat jesting manner, O’Leary remarked, “You should publicize that. No one realizes he hails from North Dakota.”
As part of his “investment journey,” O’Leary is traversing various states. His visit to Grand Forks encompassed tours of Grand Sky Aviation Park and the Honey Tower, which now houses a meeting room bearing O’Leary’s name through a sponsorship agreement between the two entities.
The Wonder Fund, a $45 million direct investment initiative, is a collaborative effort between O’Leary Ventures and the state of North Dakota.
“This is a long-term strategy,” O’Leary emphasized to the Herald. “We need to identify where we can build connections and relationships. This is not just about thriving; it’s about forging bonds.”
In his dialogue with Armacost, O’Leary positioned North Dakota as a strategic location, contrasting it with states like Minnesota and New Jersey, which impose greater regulations and higher income taxes on skilled workers.
He underscored the state’s role in pioneering industries such as IoT and satellite systems.
While acknowledging AI’s utility as a productivity enhancer, O’Leary contended that it is unlikely to spawn tech behemoths akin to Google or Microsoft. He suggested that these established entities, capable of investing billions in AI infrastructure, are more likely to lead the development and governance of such systems.
Nonetheless, O’Leary asserted that North Dakota stands to benefit significantly due to its combination of low energy costs, robust fiber infrastructure, and business-friendly governance.
“Data is the new currency,” O’Leary declared. “If you end up owning data centers, people will entrust their information to locations like this.”
According to O’Leary, North Dakota, along with Oklahoma, possesses the regulatory framework to oversee interactions between manned and unmanned aircraft in airspace—an advantage he views as a “tremendous opportunity,” especially in the realm of drone technology.
The largest allocation from the Wonder Fund North Dakota went to Thread, a HIVE-based software company specializing in automated inspection processes utilizing unmanned aerial systems.
Offering insights on crafting an effective business pitch, O’Leary humorously suggested that Canadian Prime Minister Justin Trudeau would not be fit to manage a candy store, a critique he had previously reserved for California Governor Gavin Newsom. He advised individuals to invest in mutual funds rather than attempting to outperform the market themselves, noting that exceptional returns could lead to substantial wealth.
When asked by Armacost to weigh in on whether UND or Denver had the superior soccer team, O’Leary playfully asserted that the best team could be found in Boston, eliciting a chorus of approval from the audience.
“Mr. Wonderful often speaks the truth,” he quipped.
authored by Joshua Irvine
Joshua Irvine covers the Grand Forks County Commission, K–12 education, and higher learning. He commenced his tenure at the Grand Fork Herald in October 2023.
