You have the beta (TM-00-02) version of the board without the bootloader installed. Here's how to install the bootloader and update the firmware.
Connect together the pins above the Tessel logo as shown below:
With those pins shorted, press the reset button.
tessel update on a Mac or Linux computer to upgrade the bootloader and the firmware.
Note that on TM-00-02, you need to press the reset button after powering it up. It boots automatically only after the 60s delay you encountered. This was fixed in the production version TM-00-04.