St. Paul – If you own a startup, planning one or thinking of one, and need funding to help make your dreams come true, you’ll find this article helpful! The Minnesota Department of Employment and Economic Development (DEED) today Monday, February 22nd, 2021 announced that it has awarded $454,375 in Launch Minnesota Innovation Grants to startups.
This is a follow-up previous grant of $746,295 that was awarded earlier, which brings the total of the grants to over $1.2M this fiscal year, leaving close to $400,000 remaining to allocate amongst the applicants for 2021. The $1.6 million was fully allocated in the first year of funding.
Since January, DEED awarded grants to 17 companies, of which 13 are target minority, veteran or woman-owned businesses or are located in Greater Minnesota.
Launch Minnesota Innovation Grants are targeted to the most promising innovative and scalable technology businesses in Minnesota. The grants help reduce the risk for Minnesota technology startups and entrepreneurs who are solving problems and growing our state’s innovation ecosystem.
“Providing resources and support for technology startups is important to help our state’s economy as these companies grow,” said DEED Deputy Commissioner of Economic Development Kevin McKinnon. “It’s even more important now as we look to help businesses during the pandemic recovery.”
“Putting capital in the hands of founders can make a big difference in their long-term success,” said Launch Minnesota Executive Director Neela Mollgaard. “We know firsthand the difference it is making in the ability to grow these startups and new technologies.”
Since Launch Minnesota’s creation in 2019, it has awarded 118 Innovation grants of over $2.8 million to 88 startups statewide. Launch Minnesota was created with bipartisan support during the 2019 legislative session as a statewide collaborative effort to accelerate the growth of startups and amplify Minnesota as a national leader in innovation.