On February 12, 2026, Interim Vice President for Research and Innovation Joanne Billings presented the annual research report to the Board of Regents, emphasizing the strength, impact, and resilience of the University of Minnesota research enterprise. See a recording of the presentation.
Record-Breaking Year
The report highlighted a record-breaking year, with annual research expenditures climbing to $1.44 billion systemwide for fiscal year (FY) 2024. On the Twin Cities campus alone, expenditures reached $1.41 billion, securing the University's position as the 12th leading public research university in the U.S. FY24 totals were up 6.8 percent over the previous year.
“This ranking tells a deeper story—it reflects the national competitiveness of our faculty, the trust federal agencies place in our teams, and the University’s ability to solve complex challenges at scale,” Billings said. “For Minnesota, that matters directly: it means our state is home to one of the most productive public research engines in the country, one that helps drive economic vitality, workforce development, and community well-being.”
UMN Research Expenditures (FY16-24)
Over the past decade, the University has seen sustained momentum in research investment, with a 60.8 percent increase in overall research expenditures, and a nearly 98 percent surge in business and industry support.
In FY25, University researchers also competed for $1.22 billion in sponsored awards, a 15.6 percent increase from the prior year. Federal awards represented 54 percent of total awards, and the National Institutes of Health remains our largest single federal sponsor.
Awards by Source: All Campuses, FY25
"This is an important signal to the University," Billings said. "Our teams are awarded these funds in an increasingly competitive environment, bringing resources into Minnesota and converting them into scientific discovery and outcomes that matter."
Technology Commercialization
The report also detailed a banner year for technology commercialization. The University launched 26 new startups—77 percent of which are located in Minnesota—ranking it 3rd among public universities for startup creation. Over the past five years, UMN startups have attracted $3.55 billion in private investment, acquisitions, and IPOs, creating over 1,400 jobs.
University researchers reached a new milestone in FY25 with a record 450 invention disclosures—nearly half of which came from first-time inventors—underscoring the vitality of the University’s entrepreneurial ecosystem.
See more Technology Commercialization statistics and rankings.
Research Impact
Beyond the rankings and statistics, the presentation showcased interdisciplinary research projects delivering direct community benefits:
- Memory Keepers Medical Discovery Team: An NIH-funded project at the Duluth campus developing culturally appropriate dementia care for rural and Indigenous populations.
- Jord BioScience: A UMN startup that has secured $16 million in private funding to commercialize microbial products that enhance soil health and crop yields.
- MATI (Mobility, Access, and Transportation Insecurity): A collaboration with federal, state, and local partners addressing transportation barriers in rural and urban communities.
Billings noted that these efforts align with the Elevate Extraordinary 2030 strategy, advancing research that reinforces community health and well-being, strengthens sustainability and resilience, and supports economic vitality and workforce development—powered by cross campus collaboration to amplify statewide impact.
This strong interdisciplinary foundation prepares the University not only to respond to Minnesota’s emerging challenges, but to lead on them, whether it is biomanufacturing, climate adaptation, artificial intelligence, advanced agriculture, or medical devices. "We are strong, coordinated, and forward-looking," said Billings.
"At the University of Minnesota, advancing research and scholarship is a key component of our mission," said University President Rebecca Cunningham, who offered opening remarks. "This report illustrates how we continue to grow this enterprise, deliver real-world benefits, and raise the bar on national and global stages."