DEED Commissioner Steve Grove, Launch Minnesota Advisory Board Chair Jodi Hubler, Launch Minnesota Executive Director Neela Molgaard, and UMN Senior Vice President Myron Frans at a UMN health sciences makerspace on November 16, 2022.
The University of Minnesota is partnering with the State of Minnesota to inject $34.5 million into Minnesota’s early-stage, venture-backed businesses — a key step toward maintaining Minnesota’s position as one of the best states nationally for growing new businesses. The program was announced on campus on November 16 by Department of Employment and Economic Development (DEED) Commissioner Steve Grove, Launch Minnesota Advisory Board Chair Jodi Hubler, Launch Minnesota Executive Director Neela Molgaard, and UMN Senior Vice President Myron Frans.
The University will also develop the application process, stand up an office, and facilitate a selection process that ensures fair and open access to Minnesota businesses.
“This new infusion of capital will help our whole Minnesota startup ecosystem move many new early stage ideas forward,” said Russ Straate, who leads the University’s Venture Center which has helped spin out more than 200 startups based on University of Minnesota inventions. “We’re pleased the independent selection process will allow U of M and other startups we worked with through DEED’s Launch Minnesota and Angel Tax Credit programs to be eligible for these much needed resources. All early stage companies in Minnesota should consider these new funding opportunities.”