23 startups received Innovation Grant funding this fiscal year
ST. PAUL, December 3, 2020 – The Minnesota Department of Employment and Economic Development (DEED) today announced that it has awarded $746,295 in the first half of fiscal year 2021; this follows the $1.6 million awarded in the first year of funding.
Since July, we awarded 28 grants to 23 companies and seven entrepreneurs, of which 14 were target minority, veteran or woman-owned or 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.
“The success of our innovation ecosystem depends on our technology startup growth, and we look forward to providing more resources and support to entrepreneurs and small businesses,” said DEED Deputy Commissioner of Economic Development Kevin McKinnon.
“Launch Minnesota has just rounded its first year, and we are pleased with the progress and the ability for Launch Minnesota to put capital in the hands of startups,” said Launch Minnesota Executive Director Neela Mollgaard. “Investment in startups is vital to grow our economy.”
Since Launch Minnesota’s creation in 2019, it has awarded Innovation grants of nearly $2.4 million to 77 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. Just over $820,000 remains to be granted this fiscal year of the original $3.2M appropriation.
Visit LaunchMinnesota.org or visit the Launch Minnesota grants section of the DEED website to learn more about grant opportunities, see a listing of grant recipients and access application materials. You can also see a complete summary of the 2020 fiscal year awards in the Launch Minnesota Annual Report.
Launch Minnesota is a new initiative aimed at growing Minnesota’s startup ecosystem. It is spearheaded by DEED, leveraging the expertise of dozens of private sector leaders and Minnesota entrepreneurs. For more information, visit LaunchMinnesota.org. Follow Launch Minnesota on Twitter and Facebook.
You can find a full list of all Innovation Grants on the Launch Minnesota website Innovation Grants page.
Awards recipients since July and their location are: Bibliate, Minnetonka; BioMagnetic Sciences LLC, Eden Prairie; Blue Water Farms, Welch; Bus Stop Mamas, Roseville; Cytotheryx Inc., Rochester; Dean Ultra Thin Retainer, Fosston; EmpowerU LLC, Minnetonka; Gomingo, Waseca; HabitAware, St. Louis Park; ImagoAI Inc., St. Paul; Ion Concert Media, Shakopee; JockLab, Minneapolis; Kennedy Research, Murdock; Laplace Interventional, Plymouth; MarPam Pharma, Oakdale; NeuroVASx, Exelsior; Quench Medical, St. Paul; ReMastered Sleep, Eagan; Runerra Technologies Inc., Minnetonka; Sparrow Marketing, Minneapolis; Sprowt LLC, Burnsville; Superior Organoid Technologies, St. Paul; and Vonzella Inc., Minneapolis.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website mn.gov/deed/ or follow DEED on Twitter.