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Minnesota awards innovation grants to 11 companies

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Eleven companies in Minnesota have been chosen to receive innovation grants, the Minnesota Department of Employment and Economic Development said on Friday.

This is the third round of the Launch Minnesota Innovation Grants, this time totaling $247,000. The 12 grants were given to 11 different companies, accoring to a news release by DEED . Eight grants are for business operations and four are housing/childcare grants.

In total more than $1.2 million has been awarded to Minnesota startups through the grant program, with an additional $1.2 million being matched by private sources.

The first round of grants was announced in January and the second in March. Grant applications will continue to be reviewed on a rolling basis until the $1.6 million in fiscal year 2020 is fully awarded., accoridng to DEED.

Of the 11 businesses receiving grants in this third round of funding, 36% are women-, veteran- or minority-owned or are headquartered in Greater Minnesota.

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“At this unprecedented time, it’s never been more important to foster and grow a startup community that will build solutions to help us meet challenges we face moving forward,” said DEED Deputy Commissioner of Economic Development, Kevin McKinnon. “While we work to address the immediate needs driven by the COVID-19 pandemic, it’s important to continue to nurture the innovative businesses of the future.”

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.

Launch Minnesota Advisory Board Chairwoman Jodi Hubler said it will continue its effort to accelerate growth in Minnesota. In July, another $1.6 million in funding will be available for fiscal year 2021.

“Six of the awardees announced today are focused on medical device, pharmaceuticals or other health and wellness technology,” said Executive Director of Launch Minnesota, Neela Mollgaard. “This is a perfect example of how investment in new technology can prepare Minnesota for the future.”

Related Topics: ALL-ACCESSMINNESOTA
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