Fourteen of the Launch Minnesota grants went to minority and women-owned technology companies. | Christina Morillo/Pexels
Fourteen of the Launch Minnesota grants went to minority and women-owned technology companies. | Christina Morillo/Pexels
The $746,295 in grants awarded to 23 companies and seven entrepreneurs represents just under half of what the Minnesota Department of Employment and Economic Development (DEED) plans to hand out to the most promising innovative and scalable technology businesses in the state.
Fourteen of the Launch Minnesota Innovation Grants targeted minority, veteran or women-owned or located businesses in Minnesota, DEED reported on its website. DEED awards the grants to help technology startups and entrepreneurs grow the innovation ecosystem by reducing risks.
The department has a little more than $820,000 left of the original $3.2 million to be granted this fiscal year.
Launch Minnesota has awarded 77 startups a total of nearly $2.4 million. The Minnesota Legislature created the program in 2019 to accelerate growth and support innovation.
“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,” Launch Minnesota Executive Director Neela Mollgaard said, the website reported. “Investment in startups is vital to grow our economy.”
Grant recipients and application materials can be found at LaunchMinnesota.org.
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