October 2016
Minneapolis Star Tribune-10/16/16
General Mills for several years had been trying to come up with high-growth products to capture the shifting, and fragmenting, preferences of consumers. But last October, the Golden Valley-based company realized it would never be able to out-innovate the plethora of small food startups pervading the national market. Rather than compete with them, General Mills decided to invest in them.
StemoniX, an Eden Prairie company that conducts stem cell-based research and drug screening, was named the grand prize winner of the 2016 Minnesota Cup competition last month. The business – among 1,500 competitors in this year's contest – was awarded $50,000 in seed capital and professional services benefits, in addition to the $30,000 it received as a division winner in the life science/health IT category.
Go here to read more about StemoniX and the seven other division winners in the 2016 Minnesota Cup.
It's not easy to start, manage or expand a business. To help businesses succeed, DEED offers a package of services and programs, including professional guidance in such areas as business development, financing, exporting, workforce recruitment and training. Go here to see a summary of what's available.
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Delano manufacturer Industrial Louvers Inc. is planning a $2 million office expansion that will accommodate future staff growth. The company said it plans to add 11 employees in the next two years. DEED is supporting the project with a $172,802 grant from the Job Creation Fund. DEED will award the funding once the company has completed its investment and job creation commitments.
 Minnesota has nearly 504,000 small businesses, accounting for 97.7 percent of all businesses in the state. Those are among the facts in the Small Business Administration (SBA) 2016 small business profile of Minnesota. Each year, the agency puts together a profile of each state to provide a snapshot of small business health and economic activity. This year’s profiles report on state economic growth and employment; small business employment, industry composition and turnover; business owner demographics; and county-level employment changes. Read the Minnesota profile here.
Two of the top three small business lenders in the country have significant operations in Minnesota, according to recently updated figures by the U.S. Small Business Administration. Wells Fargo, with more than 200 locations in Minnesota, was ranked No. 1, approving 8,737 loans totaling $1.9 billion to small business owners in the last year. U.S. Bank, headquartered in Minneapolis, ranked third as a small business lender. The bank provided 3,285 small business loans amounting to roughly $838 million last year.
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