Small Business Bulletin-March 2018

Small Business Bulletin

March 2018

In the News

Black Tech Startups Find Success in Twin Cities Accelerator Program
Minneapolis Star Tribune-3/19/18

Three African American tech entrepreneurs

While tech companies with black founders are still few and far between in the white-dominated startup world, three such firms from the Twin Cities have found some recent success in landing highly coveted spots in a prominent accelerator program.

It’s a milepost that the three leaders — Tyrre Burks of Player’s Health, James Jones of Spark DJ and Clarence Bethea of Upsie — hope will inspire more black entrepreneurs to launch businesses as well as encourage more venture capital firms to invest in companies with leaders who look like them.

Southeast Minnesota Angel Fund Makes First Two Medtech Investments
Twin Cities Business-2/28/18

Company logos

The newly established Southeast Minnesota Capital Fund has made its first two angel investments. The fund was launched in August to diversify Rochester’s economic growth into the surrounding counties of southeastern Minnesota.

One of the investment recipients is Sonex Health LLC, a Rochester firm that makes a surgical device allowing physicians to perform carpal tunnel release surgery through a single micro-incision using ultrasound guidance.

The other company is Oculogica Inc., founded by Hennepin County Medical Center neurosurgeon and University of Minnesota professor Uzma Samadani. The company has developed an eye-tracking technology that detects concussions and other brain injuries invisible to existing scanning methods.


Celebrating Small Business Development Centers Day

SBDC Day logo

Gov. Mark Dayton proclaimed today, March 21, to be Small Business Development Centers Day in Minnesota, recognizing the important role Small Business Development Centers play in supporting the more than 500,000 small businesses in the state.

Minnesota is joining other states in celebrating Small Business Development Centers Day during national SBDC Day, also March 21.

“Small businesses are the backbone of our economy, contributing greatly to Minnesota’s success and providing pathways for prosperity and independence all across our state,” said DEED Commissioner Shawntera Hardy. “Minnesota’s SBDC network provided 35,000 hours of consulting work to more than 3,400 Minnesota businesses and entrepreneurs last year.”

Minnesota SBDC client businesses created 215 new small business, accessed $125 million in new capital investments, created or saved more than 4,600 jobs, and grew revenues by more than $72 million in 2017.

DEED manages Minnesota’s SBDC network, which includes nine regional centers and 19 satellite offices around the state.


Recent Press Releases

Canadian Company Building Flaxseed Processing Plant in Delano

Flaxseed

Canada-based Pizzey Ingredients will invest $3.2 million and hire 14 people to operate a new milling facility in Delano. Company officials said they plan to build a 20,000-square-foot flaxseed-processing plant in the West Metro Business Park. The new jobs will pay wages averaging $22.67 an hour. DEED is supporting the project with a $196,969 grant from the Job Creation Fund.

Caisson Interventional Expanding in Maple Grove, Plans 50 New Jobs

Caisson Interventional logo

Medical device firm Caisson Interventional LLC plans to expand its Maple Grove facilities by 30,000 square foot and add 50 jobs. The company, which is owned by London-based LivaNova PLC, said it will invest $750,000 in the building expansion. The new jobs will be created within three years and pay wages averaging $32.71 an hour. DEED
is supporting the project with a $359,850 grant from the Job Creation Fund.


Did You Know?

Welcome to Minnesota sign

Minnesota was second in U.S. News & World Report's rankings of the best states. The news magazine used more than 75 metrics in eight categories to compile the list. Minnesota was especially strong in quality of life (second), opportunity (third), infrastructure (sixth) and health care (seventh). Three other Midwestern states were in the top 10, with Iowa finishing first, North Dakota fourth and Nebraska seventh.