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Launch Minnesota Newsletter: January 2023 Edition

Applications Open for Minnesota Ventures

Launch Minnesota is proud to once again partner with the University of Minnesota, the Medical Alley Association and the MNSBIR/STTR Accelerator to host another MN Ventures event. MN Ventures is open to startups from all stages and industries. Those that are selected to pitch will present to an audience that includes investors from across the country.

Founders that wish to participate must email their pitch deck to venture@umn.edu by the end of the day on February 6.

The event is scheduled for February 24 at 10:00 a.m.

Details on this page

New Board Members

We are pleased to share that Launch Minnesota will soon add four new members to our board of advisors. Launch Minnesota’s advisory board makes recommendations on many aspects of the program, such as grant awards and strategic planning.

Our four new members are investors, educators, innovators and entrepreneurs, and they represent both the Twin Cities and Greater Minnesota. Here are the four new board members:

Stefan Madansingh PhD – Department of Business Development, Mayo Clinic
Leena Pradhan-Nabzdyk – Founder and CEO, Canomiks
Shawn Wellnitz – CEO and President, Entrepreneur Fund
Sheneeta White – Associate Dean and Best Buy Chair, University of St. Thomas Schulze School of Entrepreneurship

A special thanks to the four members concluding their advisory board terms: Christine Beech, Xavier Frigola, David Hengel and Aneela Idnani. Each served on the board since Launch MN's inception and made valuable contributions to our program and the innovators we serve.

And thank you to the new board members for stepping forward to serve! We’re thrilled to have the counsel of this group of leaders.

Learn more

New Launch MN Grantees

Last month DEED awarded $386,964 in Innovation Grants to startups across the state. The grants were awarded to 15 startups, over half of which are led by entrepreneurs of color, veterans, women, or are based in Greater Minnesota.

Since its inception during the 2019 legislative session, Launch Minnesota has awarded 260 Innovation Grants totaling $6.4M to 187 unique grantees – accelerating the growth of startups and amplifying Minnesota as a national leader in innovation.

Funding for Innovation Grants has been fully depleted for this fiscal year. We anticipate accepting applications for FY2024 in July 2023.

Get to know our new grantees

Friday Forum: Preparing for an Accelerator - January 27

Launch Minnesota’s Friday Forums are an opportunity to discuss the topics facing Minnesota’s startup community. This month’s topic is “Preparing for an Accelerator” and features local leaders from BETA, Techstars, Lunar Startups and more. Join us to learn how to make your application stand out, and how to make the most of an accelerator experience if accepted.

Learn more

State Small Business Credit Initiative

DEED has secured $97M in new funding to support small businesses through the State Small Business Credit Initiative (SSBCI).

Minnesota is receiving the funds in three disbursements over several years. The funds support several programs:

Automation Loan Participation Program, providing companion loans to fill gap financing needs for small manufacturers to purchase machinery, equipment, or software to increase productivity and automation.
Growth Loan Fund, providing direct loans to innovative seed- and early-stage technology businesses.
Minnesota Loan Guarantee Program, providing 80% loan guarantees for qualified loans made by enrolled institutions.
Direct Investment and Multi-Fund Investment Programs, two venture capital programs offered by the University of Minnesota investing in Minnesota-based seed- and early-stage businesses.
Small Business Loan Participation: DEED will purchase participations in loans to small businesses made by approved community development financial institutions and nonprofit lenders.

DEED's new Small Business Hub has the latest news on SSBCI.

Join the Minnesota Exchange

The Minnesota Exchange, powered by local startup Kinetic, matches individuals from across the state for weekly one-on-one conversations to develop new business relationships and discover new startup resources.

In just over one year, the Minnesota Exchange has facilitated over 330 hours of conversation and has grown to more than 400 members.

Some of the organizations utilizing this platform include General Mills, Grow North and BETA. MN Exchange is helping entrepreneurs find the right resources at the right time in their startup journey

Join the MN Exchange today! Code to join: 1858

Education Opportunities

ILT: Applications are currently open for ILT Lean Startup Education Programs in Northeast, Northwest and West Central Minnesota. The 10-week program is free to all Minnesota startups. Details here.

CO.STARTERS: Offered by Rochester-based Collider, CO.STARTERS is a 10-week-long, cohort-based program that equips starters of all kinds with insights, relationships and tools needed to turn businesses ideas into action. The next cohort kicks off Jan. 31. Details here.

Red Wing Ignite: Offers free, ongoing offerings for businesses of all stages in the following Southeast Minnesota counties: Rice, Goodhue, Wabasha, Steele, Dodge, Olmsted, Winona, Freeborn, Mower, Fillmore and Houston. Details here.

MN Venture Builders: The entrepreneurial education platform for Launch MN. Organized by the Holmes Center for Entrepreneurship in the Carlson School of Management at the University of Minnesota, Venture Builders offers courses like Value Proposition Design. Venture Builders will share information about its April 2023 classes soon. Details here.