Funds Deployed to Minnesota Venture Capital Firms
Minnesota’s Multi-Fund Venture Capital program is helping expand access to early-stage capital by investing in in Minnesota-based venture funds that back high-growth startups across key sectors like life sciences, climate tech, agtech and software.
Administered through the State Small Business Credit Initiative (SSBCI) in partnership with the University of Minnesota, the program is designed to strengthen the state’s venture ecosystem, increase private capital investment and support underserved founders.
To date, the program has committed $10.24 million to six funds:
Notably, Mairs and Power Fund II has already demonstrated early success, with portfolio company exits including Wirespeed, Inc. and eDiscovery AI. These outcomes represent meaningful progress in strengthening the state's venture capital ecosystem and generating returns for investors.
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Emerging Entrepreneur Board Seeks Members
DEED’s Emerging Entrepreneur Advisory Board is responsible for studying, surveying and supporting small businesses owned and operated by entrepreneurs from underrepresented backgrounds.
The Emerging Entrepreneur Board is accepting applications for its open positions. Those with experience in economic development and working to address racial income disparities are encouraged to apply.
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Driving Impact Across the State
In the first quarter of 2026, Minnesota SBDC continued to drive measurable economic impact across the state, with a strong emphasis on business growth, new venture creation and rural community support. Advisors helped entrepreneurs launch new businesses, expand existing operations and navigate critical early-stage decisions.
Notably, rural regions saw meaningful engagement, with tailored support increasing access to resources and opportunities in Greater Minnesota. These results reflect continued momentum in strengthening local economies and building a more resilient, statewide small business ecosystem.
New Child Care Facility Opens in Itasca County
Roots & Wings Early Learning Center, located in Grand Rapids, is preparing top open its nature-based learning facility that will serve children from infancy to school age. Designed to foster hands-on learning and exploration, the center will help address a critical child care shortage in Itasca County while supporting working families and local employers.
The project was made possible through investments from DEED and the Minnesota Initiative Foundation, highlighting the power of public-private partnerships to expand child care access and strengthen regional economies. Once open, the center is expected to serve more than 100 children.
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 May Small Business Call: Creating Scale with EOS
Our next Small Business Call, hosted by Dan Mallin, offers a preview of the EOS operating model, which helps some companies behind healthier, more scalable businesses. Ideal for founders curious about running the company with less friction and more control.
Register here
Celebrate National Small Business Week
National Small Business Week is a time to recognize the entrepreneurs and small business owners who power Minnesota’s economy and strengthen communities across the state. Led each year by the Small Business Administration (SBA), this week celebrates the innovation, resilience and impact of small businesses, from main street storefronts to high-growth startups.
At DEED’s Office of Small Business and Innovation, we’re proud to support these businesses year-round through resources, connections and programs that help them start, grow and succeed.
National Small Business Week runs May 3-9. Learn more about the opportunities to celebrate this important event.
May 2: Minnebar20
May 7: Naturally Rising Minnesota Pitch Slam
May 13: Founders Day at UMN
May 21: Tech Con 2026
Startup and Small Business Calendar
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