MINNEAPOLIS — The University of Minnesota announced its partnership with the state in funneling around $34.5 million into early-stage businesses.
The U of M officially launched its ventures capital programs on Wednesday, with specializations including "life sciences, agriculture/food tech, climate tech, advanced manufacturing, software, and technology," according to a press release.
University officials, along with the Minnesota Department of Employment and Economic Development (DEED), will work together to facilitate the programs. Up-and-coming businesses can access funding-related support through Minnesota State Small Business Credit Initiative’s (SSBCI) Direct Investment and Multi-Fund Venture Capital Programs.
"This new infusion of capital will help our whole Minnesota startup ecosystem move many new early stage ideas forward,” said Russ Straate, who leads the university’s Venture Center, in a statement. “We’re pleased the independent selection process will allow U of M and other startups we worked with through DEED’s Launch Minnesota and Angel Tax Credit programs to be eligible for these much needed resources. All early stage companies in Minnesota should consider these new funding opportunities.”
The new programs must do the following:
- Work directly with venture capital fund managers to reach Minnesota’s developing markets in need of capital investment
- Broaden opportunities for direct investment in early-stage startups that need access to capital to meet their goals
- Leverage the University’s expertise with investing in high-growth early-stage companies
- Be transparent and fair, while adhering to all federal guidelines so that Minnesota may fully utilize the total amount of capital available through the programs
For more information on the programs, you can visit the U of M's SSBCI Venture Capital Programs website or DEED's Small Business Hub.
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