A push to bolster Minnesota’s tech economy takes shape
1 Aug 2019
When Steve Grove was appointed commissioner of the state’s Department of Employment and Economic Development (DEED) in January, one of his first priorities was to grow the state’s technology sector to compete with cities like Seattle, Boston and Austin.
That agenda is now taking shape with help from the Legislature. In the two-year budget approved in May, lawmakers passed a slate of proposals made by Grove and Gov. Tim Walz to foster startup businesses and build tech companies.
The Legislature re-instituted an “angel” tax credit for people who invest in startups and created “Launch Minnesota,” an initiative focused on nurturing the tech scene with grants, mentorship and collaboration with private businesses. The Legislature also agreed to spend $40 million on a grant program that helps build infrastructure for rural high-speed internet.
DEED did not get everything Grove had wanted, including more spending for broadband internet grants. But Grove, a former executive at Google, said the state is taking critical steps to support a sector that can help create jobs, attract young workers in a tight labor market and put Minnesota on the economy’s cutting edge.