Rankings & Accolades for Minnesota’s Technology Sector & Workforce
May 9, 2022
Minnesota is highly ranked for the assets that make for a strong technology cluster - education, top talent, money being directed towards R&D, affordable sites and low energy rates. The state also ranks highly for the quality of life factors that make technology workers want to live in the area. For example, Minneapolis has been named the Fittest City in America, the 2nd best city for cycling in the world and a top city for Millennial homebuyers.
Minnesota Technology Sector Rankings
- #1 Health Technology Cluster in the world
- #5 Best metro area for STEM professionals (WalletHub, 2022)
- #6 Technology & Science Workforce (Milken Institute, 2020)
- #6 Patents per capita
- The University of Minnesota ranks 9th in R&D expenditures among public universities, with $1.04 billion in 2019.
- Medtronic had a $2.3 billion R&D budget last fiscal year. The company ranks first for total R&D expenditure among Twin Cities-based med-tech companies.
For a full list of rankings click here.
Programs to Support Minnesota’s Technology Cluster
At the state level incentives were passed to give up to 20 years of tax breaks to technology companies. Our team can help to determine if your project qualifies for this incredible savings.
In addition, there are startup competitions, accelerator programs and statewide funding initiatives to help startups and technology companies thrive. For example, Innovation Grants target innovative businesses and technologies in Minnesota, reimbursing business expenses like research and development or technical assistance services. In addition, the Minnesota Small Business Innovation Research and Small Business Technology Transfer Matching Grants deliver technical assistance and funding to Minnesota firms so they can access federal investments. This supportive ecosystem contributed to startups raising over $1.8B in total venture capital with a median deal value of $2.5M in 2020.
Why The Minnesota Technology Corridor
Minnesota ranks highly for opportunities in the technology sector. Within Minnesota, the Minnesota Technology Corridor is the ideal place to build a business.
- Speed-to-market is one of the best in the country. Get permits in 6 weeks.
- Electricity costs 17% lower than the U.S. average
- Purchase and lease rates are lower than Minneapolis/St. Paul (but we are only 15 minutes away!)
- Financial incentives are available
- We’re 25 minutes from the MSP International Airport
Bring Your Technology Company or Data Center to the Minnesota Technology Corridor
Contact us for site selection assistance, help finding incentives or for more information on why Minnesota ranks highly for technology companies.
