We’re Home to a Tech Talent Ecosystem That’s Strong and Growing
18 Oct 2022
“We believe the University of Minnesota offers a great example for other institutions looking to improve their technology commercialization enterprise. They have a technology transfer team with a great deal of industry experience in the areas where the University is generating new discoveries and ideas, and that has been groundbreaking in its approach to working with outside companies,” said Ross DeVol, president and CEO of Heartland Forward, which characterizes itself as a nonpartisan think-and-do tank. The University of Minnesota is at the heart of the region’s tech talent ecosystem. In 2022, they launched their 200th startup, after having launched 100 in the past five years.
The University of Minnesota’s Twin Cities campus is #1 for technology transfer within a 20-state region, according to Heartland Forward. Not only are they commercializing innovation, but these companies are also succeeding at incredible rates with 80 percent still active and 10 have gone public or been acquired since 2017.
Technology growth within the MSP region, of which the Minnesota Technology Corridor is a part, has been rapid over the past five years, but it’s in keeping with the region’s rich technology history. Minnesota became a leader in the technology industry before the branding of Silicon Valley. Today, the tech sector represents 9.3 percent of the state’s economy, or $31.1 billion. Within the state, the Minneapolis/St. Paul region is a hub for tech talent due to our 39 colleges, Fortune 500 companies, startup culture, and quality of life. The Minnesota Technology Corridor (MN Tech Corridor) benefits from these assets and is within 30 minutes of the airport and 4 professional sports stadiums.
For companies looking to recruit top tech talent, the MN Tech Corridor offers specific advantages that can’t be found elsewhere. With the state capital and 18 Fortune 500 companies located within 30 minutes of the Corridor, there is an abundance of highly skilled tech talent ripe for recruiting. “Both the state and our Fortune 500 companies have robust talent development programs in place. They recruit right out of college and have pathways for advancement. This makes it easier for relocating companies to find new and seasoned tech talent within the MN Tech Corridor,” said Chris Eng, Economic Development Director of the Washington County Community Development Agency.
Tech Talent Ecosystem within the MN Tech Corridor
Greater MSP released a report detailing the amount of tech talent available within the Minnesota Technology Corridor’s region.
- 10%+ increase in tech jobs over the past 5 years
- 10%+ of insurance jobs are tech jobs, employing over 5,000 people
- 25% of business services jobs are tech jobs, employing over 31,000 people
- 17% of jobs at regional headquarters are tech jobs
- 5% of all government jobs (MSP is home to the state capital) are now tech jobs
We encourage business leaders and site selectors to consider the value of growing a business where the technology sector has thrived for decades, and the tech talent ecosystem is strong and growing. Contact us to discuss shovel-ready sites near the Twin Cities in the heart of the MN Tech Corridor.