Do you have a business idea, a startup, and looking for ways to fund your idea? There are grants of up to $35,000 to Minnesota technology entrepreneurs and start-ups to support business development. This available grant funds may be used for business expenses, research and development, and technical assistance.
It is important to understand that the purpose of funding is to support innovative and promising scalable startups and to position Minnesota as a leader in innovation. You should also check this $10,000 Visa Grant for Black-business owners.
The Business Operation Expenses grant reimburses expenses incurred in Minnesota including:
- Research and development (which includes, but is not limited to, proof of concept activities, intellectual property development, and protection, market feasibility studies, commercialization planning, prototype design and development, start-up costs)
- Direct business expenses (e.g., rent equipment purchases, supplier invoices, etc.)
- Purchase of technical assistance and services from an institution of higher education and other organizations
- Launch Minnesota grant funds must be spent in Minnesota
– Primary business activity is in technology-related industry
– Business operations and headquarters in Minnesota
– Business has not been in operation for more than 10 years
– Business generated less than $1 million in revenue
Ineligible for funding:
– A business engaged in speculative activities that develop profits from fluctuations in price rather than through normal course of trade, such as wildcatting for oil and dealing in commodities futures, unless those activities are incidental to the regular activities of the business and part of a legitimate risk management strategy to guard against price fluctuations related to the regular activities of the business; or
– A business engaged in pyramid sales, where a participant’s primary incentive is based on the sales made by an ever-increasing number of participants
Grant may not be used to:
– Make passive real estate investments; or
– Repay delinquent federal or state income taxes unless the business has a payment plan in place with the relevant taxing authority; or
– Repay taxes held in trust or escrow, e.g. payroll or sales taxes; or
– Reimburse funds owed to any owner, including any equity injection for the business’ continuance; or
– Purchase any portion of the ownership interest of any owner of the business; or
– Finance existing debt; or
– Pay for any expenditures incurred prior to the execution of the Launch Minnesota grant agreement.