The Innovation Grant, administered by Launch Minnesota, provides financial support to startups engaged in innovative technology, business models, or product development. The grant is designed to reimburse eligible business expenses incurred in Minnesota, including research and development, direct business costs, and the purchase of technical assistance and services. Salaries and wages for employees are covered, but wages or salaries for business owners who own 20% or more of the company, as well as their family members, are not eligible for reimbursement. The grant operates on a 2:1 reimbursement model, meaning that for every $2 a business spends, it receives $1 in reimbursement, with a maximum award of $35,000.
To qualify, businesses must have their primary operations and headquarters in Minnesota, must not have been in operation for more than 10 years, and must have raised less than $1 million in equity financing. Additionally, businesses that have previously received a Launch Minnesota Innovation Grant are not eligible. The program is intended to support startups demonstrating significant innovation and potential for scalability.
Applications are only accepted during designated periods, with the 2024 cycles running from June 1 to June 30 and from November 1 to November 29. Applicants are notified of their status by August 30, 2024, and January 31, 2025, respectively. While not mandatory, applicants are encouraged to complete a free Lean Startup class offered by Launch Minnesota to improve their chances of securing funding.
Launch Minnesota serves as a statewide initiative focused on fostering innovation and startup growth. The organization provides resources and funding opportunities to scalable startups, aiming to position Minnesota as a leading innovation hub. More information on past grant recipients and additional funding opportunities is available on the Launch Minnesota website.
For inquiries about the Innovation Grant program, application requirements, or other available resources, interested applicants can contact Launch Minnesota via email at LaunchMinnesota@state.mn.us.
