Launch Minnesota Shares Achievements in Annual Year-End Recap
January 26, 2023
"Launch Minnesota is incredibly important. I'm not even sure we'd be a company without them." That's what we heard from Minnesota entrepreneur Brian Bradley Johnson, founder of Ambient Intelligence, Launch Minnesota grantee and Launch Minnesota Network participant.
Brian is not alone in his take on the importance of Launch Minnesota. I hear again and again that Launch Minnesota is making a major difference in fostering a thriving innovation ecosystem in our state.
Today, we're releasing our Launch Minnesota Year-End Recap, which showcases the many ways our program catalyzed the work of entrepreneurs, startups and support organizations across the state in 2022.
Launch Minnesota supports innovation and entrepreneurship by increasing access to capital, creating a connected and collaborative culture, and expanding entrepreneurial talent and expertise. I'm excited to share that progress has been made in all these areas.
Highlights from the 2022 recap:
• Grantees collectively raised $79M in additional funds from other investors, representing a $12.40 return for every Launch Minnesota dollar invested.
• Awarded $2.53M to startups statewide through 95 Launch Minnesota Innovation Grants - and 100% of Launch Minnesota grantees surveyed said Innovation Grants helped move their business forward.
• Distributed $1M in this biennium in grants to entrepreneurial support organizations to help cultivate a thriving startup ecosystem and accelerate startup success.
• Spotlighted our innovation ecosystem to national and global audiences in 78 national and local publications – which had the potential to reach more than 215 million people around the world.
This progress would not have been possible without the support of our state's innovators, startups and the Launch Minnesota Network – a collective of nine hubs across Minnesota's six regions comprised of more than 90 program partners. All of these groups are working together to help startups save time accessing needed talent and resources.
Launch Minnesota Network's major achievements in 2022:
• Northeast: Helped more than 50 regional founders complete virtual 10-week lean classes through ILT Academy.
• Northwest: Created Headwaters Angel Network to spur investment in regional startups.
• Southeast: Provided individual support to 875 entrepreneurs.
• Southwest: Provided support to 250 entrepreneurs.
• Twin Cities
o Forge North: Supported organizations that connect a diverse group of founders to mentors, potential investors and resources.
o Social Impact Strategies Group: Hosted three mini-ConnectUP! Summits to bring more connectivity across the ecosystem serving Black-owned businesses across the state.