Helping startups succeed—and stay—in the Midwest

Wednesday, October 03, 2018

At the University of Minnesota, launching a new company is one of several ways that breakthrough research can move beyond the lab to benefit the public. But finding the right leader, with the right experience, to bring these new technologies to market can be difficult. “Leadership is just as important as intellectual property to a startup’s success,” said Mary MacCarthy, Venture Center program manager with the U’s Venture Center in the Office for Technology Commercialization. “The biggest challenge the U of M has with launching our startups is finding skilled, available CEOs with experience in particular industries.” A new network comprising 11...
Number of women-owned businesses increased nearly 3,000% since 1972, according to new research

Tuesday, October 02, 2018

The Eighth Annual State of Women-Owned Businesses Report, Commissioned by American Express, Finds Women Are Starting an Average of 1,821 Net New U.S. Businesses a Day Number of Firms Owned by Minority Women Has Grown by Nearly 3 Times That of All Women-Owned Firms Over the Past 11 Years NEW YORK--(BUSINESS WIRE)--Women started an average of 1,821 new businesses per day in the U.S. between 2017 and 2018, according to analysis in the 2018 State of Women-Owned Businesses Report, commissioned by American Express (NYSE:AXP). This level of new business formation by women is greater than the daily average during the pre-recession period...
Innovation Voucher Award Program

Friday, September 28, 2018

Financial Awards Give Small Businesses Access to Technical Assistance The Innovation Voucher Award Program provides $5,000 to $25,000 awards to help small businesses purchase technical assistance and services necessary to advance research, development or commercialization of new or innovative products and services. Qualifying businesses receive awards – which the recipient must match on a 50 percent basis – to reimburse for expenses incurred for assistance and services rendered by public universities, colleges, technical schools and non-profits in Minnesota. Reimbursable expenses include purchased technical assistance and services in research, technical development, product development, commercialization, market development, technology exploration, and improved business practices, including strategies to...
Twin Metals Minnesota names Osborne CEO

Thursday, September 27, 2018

Kelly Osborne has been named chief executive at Twin Metals Minnesota. Osborne returns to TMM after previously working with Duluth Metals starting in July 2012, including serving as CEO of TMM from 2014-2015. He has more than 30 years of experience in the mining industry, including underground operation. Devoted to the outdoors and northern Minnesota adventures, Osborne’s leadership values, the company said,  are consistent with TMM’s commitment to design an environmentally responsible underground mine that protects our wilderness, natural environment, and recreational and cultural resources. His industry expertise will be a valuable asset in ensuring our project meets or exceeds environmental regulations. TMM...
Entrepreneur Fund, Great River Energy combine resources

Wednesday, September 26, 2018

The Entrepreneur Fund and Great River Energy (GRE) are partnering to distribute $1 million of loan financing in rural areas. The money is being provided through Great River’s revolving loan fund and will be available for projects that are served by one of GRE’s electric cooperatives. They include Arrowhead Electric, Cooperative Light & Power, East Central Energy, Lake Country Power, Mille Lacs Energy and North Itasca Electric Cooperative.  The Entrepreneur Fund – which offers consulting, programming, training and small business financing up to $750,000 – will work with borrowers and guide them through the application process, then service the loans. Entrepreneur Fund...
Daikin’s $40M expansion in Faribault set to generate 132 jobs

Tuesday, September 25, 2018

Daikin Applied Americas, which manufactures commercial heating, ventilation and air condition systems, is expanding its Faribault site; DEED is contributing $2.35 million to the project. Japanese air conditioning and heating systems maker Daikin Industries Ltd. is expanding the footprint of its American subsidiary Daikin Applied Americas Inc. with a $40.3 million project in Faribault. Approximately 132 jobs are expected to be created. The Plymouth-based subsidiary, which manufactures heating, ventilation and air condition systems, said it will purchase an existing 300,000-square-foot warehouse in Faribault and renovate it into a state-of-the-art production facility. To help finance the expansion, the Minnesota Department of Employment and Economic...
Daikin plans $40.3 million expansion in Faribault, adding 132 jobs

Monday, September 24, 2018

Daikin Applied Americas Inc. is planning a $40.3 million expansion of its manufacturing operations in Faribault that will add 132 jobs over five years. The Plymouth-based manufacturer of commercial HVAC equipment will renovate an existing 300,000-square-foot warehouse in Fairbault. The new jobs will pay on average $22.50 an hour. The Minnesota Department of Employment and Economic Development(DEED) is supporting the project with a $750,000 loan from the Minnesota Investment Fund and a $1.6 million grant from the Job Creation Fund, DEED said in a news release. Continue to full article
Daikin plans $40.3 million expansion in Faribault

Sunday, September 23, 2018

Company adding to manufacturing operations, creating 132 jobs ST. PAUL – Commercial HVAC manufacturer Daikin Applied Americas Inc. will create 132 jobs and invest $40.3 million to expand its manufacturing operations in Faribault.  The company said it will buy an existing 300,000-square-foot warehouse and renovate the building into a state-of-the-art production facility. The new jobs will be created within five years and pay wages that average $22.20 an hour. The Minnesota Department of Employment and Economic Development (DEED) is supporting the project with a $750,000 loan from the Minnesota Investment Fund and a $1.6 million grant from the Job Creation Fund. The company will...
Agronomy facility gets initial nod: Variance, CUP recommended to town board

Tuesday, July 10, 2018

Two hearings marked progress in CHS Prairie Lakes' plan to build a new agronomy facility in Todd Township. At both hearings, CHS requests were questioned by residents of the area near Portage Lake, but township officials recommended approval. The Starbuck-based agricultural service firm, which has operated a facility for 50 years in the city of Park Rapids, hopes to store fertilizer, feed and seed on a 27.8-acre property at the southwest corner of County Road 48 and County Road 28. The company recently purchased the land from Todd and Tracy Hughes and had part of it rezoned from agricultural to commercial. Continue to full article. 
2019 Final Four to bring $142M, 94,000 visitors to Twin Cities, analysis claims

Friday, June 29, 2018

Event at U.S. Bank Stadium in 2019 will attract 94,000 visitors — and their wallets.  The economic impact estimate is in for the 2019 Final Four at U.S. Bank Stadium, so let the debate begin. The number is $142 million. “We didn’t want the biggest number, we wanted the most credible number,” Final Four CEO Kate Mortenson said. The 2019 Minneapolis Final Four Local Organizing Committee commissioned the report by Pennsylvania-based Rockport Analytics, the same firm that did the pre-Super Bowl LII estimates and is now analyzing the actual financial gains from the NFL event. Trying to define a community’s financial benefit from hosting a...
Gov. Dayton submits Opportunity Zone Recommendation to U.S. Treasury

Thursday, June 28, 2018

128 census tracts in Minnesota recommended for Opportunity Zone designation Gov. Mark Dayton recommended to the U.S. Department of Treasury 128 low-income census tracts in Minnesota to be designated as Opportunity Zones. Opportunity Zones are a new economic and community development program established by Congress in the Tax Cut and Jobs Act of 2017 to encourage long-term economic development and housing investments in low-income communities nationwide. “Expanding access to good jobs and better opportunities has been a top priority for my Administration. These efforts have been especially important in communities that are experiencing continuing economic disparities,” said Governor Mark Dayton. “The Opportunity Zones program provides Minnesota a great...
Pathways to Prosperity awards $17.8 million statewide for 57 workforce training programs

Wednesday, June 27, 2018

Workers with employment barriers receive training for in-demand careers The Minnesota Department of Employment and Economic Development (DEED) has awarded 57 grants statewide totaling $17,884,007 under the Minnesota Pathways to Prosperity program. Pathways to Prosperity Competitive Grants fund programs and services designed to provide workforce development and training opportunities to adults in Minnesota experiencing barriers to employment. These programs help job seekers develop increased career awareness, participate in education training and skills-training programs, and connect to employment in high growth, high demand industries with long-term opportunities. "The Pathways to Prosperity initiative plays an essential role in the training of our state's workforce, and...
Profit Mastery offered in Grand Rapids

Friday, June 15, 2018

Itasca Economic Development Corporation (IEDC), in partnership with the University of Minnesota Duluth Center for Economic Development, brought Profit Mastery to Grand Rapids. The workshop was held April 24 and 25. Profit Mastery is a program developed by BRS, built around the core premise that to improve financial performance, it must be measured. Profit Mastery training is designed to help owners and managers of small business better understand financial management. The two day, hands on training included: basics of cash flow management; financial statement analysis; cash flow planning; overcoming common cost, volume and pricing issues; and preparation for growth. The cash-to-cash...