The Innovation Grant reimburses business expenses, incurred in Minnesota, for research and development, direct business expenses (including wages of employees, but not salaries or wages of 20% or more owners of the business or their family members), and the purchase of technical assistance and services. Qualifying businesses may receive grants up to $35,000, which are disbursed on a 1:1 reimbursement basis (grantee spends $2, then gets reimbursed $1).
How do I Qualify?
- Primary business activity is in innovative technology or in an innovative business model or product
- Business operations and headquarters are located in Minnesota
- Business has not been in operation for more than 10 years
- Business has generated less than $1 million in revenue since inception