MINNESOTA - Starting a business during times like these may seem like a daunting task. But the Minnesota Department of Employment and Economic Development (DEED) aims to market the state as the premier hub to launch a new business.
Friday's rountable consisted of entrepreneurs from all walks of life, including healthcare and investment. DEED heads up Launch Minnesota, a statewide effort to grow startups and strengthen all regions in the North Star State as a national leader in innovation.
DEED Commissioner Steve Grove says that even in tough times like these, there tends to be a bit of a boom in startups and new businesses.
"Whether that's because they're pressed to or need to because there simply aren't any other opportunities in the market, or see a disruption in the marketplace, we know that new business starts tick up in recessions."
While Minnesota does not rank high on new business starts, Grove notes of how these startups can be successful and survive long term.
"We know that people that start businesses in this state are going to have a better chance than any other state in the country, making sure those businesses are around in five years and thriving. But we need more people to start those businesses and take that risk."
DEED reports that $2.8 million in grants have been awarded, as well as investors doling about $1.8 billion, a record year in venture capital.
To watch Friday's roundtable in its entirety, click here.