MN HF2852

Establishes the Minnesota Innovation Collaborative within the Department of Employment and Economic Development to support development of new private sector technologies and provide business and financial assistance to entrepreneurs and emerging technology-based companies.

Creates five types of innovation grants: up to $50,000 for research and development expenses; up to $25,000 for direct business expenses; up to $7,500 for health care, housing, or child care expenses; up to $50,000 for SBIR/STTR Phase 2 award recipients; and up to $25,000 for technical assistance services from higher education institutions.

Authorizes entrepreneur education grants to institutions of higher education and other organizations to provide educational programming, counseling, and outreach on high-technology business creation, with priority given to applicants serving greater Minnesota or minority and women entrepreneurs.

Establishes a ten-member advisory board (minimum six from private sector) to review grant applications and make recommendations to the commissioner, who has final authority over funding decisions.

Appropriates $4,500,000 in fiscal year 2020 and $4,500,000 in fiscal year 2021 for innovation grants ($2,900,000 per year), collaborative administration ($850,000 per year), and grantee activities ($750,000 per year), with funds available until June 30, 2023.