What to know about Minnesota’s small-business statistics:

  • According to statistics gathered by Axios, small-business formation in Minnesota is up 31 percent since the early days of the pandemic
    • Since April 2020, Minnesota entrepreneurs have created 70,192 news businesses (according to the U.S. Census Bureau)
    • Steve Grove, Commissioner of DEED (and future guest of The tech.mn Podcast Summer Brew Tour!), said a similar time period in pre-pandemic Minnesota showed just 53,760 new businesses
  • Axios, citing data from Kauffman Indicators of Entrepreneurship, says Minnesota is fairly risk adverse with one of the lowest rates of entrepreneurship in the country (but with one of the highest rates of business survival)
  • Something that’s sure to keep the surge alive and well — the new state budget that extends Minnesota’s $5 million angel tax credit

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