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Angels Get New Wings in Minnesota

04/19/2010

For seven years, a group of legislators, business owners, entrepreneurs and officials at the University of Minnesota have fought to make our state more attractive to small, high-tech companies and the venture capitalists who back them. The Angel Tax Credit was passed March 29, 2010 and was signed by the Governor on April 4, 2010.

In a nutshell, this credit reduces the financial risk for groups or individuals who have the resources to invest in small companies, including new enterprises or existing ones that want to expand.

In other words, Minnesota wants “angels” to invest in talented people and organizations who will take risks, think outside the box and produce cutting-edge ideas and technologies. The credit permits a 25% tax credit to qualified investors (you know who you are!) not to exceed $250K per year per household. Up to $50 million in tax credits will be available in the next five years.

I recently participated in the drive to raise capital for a start-up Forward Health Group. FHG, developers of a SaaS product called Population Manager, found like many start-ups – investment money is difficult (not impossible, but definitely difficult) in today’s economy.

I’ve recently become aware of FundingUniverse in Salt Lake City. Funding Universe connects entrepreneurs with investors. Here’s what’s different about Funding Universe. They assess your business, management and sector – then prescribe a plan for you to execute. Speaking from firsthand experience – this is invaluable!

Watch a pitch by an entrepreneur a gauge your current pitch against this Funding Universe superstar.

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