ST. PAUL, MN - Minnesota's medical technology industry is among the fastest growing in the United States. Since 2011, the state has experienced 34 medical device business expansions, resulting in 2,073 new high-paying jobs. Among the most innovative in the country, Minnesota's medical technology and bioscience firms are poised for additional development. As part of Minnesota MedTech Week, Lt. Governor Tina Smith highlighted the contributions of this industry to Minnesota's economy, the availability of state assistance for entrepreneurs, and opportunities for the state to foster further industry growth.

"Minnesota medical technology companies are among the most inventive - with patent filing rates that beat competitors from around the world," said Lt. Governor Tina Smith. "Not only are these firms making life better for patients, they are supporting thousands of high-quality Minnesota jobs."

Minnesota has been a leader in the medical technology industry for decades - pioneering advances in areas such as open heart surgery, pacemaker development, and heart valve replacement. Today, Minnesota hosts 605 medical device businesses; including industry leaders like 3M Health Care, Medtronic, Smiths Medical, and St. Jude Medical.

These companies make a significant economic contribution to the state, employing nearly 35,000 Minnesotans in high-paying jobs. Overall, the Minneapolis-St. Paul area has more jobs in medical device manufacturing than any other metropolitan area in the country.

Minnesota a Top Destination for Medical Device Industry
Minnesota ranks first in the country for its medical device "location quotient," which is an indication of the state's relative economic strength in comparison with the United States overall. In fact, Minnesota has nearly four times the concentration of medical device manufacturing jobs as compared to the rest of the nation. Location quotients are calculated by comparing the concentration of industry jobs in a given metropolitan area or state to a larger reference region (often the United States as a whole).

Minnesota's medical technology industry also remains a top destination for venture capital. In 2014, investors pumped more than $245 million into the state's medical technology firms. This capital will help ensure Minnesota remains an industry leader and a center for medical innovation in coming years. The State of Minnesota offers a variety of incentives for investors to help Minnesota firms and entrepreneurs continue attracting needed capital.

Assistance for Minnesota Entrepreneurs
The Minnesota Department of Employment and Economic Development offers a variety of tax credits, financing packages, and low-interest loans to help entrepreneurs and businesses start or expand their operations in the state. More information is below.

• Angel Investment Tax Credi t - This program provides a 25 percent credit to investors or investment funds that put money into startup companies focused on high technology and new proprietary technology. In 2014, the Angel Investment Tax Credit program certified 183 businesses in Minnesota and provided $13.8 million in credits to investors. During that round of investment, medical device companies earned the second most certifications and awards. Overall, Minnesota issued $2.4 million in credits to medical device company investors in 2014, which leveraged an additional $10.3 million in outside investment.
  
  
• Small Business Credit Initiative - This initiative uses federal funding to stimulate private-sector lending and improve access to capital for small businesses and manufacturers that are credit worthy, but not getting loans they need to expand and create jobs. With a goal of attracting $10 of private investment for each public dollar invested, the program is expected to spur more than $150 million in lending to small businesses statewide and fuel the creation of more than 3,000 new jobs in Minnesota.
  
  
• Innovation Voucher Program - This pilot program provides up to $25,000 in financing to help small businesses purchase technical assistance and services necessary to advance research, development, or commercialization of new or innovative products and services. Qualifying companies include those with 40 or fewer employees, with at least half of the employees based in Minnesota.