Minnesota Designated as Tech Hub by U.S. Department of Commerce

Minnesota has recently been designated as a tech hub by the U.S. Department of Commerce, opening up opportunities to compete for federal funding. President Joe Biden announced this designation on Monday, emphasizing that the U.S. aims to lead in innovation across various sectors once again. Gina Raimondo, the Commerce Secretary, highlighted the program’s goal of spreading the benefits of tech sector growth beyond the traditional hubs like Silicon Valley and Boston.

Sen. Amy Klobuchar, along with business and civic leaders, expressed enthusiasm for Minnesota MedTech 3.0, which is set to receive funding to develop a plan for competing for larger grants. Geoff Martha, CEO of Medtronic, emphasized the importance of collaboration in this endeavor, stressing Medtronic’s commitment to the initiative.

MedTech 3.0, led by Greater MSP, aims to integrate artificial intelligence, data science, and device manufacturing in the medical technology sector to establish Minnesota as a global center for ‘smart med-tech’. This vision was underscored by Peter Frosch, CEO of Greater MSP, who discussed the potential for stimulating a new generation of startups in the med-tech space.

Notable organizations such as Mayo and Medtronic have played pivotal roles in the development of MedTech 3.0, leveraging Minnesota’s thriving med-tech business climate and its abundance of medical and health care startups. The historical significance of Medtronic’s contributions to the state’s med-tech industry was also acknowledged, tracing back to the introduction of the first battery-operated pacemaker in 1957.

A digital image representing collaboration and innovation in the med-tech sector, highlighting Minnesota's designation as a tech hub by the U.S. Department of Commerce and its efforts to foster technological advancement.

The federal program’s initiative to establish regional tech hubs aims to enhance U.S. global competitiveness. In total, there were 198 regional applications vying for tech hub designation, highlighting the high level of interest and competition. CEOs and leaders from various organizations expressed optimism about Minnesota’s untapped potential in the tech sector, exemplifying confidence in the state’s capabilities and resources.

Additionally, Minnesota-centric projects have secured substantial grants from federal infrastructure and energy funds, further bolstering the state’s position in the innovation landscape. Notable wins include partnerships with Minneapolis-based Xcel Energy in the development of clean hydrogen production hubs and significant investments in renewable energy and electric grid resilience.

Overall, Minnesota’s designation as a tech hub coupled with its recent successes in securing federal funding for innovative projects reflects a promising trajectory for the state’s technological advancement and economic growth.

Our Perspective

Pinnacle Digital Advisors recognizes Minnesota’s designation as a tech hub and the subsequent opportunities it presents for innovation and economic development. The state’s focus on advancing smart med-tech and fostering collaboration among key industry players aligns with Pinnacle Digital Advisors’ ethos of driving innovative and consumer-friendly solutions in the tech sector.

Pinnacle Digital Advisors

This article originally published: [https://www.startribune.com/minnesota-newly-designated-med-tech-hub-eligible-for-millions-in-federal-funding-medtronic-msp/600314168/]

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