LETTER: Business group expressed support for Saltzman’s effortsMojo Minnesota is a group of business leaders working to ignite entrepreneurship and reignite Minnesota’s culture of innovation.
Mojo Minnesota is a group of business leaders working to ignite entrepreneurship and reignite Minnesota’s culture of innovation. This May, we presented our inaugural Public Policy Awards to a bi-partisan group of five government leaders. We were proud to recognize Sen. Kathy Saltzman for her hard work to encourage growth in Minnesota’s private sector.
Sen. Saltzman was a leader among a bi-partisan group of legislators working to spur job growth by passing the Angel Investment Tax Credit.
Until this year, each of our neighboring states offered a similar incentive, even North Dakota and South Dakota. Minnesota was simply less competitive. We have witnessed other states create aggressive tax incentives and then lure away our best emerging companies. In this new economy, Minnesota must fight for every job.
The tax credit encourages investment in small, emerging companies throughout Minnesota. The new law isn’t narrowly confined to specific industries or regions, but allows investment in all types of companies with new technology.
These businesses are the type most likely to produce the jobs Minnesota needs in the 21st century. The jobs created by a bioscience or tech company are consistently high-paying. The tax credit encourages the private sector to take risks and create jobs. Minnesota needs this type of private-sector activity if we want to see the next 3M, Medtronic or Digital River.
There is much more to do to make Minnesota more business-friendly and start-up friendly.
We look forward to working with business-friendly legislators like Sen. Kathy Saltzman on this crucial task.
Brad Lehrman and Ernest Grumbles III
Co-founders of MOJO Minnesota