ST. PAUL, Minnesota– In a packed State Building Office hearing room Tuesday, witness after witness rose to speak in support of H.F. 2750, a bill that would grant $32 million in tax credits over three years to angel investors who fund risky, high tech start-up companies. Entrepreneurs, investors, university officials, industry groups warned lawmakers that the lack of early stage capital meant innovative start-ups in Minnesota would either die or move to another state.
Rep. Ann Lenczewski of Bloomington, the powerful Democratic chair of the House Tax Committee and a vocal opponent of the bill, listened politely. Then she called her one and only witness: Joel Michael, a House Research staff coordinator who helped authored a report, at Lenczewski’s request, on Minnesota vs Wisconsin venture capital.
Michael, whose gray hair, spectacles, and low droning voice proved fitting for a numbers cruncher, began his report by saying it was not a report, even though the report begins with “This report…” Ooookay. He then offered the following caveats: he was not a venture capital expert and there was little data to draw on.
To read the full, original article click on this link: Angel investment tax credit in Minnesota: The Burden of Proof : MedCity News
Author: Thomas Lee
