The
$50 million angel tax credit passed by the Minnesota legislature Monday
will no doubt provide much needed early stage capital for young
start-ups. But the law’s biggest benefit may not be dollars and cents
but rather how outsiders see Minnesota and how Minnesota sees itself.
By passing the bill quickly in the legislative year and with such overwhelming bipartisan support in the face of a $2 billion budget gap, lawmakers have instantly established Minnesota as a credible place to innovate and embrace risk, investors and entrepreneurs say. That’s quite a departure from the traditional rap on Minnesota, a high tax state whose 19 Fortune 500 companies had made its residents and leaders complacent and timid.
“People always whispered about these things but were too scared to say anything,” said Peter Bianco, director of life science business development for Nilan Johnson Lewis in Minneapolis. The angel credit will spark “an awakening that changes people’s attitudes and help us get out of this funk.”
To read the full, original article click on this link: Angel tax credit reshapes Minnesota innovation culture « MedCity News
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