Business Innovation and Expansion: Promote and support business creation, innovation, entrepreneurship, and expansion.
THIS POLICY SUPPORTS GOALS:
THIS POLICY RELATES TO TOPICS:
Sustainable economic growth comes from fostering the creation of ideas and growth generated from local assets. Minneapolis has a wealth of local assets that generate and expand industries. Minneapolis and the surrounding region are home to 17 Fortune 500 companies and seven of the top 225 private companies. Minnesota ranks first in the nation in the number of jobs per capita related to medical technology. The University of Minnesota, ranked 4th in the nation for patent creation and 9th best U.S. public research institution, continues to lead in the development and creation of new technology, ideas, and business. Forbes called Minnesota the fastest-growing state for tech jobs. Minneapolis’ regional creative economy continues to be ranked in the top six in the Creative Vitality Index, with a score nearly four times higher than the national average.
Supporting the creativity and innovation that comes from all these local assets will help Minneapolis’ regional economy grow. However, significant disparities exist in business ownership in Minneapolis. Less than 22 percent of Minneapolis businesses are owned by people of color. When compared to the population of Minneapolis, there is a disproportionate underrepresentation of Black and Latino owned businesses. Small business and entrepreneurship create an opportunity to build wealth in communities of color. Having an entrepreneur in a family increases family wealth by 600 percent for a Black family and 400 percent for a Latino family.This presents a significant opportunity to align efforts to support innovation and entrepreneurship and expand opportunities for people of color start and grow businesses.
ACTION STEPS
The City will seek to accomplish the following action steps to promote and support business creation, innovation, entrepreneurship, and expansion.
- Promote the conditions for innovation and entrepreneurship.
- Connect entrepreneurs, with a focus on women, indigenous people and people of color, to resources, including market information, talent, other support organizations, technical assistance, real estate options and capital.
- Promote business startups and expansions.
- Attract new capital for entrepreneurs and startups.
- Explore regulatory changes that reduce or eliminate barriers to innovative and alternative uses of space, especially for smaller-scale entrepreneurs.
- Support connections between academic research and private industry.
- Coordinate with the strategies and actions of the state, county, Greater MSP and other regional partners.
- Align City policies and resources toward attracting and retaining businesses with low negative community impacts and high positive community impacts that provide a high density of quality jobs or otherwise significantly enhance the vibrancy of the regional economy.
- Work to create public and non-profit incubator and co-op spaces, including shared commercial kitchens, workshops, and access to technologies and equipment.