Even as an entrepreneurship expert dismissed a link between angel investment tax credit programs and overall job growth, Minnesota’s Department of Employment and Economic Development released a report Tuesday that said angel tax credits helped create 102 new jobs in the state last year.
Compare that to 2010, when the program added 60 new jobs. However, in 2010, the program was only operational for six months.
Almost $15.8 million in credits were issued to investors last year for making investments in Minnesota startups. In 2011, 623 individual investors were certified by DEED and 563 of them made investments in 2011. Medical device firms were the biggest beneficiaries of the program with 29 startups receiving investment, followed closely by software firms — 26 got angel dollars last year.
Some medical device firms that received investment through this program are: AUM Cardiovascular, MetaLogics Corp., Nascent Surgical, Pursuit Vascular and Phraxis.
Software companies with a healthcare focus also took advantage of the program. Some who got investment include: QuickCheck Health, Nomolos and Clincal Healthcare Corporation.
[Photo Credit: digitalart]
