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Minnesota start-ups have new tool to lure capital: the angel tax credit

April 3, 2011View for printing

Raising cash to fuel a start-up business is always a challenge -- one that became next to impossible during an economic downturn.

With the economy in a slow rebound, there's no shortage of young businesses looking for investors. The latest tool Minnesota start-ups have to lure capital is a tax credit for angel investors -- typically high net-worth individuals who roll the dice and put money into companies trying to get off the ground.

In the program's first year in 2010, 67 companies raised a total of $28 million using the tax credit. It's a modest sum even compared with the ever-thinner slice of U.S. venture capital that finds its way to Minnesota.

By John Welbes jwelbes@pioneerpress

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