Emerging Technology : Buzz

As expected, the Minnesota Department of Employment and Economic Development posted online Monday details and documents related to the state's new angel investor tax credit.

The 25 percent income tax credit is designed to spur investments in technology-based Minnesota startup companies. The program is funded with $11 million this year, and $12 million per year between 2011 and 2014.

The credit will be awarded on a first-come-first-served basis. Before investors can apply, they and the companies they are investing in must apply for certification to verify that they qualify for the program.

View details and applications for the angel tax credit here.

A key architect of the state's new angel tax credit may tackle tech-transfer legislation next.

Rep. Tim Mahoney (DFL-St. Paul) tells MedCityNews that he's frustrated with the University of Minnesota's efforts to turn basic research into commercial products.

"So unless the university makes significant progress by the end of the year, Mahoney will introduce a bill that either privatizes tech transfer or calls for the university to hire a 'strong entrepreneurial' president that will 'really shake up' the Office for Technology Commercialization (OTC)," MedCity News writes.

Mahoney goes on to say the university's practice of spinning off just a few high-potential companies per year amounts to "screening companies to death."

Read the full MedCityNews report here.

Twin Cities Daily Planet reporter Sheila Regan gave the new network of free wi-fi hotspots in Minneapolis a test drive and in doing so noticed one shortcoming at several locations: no place to sit. Once she got seated and connected, however, she liked using the service:

"... I quite enjoyed checking my email in the sun, despite the funny looks I got from people as they walked by me.

"I spoke to City Council Member Elizabeth Glidden about the free hotspots and she said they were still a work in progress. 'We're still working out the kinks,' she said.

"Glidden said she had reservations about the rule that people have to have a credit card to log into the network. The reason for that rule, she said, is because of Homeland Security regulations.  Still, she and other lawmakers are trying to make the system 'fair and equitable.'  She also said one of the goals is to provide a 'fun service' where people can get online while enjoying the outdoors."

Read the full article here.

Medgadget editor Dan Buckland recently paid a visit to Medtronic headquarters, where he met with the company's VP of Medicine and Technology, Dr. Stephen Oesterle, for a talk about where the company and industry is heading.

The company spends about $1.7 billion a year on research and development. As a result, it's planning to release 60 new products next year. It also invests in several smaller companies that are working on products that are interesting or complimentary to its portfolio.

"In interviewing Dr. Oesterle about the future of medical devices, two main themes emerged. He believes that minimally invasive is the future for most surgeries and that everything in the body is electrically active, and hence able to be modulated. He also sees Medtronic as a company that specializes in delivery and implantation. Delivery refers to delivery of both drugs and electricity."

Read the entire post here.

Silent Power is getting press for its role in a Sacramento-area smart-grid project.

Earth2Tech reports that Silent Power's OnDemand system will be installed at about 15 houses in suburban Sacramento as part of a stimulus-funded smart-grid pilot project.

The Baxter, MN company, which we recently wrote about, makes technology that helps maximize the value of solar electricity panels by storing power until it's needed.

"This is a very consumer-friendly-type solution," CEO Todd Headlee tells the blog, explaining that the system can also serve as a backup during power outages.

Read the Earth2Tech blog post here and our previous report on Silent Power here.

The Atlantic magazine's website interviews Lynn Willenbring, CIO at the City of Minneapolis, about USI Wireless' experience working in Minneapolis.

"Today, Minneapolis is one of few American cities whose WiFi plans are actually succeeding. Minneapolis studied the missteps of other urban networks before signing a 10-year contract with Minnesota-based USI Wireless. The private company manages and profits from the 59-square-mile Wireless Minneapolis network, while the city leverages it to deliver government services and build digital inclusion.

"Minneapolis CIO Lynn Willenbring told The Atlantic how her city's wireless network helped Minneapolis through a disaster even before it was built. She also talked to us about bridging the digital divide and letting for-profit companies do what they do best."

Read the full story here.

Wisconsinites are worried they'll have to power up because of Minnesota's new angel investor tax credit.
 
About half a dozen Minnesota biotech companies have jumped the border to Wisconsin in recent months, lured by the state's angel investor tax credits, according to the BioBusiness Alliance of Minnesota.
 
Now that Minnesota has created its own angel investor tax credit, Wisconsin officials tell Milwaukee Magazine that the state might have to do more to attract companies.
 
 "It's going to make us more competitive," Bryan Renk, director of Wisconsin BioForward, tells the magazine.
 
Then, the fightin' words: Milwaukee Magazine writes that, according to Renk, Minnesota may have more biotech jobs, but "Wisconsin has greater research prowess and a more educated workforce."
 
Read the entire article here.