2004 Minnesota Statutes

     116O.122 Seed capital fund. 

    Subdivision 1.    Establishment.  The corporation shall, 
 in consultation with private venture and seed capital companies 
 and other public and private organizations as appropriate, 
 implement a centrally managed seed capital fund to invest in 
 early stage companies and small companies in Minnesota through 
 equity or equity-type investments.  The seed capital fund may 
 receive contributions from the corporation, as well as from 
 local, state, or federal government, private foundations, or 
 other sources.  Total investments by the seed capital fund in 
 seven-county metropolitan area based companies must not exceed 
 20 percent of the total capitalization appropriated by the 
 legislature or provided by the corporation.  Investments which 
 contribute to the 20 percent metropolitan area limitation are 
 those which will primarily enhance the operations of a 
 metropolitan based facility.  Investments that benefit a Greater 
 Minnesota facility of a metropolitan based company are not 
 subject to the limitation.  Investments by the seed capital fund 
 must be matched by other sources of capital at a ratio to be 
 determined by the corporation.  The seed capital fund shall 
 identify sources of technical, management, and marketing 
 assistance for companies funded by the seed capital program and 
 make appropriate referrals.  The seed capital fund shall 
 establish a procedure for liquidating private investments. 

    Subd. 2.    Regional seed capital report.  By February 
 15, the board shall submit to the legislature and governor an 
 annual report on the activities of the seed capital program. 

    HIST: 1991 c 295 s 1; 1997 c 200 art 1 s 62