“The One Minnesota presentation allowed us to share the message that agriculture is a high innovation sector with significant opportunity for economic growth,” says Teresa Spaeth, AURI Executive Director. “By all accounts, this message was well received by the legislators in attendance.”
AURI has learned these economic lessons from over 20 years of experience supporting small and mid-sized businesses in moving research and technology to commercialization. In the last two years alone, AURI has assisted in the development of more than 325 unique projects and initiatives, brought 143 new or improved ag-based products to market, and helped bring more than $123 million in capital investment to Minnesota.
Each step in the development process increases understanding of product, market and business opportunity and reduces risk. This process leads to businesses that are more attractive to investors, have a greater likelihood of market success and achieve a sustained competitive position.
“Twenty percent of Minnesota’s gross domestic product is tied to agriculture. Farm income alone is a nearly $16 billion industry. When we factor in the processing sector and multiplier effects, agriculture generates $55 billion in economic activity, and there is much more potential in this area,” Spaeth adds. “In the end, this all means jobs.”