The Minneapolis Star Tribune reports…

Minnesota is now eligible to compete for millions in federal dollars after being designated a tech hub by the U.S. Department of Commerce.

President Joe Biden announced 31 hubs on Monday.

“The U.S. will lead the world again in innovation across the board,” Biden said at a White House event Monday announcing the decision.

The new program aims to spread the benefits of tech sector growth beyond traditional hubs from California’s Silicon Valley to Boston, said Commerce Secretary Gina Raimondo.

What does that mean?

MedTech 3.0, like the other 30 hubs, will receive about $400,000 to $500,000 to help put together a plan to compete for the bigger grants. Five to 10 of the hubs will be awarded $40 million to $70 million.