In announcing the creation of Launch Minnesota, DEED stated on their website that the "program concept grew out of a collaboration between DEED and the Minnesota Legislature – with legislators on both sides of the aisle making meaningful contributions. It is a joint initiative with private businesses and nonprofit organizations statewide... Launch Minnesota will provide financial incentives, training, and grants to people starting companies in technology sectors such as aerospace, agricultural processing, nanotechnology and medical devices. The program has an annual budget of $2.5 million."
Laws of Minnesota 2021, 1st Special Session, chapter 10, article 2, section 8 made some changes to the duties of Launch Minnesota.
In 2023, the Legislature codified Launch Minnesota and the Launch Minnesota Advisory Board (see Laws of Minn. 2023, chap. 53, art. 15, sec. 15).