UPDATE: Congressman and gubernatorial candidate Dusty Johnson just launched an ambitious new initiative aimed at transforming South Dakota’s economy by supporting startups. During a packed roundtable in Sioux Falls on Friday, Johnson announced his plan to invest $2 million from the Future Fund into a project named “Launch South Dakota.”
This initiative seeks to elevate economic development by focusing on local entrepreneurs and startups. Advocates in the room expressed excitement for Johnson’s approach, which prioritizes funding for proof-of-concept awards and mentorship opportunities. “I want to see South Dakota’s success by South Dakotans,” Johnson stated, emphasizing his commitment to nurturing homegrown talent.
Panelists included notable figures such as MarketBeat CEO Matt Paulson, South Eastern Development Foundation President Lynne Keller Forbes, and Sioux Falls Mayor Paul TenHaken, who praised Johnson’s proactive strategy. “A goal without a plan is just a wish,” TenHaken remarked, highlighting the need for actionable steps in fostering economic growth.
Johnson’s plan outlines four key policies: increasing proof-of-concept awards, investing in young entrepreneurs through coaching, expanding the “Giant Visions” competition, and leveraging federal funding for venture activities, taking cues from Wyoming. “This is the biggest-ever plan for investing in South Dakota startups,” he asserted, aiming to diversify the state’s economic portfolio.
As he addressed the audience, Johnson opened the floor for dialogue, inviting input to refine his strategy. “Real success is collaborative. This is an exciting new opportunity that we’re going to tackle together,” he said.
In contrast, Governor Larry Rhoden’s campaign highlighted his administration’s economic achievements, noting South Dakota’s lowest unemployment rate in the nation and rapid growth in income and economy. “Governor Rhoden believes his job is to get government out of their way,” a spokesperson stated, underscoring the need for a balance between supporting large businesses and fostering startups.
Johnson’s initiative represents a crucial step towards adapting to changing industries, especially as technology and AI evolve. He views this funding as just the beginning, stating, “These are the first four big steps I’m taking toward entrepreneurship. They will not be the last.”
The use of the Future Fund is designed to ensure that Johnson can control the allocation of these funds, which has raised questions about sustainability. “We could only be so lucky as to have the entirety of the Future Fund be gobbled up because smart people are investing in South Dakota,” he quipped, indicating confidence in the initiative’s potential.
Discussions during the panel also touched on the previously successful Dakota Seeds Program, which assisted businesses with internship wages. Many present, including Johnson, expressed interest in potentially reviving this program to support local workforce development.
As the election approaches, this groundbreaking plan is garnering attention, and further responses from other candidates are anticipated. Stay tuned for updates on this developing story and more election coverage from Dakota News Now.
