Itasca Technology Exchange was started in 1999 and is a for-profit subsidiary of Itasca Economic Development Corporation and the State of Minnesota through Iron Range Resources. Since its inception, Itasca Technology Exchange has pursued a strategy of assisting the development of early-stage technology companies through its technology center facility in Grand Rapids, Minnesota. The strategy has been successful in enhancing economic development and diversification in the area. ITE's original technology facility has maintained 80-90% occupancy for the last two years. Many of ITE's current portfolio ventures are continuing to develop with growth plans that will require expanded facilities with similar network and infrastructure requirements in the near future.

Looking to the future, Itasca Technology Exchange, in collaboration with Itasca Economic Development Corporation, has crafted a multi-site strategy for the development of Class A Technology Park site locations in multiple communities across the Itasca County area. Key among these sites is leveraging the available high speed, high bandwidth network connectivity valued by current businesses at Itasca Technology Exchange's existing technology center facility and data center.