Fix $i\ge 1$ and let $S_i=S\cap I_i$ be the set of elements of degree $i$ in $S$. Let us prove that $S_i$ has $\dim_k (I/\mathfrak m I)_i$ elements, where $k$ is the residue field of $R$.
Let $f\in I_i$. Then
$$f=r_1 s_1 + \dots +r_n s_n$$
where $r_j\in R$ are homogeneous and $S=\{ s_1, \dots, s_n\}$. We can just keep the homogeneous components in $r_j$ of the right degree so that $\deg r_j+\deg s_j=i$ for all $j\le n$. If $\deg r_j>0$, then $r_j\in \mathfrak m$ and $r_js_j\in \mathfrak m I$. This means that modulo $\mathfrak m I$, $I_i$ is generated by the elements of $S_i$.
Now suppose $s_1, s_2, \dots, s_m$ are the elements of $S_i$. If $m$ is bigger than the dimension of $I/\mathfrak m I$ as $k$-vector space, then, up to renumbering, we have
$$s_1\in t_2s_2+\dots + t_{m} s_{m} + \mathfrak m I, \quad t_i\in R$$
Expanding $I$ with $s_1, \dots, s_n$, we see that $s_1\in s_2 R + \dots + s_n R$ and $S$ would not be minimal. Contradiction.