There are hurdles to starting any business; the work needed to just get from idea to concept can be a very large hurdle for most. The Twin Cities, though, have no shortage of companies and programs to help your idea grow into something larger, something successful, something that will impact and disrupt in and beyond Minnesota borders.
These companies are here to help foster the startup scene in Minnesota.
Gener8tor
This is a relatively new addition to the Minnesota scene: they added an office to Minneapolis back in 2016, but have been in Wisconsin for years before then.
Three times a year they invest up to $140,000 thousand dollars into just five startups (more information about applying listed on their website above).
During a 12-week program the growth of their chosen startups is supported with a network of experienced mentors, technologists, corporate partners, angel investors, and venture capitalists.
This isn’t a classroom setting or a guide given to people, this is a white-glove concierge program: Gener8tor has 54 alumni who have raised more than $110 million in follow-on financing (follow-on financing is an issuance of stock before a companies initial public stock offering). 59% of those 54 alumni have raised more than 1 million dollars through these stock offerings or have been acquired.
They also offer a program called gBeta, a free accelerator program for early-stage companies. This is a six-week program with no fees and no equity needed to participate. This program is capped at five teams at a time.
Redwing Ignite
The accelerator program run by Redwing Ignite is all about pushing a startup from idea to concept while focusing their support on science, technology and engineering projects. Their support comes in the form of advice and training to help entrepreneurs get to their next step; investing their own resources, time, and space in exchange for equity in the business. They want to be involved with companies that have passionate teams, propriety technology, validation in the market, strong value proposition, a potential to grab a large part of the market, and are headquartered in Minnesota.
There business accelerator website from which all the above information was gleaned can be found here.
Accel.mn
This program is completely free for its participants. The idea is for participants to redefine their ides and be prompted into action through collaboration with others, and is mainly focused on the earliest phases of startups: idea generation, market validation, business design, and, consequently (hopefully), growth. Entrepreneurs are building a fantastic network as they go through this program all the while gaining the educational component of the program for free.
The program typically has 20 participants. The educational model that is used for this program is that of a “flipped classroom,” i.e. participants are provided “assignments” to have completed before their next meeting. These assignments involve pre-readings, videos, workshop and team building exercises, as well as homework assignments. The program entails six sessions and participants must have a high level of commitment to be entered into the program.
More information about the program can be found here.
Resource: Check out the Comprehensive Guide to the Minneapolis / St. Paul Startup and Tech Scene: Everything from meetups and newsletters to events and slack channels you can join for networking and fundraising opportunities, and to keep an eye on the competition…
