Minnesota's Top Startup Stories and Deals of Q1

Before we dive head first into Q2, let's take a look back at some of the biggest startup stories from the first part of 2018. During the first few months of the year, companies announced new projects, fundings, rebrands and more. Let's examine some of the biggest headlines and discuss what to watch as the year progresses.

STORIES

COCO Becomes Fueled Collective

In January, Twin Cities co-working company COCO announced that it planned to change its name to Fueled Collective as part of a new franchising concept that blended co-working with hospitality and linked the Minnesota business to other Fueled Collective locations in New York and Cincinnati. The change officially took effect mid-March. As part of the deal, Kyle Coolbroth, former CEO of COCO, became CEO of Fueled Collective. COCO’s Chief Creative Officer Don Ball became Fueled’s chief social officer. In a release, Fueled Collective said that it hopes to eventually have 250 locations across the country. Ball and Coolbroth said that, at least for now, there will be no major changes to the four Twin Cities spaces.

Minneapolis Welcomes Two Women-Only Co-Working Spaces

Co-working continues to boom in the Twin Cities. In the first months of 2018, two women-only co-working spaces opened in Minneapolis. ModernWell, located just outside downtown Minneapolis, made its debut in early January. The Coven beat its crowdfunding goal three times over before opening shop in the North Loop in February. Women-only co-working spaces have been growing in popularity across the country over the last two years.

Osborn370 Open for Business

Osborn370, a building in downtown St. Paul that hopes to become the city's central tech hub, welcomed new businesses, incubators and a major accelerator in the first months of 2018. Long-time St. Paul resident Reeher, LLC became one of the first companies to move into Osborn370 in January. The following month, American Public Media, the parent company of Minnesota Public radio, announced plans to open a startup incubator in Osborn this summer. The operation will take up a full floor of the 20-story building, and will contain Lunar Startups, a new incubator for early-stage companies from underrepresented communities. Lunar will be led by former Minnesota Cup director Melissa Kjolsing Lynch. Finally, Techstars' new Farm to Fork accelerator said that it plans to set up shop in Osborn370 before opening later this year.

Minnesota Passed Over for Amazon's HQ2

After sorting through 238 proposals for the location of its second headquarters (HQ2), Amazon released a list of the 20 metro areas still in the running in January. Minnesota did not make the cut. Minnesota Gov. Mark Dayton said early on that the state would issue a “restrained” bid for HQ2. The state offered just a few million dollars in economic incentives, while places like Newark, New Jersey offered several billion. Minnesota’s proposal, which included more than a dozen locations across the Twin Cities, was submitted by Greater MSP. The organization has not released specific details about what was included in its Amazon proposal. Three Midwestern cities (Chicago, Columbus and Indianapolis) are still in the running.

Gener8tor Launches gBETA Medtech Accelerator in Minneapolis

Minneapolis-based startup accelerator gener8tor announced Monday that it will partner with Boston Scientific, Mayo Clinic and the University of Minnesota to launch its first industry-specific program, gBETA Medtech. gBETA Medtech is gener8tor’s first industry-focused program. As a “concierge startup accelerator,” gener8tor usually accepts businesses from a variety of different industries and finds mentors and resources that correspond to each startup’s individual needs. While the standard gBETA program typically runs once or twice a year, gBETA Medtech, funded by Boston Scientific, will be offered three times a year for local, early-stage healthcare companies.

FUNDINGS & EXITS