Finnovation Lab, a Minneapolis-based startup accelerator for social impact entrepreneurs, announced Thursday night that it has cemented two new national partnerships that will help founders scale their businesses.
The two organizations are SKU and SEED Spot. Austin, Texas-based SKU is a consumer product accelerator that helps startups in the industry connect with and grow among larger brands. SEED Spot is a social impact organization supporting early-stage entrepreneurs.
Finnovation Lab said that its two new national partners would help build its leadership in the social impact space. Now with three different options, Finnovation hopes to work with entrepreneurs at all levels of development, from startups and beyond.
"We're putting great emphasis on expanding our reach and impact, and are now working with two organizations to offer enhanced programming for social entrepreneurs at a range of stages," Finnovation Lab CEO Connie Rutledge said in a statement. "By growing our community of like-minded entrepreneurs, we'll continue to establish Minnesota as a leader of social innovation."
Finnovation Lab is collaborating with SKU and Twin Cities CPG leaders, The Stable and 301inc., to launch a new accelerator called Impact SKU. The first Impact SKU cohort is slated for summer 2020.
"SKU has been looking to expand into the social impact space for some time, specifically the Twin Cities given the area's dedication to mission-driven businesses," Kristin Ross, managing director of SKU, said in a release. "Finnovation Lab has been on our radar since the launch of the Fellowship Program in 2018. The group has helped to solidify Minneapolis as a major player in the space and we're excited to work together to foster lasting impact nationally."
SEED Spot supports early-stage impact entrepreneurs build their businesses through 48-hour hackathons, called "Launch Camps." The first Twin Cities Launch Camp is slated for Nov. 15 and 16.
Finnovation Lab was originally launched in partnership with Impact Hub, a coworking company, but the two businesses ended their collaboration earlier this year.
Impact Hub moved out of its space above Finnegans’ taproom in downtown Minneapolis and relocated to a new office in Stadium Village. At the time, representatives from both companies cited differing business models as a reason for the split.
This summer, Finnovation Lab graduated its first cohort of entrepreneurs. It debuted a new set of companies in August.
