ImpactSKU, one of the Twin Cities' newest startup accelerators, said this week that it is replacing its planned program with a new virtual program for purpose-driven CPG startups.
ImpactSKU is for companies with business models supporting environmental sustainability, fair labor practices, ethical supply chains and healthy communities.
The accelerator had originally planned to run a 12-week program starting in June but has since decided to postpone this to next year. The new virtual accelerator, ImpactSKU Preview, will launch on August 4 and provide mentorship for 10 CPG companies.
The ImpactSKU Preview curriculum will cover how to navigate uncertain markets and include courses on topics like market validation, channel strategy and financing. Startups will also prepare pitches for a showcase at Twin Cities Startup Week this fall. Applications are due May 15.
The accelerator said in a statement that going virtual will allow more companies to participate in the program while adhering to social distancing guidelines.
"We've had a great response from regional startups and mentors applying to be a part of our first cohort, and we wanted to offer them the opportunity to get a preview of the full accelerator," Connie Rutledge, ImpactSKU executive director, said in a release.
Rutledge is also the CEO of Finnovation Lab, a Minneapolis-based startup accelerator for social impact entrepreneurs. Last fall, Finnovation Lab announced that it had cemented partnerships with SKU and SEED Spot, two national organizations.
Originally established in Austin, SKU is a consumer product accelerator that helps startups in the industry connect with and grow among larger brands. Finnovation Lab collaborated with The Stable and 301inc., General Mills' venture capital arm, to launch ImpactSKU.
"With the preview program, participants will see why SKU has such a successful track record in accelerating the growth of CPG startups," Rutledge said.
