As Annette Wildenauer says, “There’s a science to growing a business. Now there’s a lab.”
She’s talking about the Edina Innovation Lab, which just kicked off its fourth cohort last month after buildout of the space was completed near the end of last year. She helps entrepreneurs — not just those based in Edina — scale their business or solve the problems that are most plaguing them.
It’s a personalized setup. Some aren’t trying to grow, they “just want to be able to work smarter and not have to worker harder,” Wildenauer said. “That’s fine, it’s up to them.” Either way, the underlying theme is “how do we make them more profitable or more scalable.”
The idea really kicked off during Covid. Edina Chamber of Commerce had been looking for years for ways to support small businesses. Chamber officials met with Wildenaur and she began doing research. In 2022, she interviewed more than 100 small businesses on her own dime to learn what would be most helpful.
By that summer, she wrote a curriculum and was kicking off the first cohort. It was 10 businesses, all in different industries so they wouldn't compete with each other.
One of the first cohort's entrepreneurs was Dietrich Nissen, CEO of Inherited Stories. The Edina-based company creates “Vimories,” which are legacy documentaries meant to capture the personality and unique stories of family members before they die.
He came to The Lab with three years of Inherited Stories under his belt and was trying to figure out what was next as he hoped to grow beyond the U.S. and hire a salesperson. He doesn’t have a business background, and his experience at The Lab taught him about different sales and business models.
Instead of a salesperson, he started hiring independent contractors who do sales (at 20% commission). He’s expanded to Iowa and Wisconsin and is exploring selling in New Jersey.
Now he’s working on stabilizing the business to start franchising. which he said “wouldn’t have happened had I not joined The Lab.” His experience there set him on the path for growth.
“It's been one of those things that I thought would be fun, whatever. But it's turned out to be this really awesome opportunity to learn more about business — something I had zero idea about going into it,” Nissen said.
Founders can pay $6,000 to join a cohort. Wildenauer said it’s best they reach out to her first to figure out if it’s a fit — she most wants companies that have survived on their own for at least three years. Its space at 7201 Metro Blvd. is shared with Explore Edina and the Chamber of Commerce. Wildenauer said it’s a space where people can hang out or have meetings.
She’s helped companies with between $350,000 and $22 million in revenue, but said the sweet spot is up to about $7 million. She offers basic tools that work for everybody and also helps to connect them with others so they “feel like they’re not alone.”
The city gave Wildenauer a $149,000 grant to support The Lab and gave a low-interest, 7-year loan to build out the space. She’s currently a contractor with the city.
As 2024 rolls along, she said she’s ramping up and has four cohorts planned throughout the year, each representing 7-10 companies.
