Amplifying stories from the Rochester, MN entrepreneurial ecosystem.
Community, Partnerships, and Creative Financing
Observations from Grassroots Growth: Exploring Rochester’s Entrepreneurial Landscape Event
Collider Foundation, as part of its Grassroots Growth: Exploring Rochester’s Entrepreneurial Landscape event, held a series of engagement stations that featured in-depth discussions with entrepreneurs about topics relevant to growing or scaling a business in Rochester. More than 60 community leaders, funders, civic leaders, and entrepreneurs participated in these stations, and the following observations represent the major themes and insights to emerge from these highly engaging conversations.
These observations lend additional perspective to the entrepreneurial ecosystem building work of Collider and other organizations in the Rochester area. Ultimately, these insights can help us keep the entrepreneur - and their needs and perspectives - at the center of all that we do to support a thriving startup and small business economy in Southeast Minnesota.
Observation #1: Entrepreneurs face barriers to understanding and accessing appropriate funding options.
There is a general misunderstanding of financing and difficulty in identifying the right stage for funding. Fear of debt, the complexity of navigating multiple funding sources, and the need for better financial education highlight a gap in financial literacy and resource accessibility.
Observation #2: The community should explore expanding nontraditional funding options and better leverage networks.
There is growing interest in creative financial solutions like seller financing, equity agreements, and braiding funding from various sources. Mentorship and leveraging community connections are essential for helping entrepreneurs access and understand nontraditional funding streams like grants and government programs.
Observation #3: Improved communication and welcoming programs are key to fostering an inclusive entrepreneurial ecosystem.
Entrepreneurs struggle with isolation and a lack of awareness of available resources. There is a call for better communication and coordination between organizations, hosting more ecosystem events, and creating support groups that improve connectivity, access to resources, and a sense of community, particularly for non-biotech sectors and brick-and-mortar businesses.
Maintaining Momentum: How Can You Support the Ecosystem?
Shop local. Shift your buying habits to a community centered focus.
Serve as a connector. Take time to mentor a new entrepreneur or point them toward a local resource.
Engage. Attend community events such as Collider’s Coffee with Creators or free days of coworking.
Own your role. Take an ecosystem-wide view of how you show up within the community and fully play that part.
Stay in the Loop. Subscribe to our newsletter to stay informed about the entrepreneurial landscape and how you can continue to engaged.
A special thanks to our Premier Event partner Destination Medical Center, Engagement Station Sponsors Merchants Bank, Minnesota Energy Resources and the Southern Minnesota Initiative Foundation, and our food sponsor People's Food Coop for helping to make this event happen.
Collider Foundation to Host Grassroots Growth: Exploring Rochester’s Entrepreneurial Landscape Event
Collider Foundation is pleased to announce that it will host Grassroots Growth: Exploring Rochester’s Entrepreneurial Landscape event on Tuesday, October 1st to discuss key economic and community insights from local leaders and engage in brainstorming activities around the strengths and gaps in the local business ecosystem.
This event will take place at Collider’s offices in the Minnesota BioBusiness Center from 5-7PM and include a keynote address from Neela Mollgaard, Executive Director of the Minnesota Department of Employment and Economic Development’s Office of Small Business and Innovation, remarks from Patrick Seeb, Executive Director of Destination Medical Center and Collider Foundation board member, a chance to hear from local business owners about specific topics related to entrepreneurs and ecosystem building at engagement stations, opportunities for networking with local community leaders, an award presentation, and light refreshments.
Collider is committed to activating, connecting, and inspiring Rochester based entrepreneurs. Over the past five years of being a community-driven nonprofit, we have had the unique opportunity to listen to and learn from the struggles and successes of local starters. As we have gathered knowledge and feedback to better understand and serve our entrepreneurial community, we have gained insights on what motivates individuals to start businesses, what factors are necessary for them to thrive, the biggest challenges they are facing, and how to best contribute to their success in the earliest stages of growth and development. We look forward to sharing these insights with the community through this event.
Thank you to our Premier Event partner Destination Medical Center, Engagement Station Sponsors Merchants Bank, Minnesota Energy Resources and the Southern Minnesota Initiative Foundation, and our food sponsor People's Food Coop for helping to make this event happen.
This is an evening you won't want to miss to engage with your community and have the chance to make an impact on the future of entrepreneurship. Individuals interested in attending this event can register here.
If you have any questions about Collider or our work within the community, please contact Amanda Leightner at amanda@collider.mn or call (507) 722-0306.
Collider Foundation Releases 300th Episode of the Rochester Rising Podcast
Collider Foundation is excited to share that this week we have released the 300th episode of the Rochester Rising Podcast, which was established in 2016 to share the stories of local entrepreneurs and to take the time to truly understand what their experiences have been like in the Rochester community.
Collider Foundation’s mission is to serve our community’s early stage entrepreneurs and make entrepreneurship more approachable and accessible, particularly for those who face the greatest barriers to business ownership. Collider’s mission is fulfilled through 1:1 startup support, a framework for business development through low-cost education, a supportive community work environment, and a platform for the stories of local entrepreneurs. In sharing the experiences of a wide variety of business owners through storytelling, we hope to provide inspiration and vision to our community. We also hope to show that there is a richly diverse variety of business owners from all backgrounds in Rochester and that entrepreneurship truly is for everyone.
So far in 2024, Collider Foundation has shared the stories of 25 local entrepreneurs, 15 of which were featured in the Rochester Rising Podcast through series such as a CO.STARTERS Series featuring graduates of the program through Collider’s facilitation, a Women in Food Business Series, a Downtown Businesses Series, and an Active Lifestyle Series. 76% percent of stories shared this year were of women or BIPOC entrepreneurs.
“It has truly been an honor to carry forward the work of storytelling at Collider Foundation since joining the team, and to build upon the framework of trust and support that has been established with the entrepreneurial community since 2016. Storytelling has proven to be a strong way to help our local small business owners feel seen and supported by the entrepreneurial community. Each of their unique stories and businesses contribute to making Rochester a more vibrant city,” says Corrie Strommen, Director of Communications at Collider Foundation.
Business owners who are interested in sharing their stories should connect with the Collider team by email at hello@collider.mn.
If you have any questions about Collider or our work within the community, please contact Amanda Leightner at amanda@collider.mn or call (507) 722-0306.
