Providing Educational Support for Entrepreneurs Through CO.STARTERS and Launch into Prosperity

Collider Foundation believes that the support, education, and growth of our entrepreneurial ecosystem is a pathway to a more prosperous and inclusive future for the Rochester community. We as an organization aim to identify and assist local innovators in overcoming barriers to success by empowering an impactful, inclusive, and entrepreneur-first ecosystem. 

We have been excited to have the opportunity to fulfill our mission through facilitating two CO.STARTERS cohorts in the last year, with a third cohort to begin in July of this year. CO.STARTERS is a 10-week long program that equips starters of all kinds with the insights, relationships, and tools needed to turn business ideas into action. All you need to have to join the program is: an idea, openness to question, shape and fine-tune that idea, and willingness to talk about your idea with others.

Starters who participate enter into a local facilitator-led, collaborative process with a small and supportive group of like-minded peers. Working together, they develop and fine-tune their ideas, critically examining every part and determining next steps through real-time feedback from people in the community. This approach enables entrepreneurs to rapidly uncover flaws in their concepts and find viable models more quickly. 

Local entrepreneurs gather for a CO.STARTERS learning session.

In our most recent cohort, six starters completed the program,  67% of which were women and 17% of which were BIPOC. 

33% of these entrepreneurs used the course to think through their business ideas and did not have a product or service yet. 67% of the companies were more advanced and had a working product or service. They used the course to launch a new product or service or to think more deeply about their marketing and customer base.

The types of businesses included in this cohort covered a range of industries, including construction, manufacturing, and technology development.

Individuals from our first CO.STARTERS cohort last year have reported growth in the sixth months that have elapsed since participating in the program.

 From the group, 50% have launched a new product or service or had significantly updated a product or service during those six months. They have an average of one to five employees and have created three new jobs within the last six months. They have also all had financial investments into their businesses in the last six months, mostly self, bank loans, and friends or family ranging in amounts of $10K-250K. 

Additionally, all participants volunteered some of their time in the entrepreneurial community over the past six months, mainly through speaking to business classes or cohorts and mentoring other entrepreneurs.

“The Co.Starters program facilitated by Collider was a fantastic experience.  It provided valuable insights on how to grow my business, as well as a peer group to discuss ideas and share experiences with.  Hearing from previous Co.Starters participants was also incredibly useful.  I finished the program with a network of mentors, peers, and resources that will be with me far into the future.  I look forward to the chance to help future cohorts in their journeys as well." Levi Sauerbrie (2023 CO.STARTERS participant)

All CO.STARTERS cohorts wrap up the 10-week program with The Collider Cup, which provides an opportunity for them to share their business ideas with the community, participate in a pitch competition for a cash prize, as well as celebrate their accomplishment and growth as entrepreneurs. 

2023 Collider Cup winners, Levi Sauerbrie and Chelsi Low.

April 2023 Collider Cup winner, Chelsi Low, reflected on her experience with CO.STARTERS saying,

“Participating in CO.STARTERS was very beneficial and may be the reason I decided to take the direction I have with my business. I’m a person of ideas and always tend to think into the future instead of living in the moment. It was so helpful to be in an atmosphere of structure and support to work through my ideas. I really enjoyed the opportunity to engage with an in-person cohort. Even though we were all working on different things, having other people as a sounding board was incredible. It really forced me to pick something to focus on and choose my direction.” 

Following the CO.STARTERS cohort, there are also a variety of supports in place for building upon what the entrepreneurs learned during their time with CO.STARTERS and to continue their business journey within the community. This includes a year of grant and donation supported coworking memberships within our shared office space, so CO.STARTERS graduates can continue to surround themselves and learn from other entrepreneurs in the community. They also continue to gain support from Collider staff to talk through challenges they are facing and to gain access to additional resources, such as pro bono legal services, to accelerate their growth.

In addition, we are excited to enter into a brand new partnership with the Southern Minnesota Initiative Foundation (SMIF), called Launch into Prosperity, to provide an additional next level of support for CO.STARTERS grads. After thinking through key pieces of the business during CO.STARTERS, entrepreneurs who identify as BIPOC or with other underserved groups have the opportunity to apply to continue their support through SMIF’s Prosperity Initiative. During this time, the entrepreneur meets with a business strategist to set individualized goals to help the business grow through high touch, technical support for the next six to nine months. Through this partnership, entrepreneurs are supported for at least the first year of their business growth to really help them start, scale, and maintain their business within our region.     

We are so excited to move forward into our next cohort and assist another group of emerging entrepreneurs with their business journeys! If you feel that CO.STARTERS would be a good fit for you or someone you know, please feel free to reach out to our team to learn more, or register at https://www.collider.mn/costarters. Eligible starters can also apply to the program directly through SMIF’s website.

2022 and 2023 CO.STARTERS participants gather for the Collider Cup 2023.

CO.STARTERS at Collider is supported by Think Mutual Bank, Fredrikson & Byron, Mayo Clinic, the Otto Bremer Trust, Minnwest Bank, the Southeast Minnesota Initiative Foundation, Red Wing Ignite, Atlas Insurance Brokers, and Launch Minnesota. Launch into Prosperity is a partnership with the Southern Minnesota Initiative Foundation and the Minnesota Department of Employment and Economic Development.