Amplifying stories from the Rochester, MN entrepreneurial ecosystem.
CO.STARTERS at Collider
During Q1, Collider Foundation was pleased to graduate 10 additional entrepreneurs from our CO.STARTERS at Collider programs. This work included hosting a 1 day, intensive CO.STARTERS bootcamp in February and a comprehensive 9-week cohort that ended in a public pitch competition, called the Collider Cup, in March.
CO.STARTERS at Collider continues to be a highly rated program in the community. During Q1, the program was rated a 5/5 in overall value by program graduates. 71% of individuals who enrolled into these programs successfully graduated from the cohorts. This included our highest level of cohort graduates to-date from our 9-week cohort.
CO.STARTERS 9-week cohort graduates, Q1 2024
About CO.STARTERS
CO.STARTERS is a multi-session, facilitated business cohort, centered on the business model canvas. Curriculum used in these sessions was developed by the national firm, CO.STARTERS (now called Finsync). Collider staff and community supporters went through an extensive training program to deliver and facilitate this content in the community.
Within these sessions, participants focus on 2-3 segments of their business canvas during each 3-hour session and are guided by the facilitators and other participants to ask critical questions about their business and how it’s going to work.
By the end of the cohort, participants get the concept for their business out of their heads and onto paper in the form of the business canvas and continue to update this model as they talk with customers and develop, test, and iterate their solution.
CO.STARTERS at Collider: Q1 2024
CO.STARTERS participants in Q1 of 2024 included a range of different entrepreneurs operating very different types of business, including food and beverage, personal services, and consulting business concepts.
This quarter, we were extremely grateful to have three past CO.STARTERS graduates serve as co-facilitators during our 9-week CO.STARTERS cohort. These entrepreneurs shared a very unique point of view to participants and provided immense benefit and perspective on what it takes to keep moving forward at these early stages of business development.
Our CO.STARTERS graduates this quarter brought forward some exceptional business ideas paired with a strong passion to see these ideas become something real, very soon, in the community.
To celebrate the end of the 9-week CO.STARTERS cohort, we held our 3rd Collider Cup business pitch competition this March 12th, where graduates pitched their business to a panel of judge and competed for seed money to go towards their most important next business steps.
Past Collider Cup winner Kayla Tschumper of My Birth Choices also gave an update on the last 6 month for her business at the Collider Cup, which included efforts to develop more specific branding terminology, fine tuning her target customer, and prioritizing the most important aspects of her business model for further development.
“Receiving the winning funds from the Collider Cup allowed me to take my first actionable steps to turn my business idea into an actual business! Through CO.STARTERS, I knew I had the intellectual knowledge and confidence to pursue my business plans, but I was consistently lacking the ability to fund support services (childcare) to be able to step away from my other roles and gain momentum. The Collider Cup prize money has allowed me to hire support help to step away from home and step into the process of growing and building my business, and I'm very grateful,” she said.
Three prizes were awarded at this spring’s Collider Cup. This included a Customer Count winner, awarded to the graduate completing the most documented interviews, as well as a $1,000 first place winner and $250 runner up.
This spring, graduate Rick Swanson of Rick Swanson Speaks won the Customer Count Award. Kate Blocker of Empowered Movement Physical Therapy was awarded second place with her vision to improve access to physical therapy care within her community. And Gina Marcucci and Abram Krause of Goldberry Common walked away as overall winners with their goal to provide an alternative alcoholic option through their locally made mead.
"I had a great experience with CO.STARTERS,” said Kate Blocker. “I appreciated that they really honed in on identifying your potential client and the basics of budgeting/expenses and establishing your MVP. I am very grateful for the networking opportunities provided by CO-STARTERS. It is a phenomenal program."
Overall, the 9-week CO.STARTERS at Collider program received a 5/5 satisfaction rating from graduates.
After completing the program:
100% of graduates felt they knew how to start and lead a venture (+83% from the start of the cohort).
83% felt they had the resources they need to move their venture forward (+67% from the start of the cohort).
83% felt that they understood business financials (+83% from the start of the cohort).
100% felt that they understood how to turn their ideas into reality (+67% from the start of the cohort).
100% felt connected and supported by the local community in launching their venture (+50% from the start of the cohort).
100% felt confident in presenting or explaining their venture’s potential to other’s (+50% from the start of the cohort).
100% knew their next steps (+67% from the start of the cohort).
CO.STARTERS at Collider, Impact Metrics
These 10 new CO.STARTERS at Collider graduates bring our number of total graduates to 36 entrepreneurs across 6 different cohorts. CO.STARTERS continues to have immense and measurable impact in our community to turn ideas into sustainable businesses.
In addition, early this year Collider’s Rochester Rising podcast focused on amplifying the stories of four graduates from the CO.STARTERS at Collider program. This included Episode 285 with David Razidlo (who also volunteered his time as a CO.STARTERS co-facilitator), Episode 284 with Kristine Stensland (who also served as a CO.STARTERS co-facilitator in Q1), Episode 283 with Angie Severson, and Episode 282 with Paul Koerner. These stories exemplify the range of businesses and dedication of the entrepreneurs that go through these programs.
Thank you for your continued support of these efforts to create a robust business community in Rochester, MN.
This work was supported by:
the Southern Minnesota Initiative Foundation
Mayo Clinic
Saint Mary’s University of Minnesota
Minnwest Bank
Fredrikson & Byron Foundation
Altra Federal Credit Union
Think Bank
Minnesota Department of Employment and Economic Development’s Small Business Assistance Partnership Competitive Grant program
Q&A with Nicole Nfonoyim-Hara of Griot Arts
Take a moment to meet Nicole Nfonoyim-Hara, founder of Griot Arts and current participant in our first incubator program!
Q: Share a bit about your business and who your target customers are!
A: Griot Arts is a community arts hub that celebrates and centers Black art, joy, and cultural expression. We are opening a gallery and bookstore that will showcase art and literature by BIPOC artists and writers.
Q: What do you hope to learn from the incubator program?
A: I hope to learn how to design and operate a business that connects with community members. I'm also looking forward to connecting with and learning from fellow entrepreneurs in the incubator program who are building their businesses.
Q: What is your motivation and inspiration for pursuing your business idea?
A: I love the arts and have been working as an arts writer for several years. I have a passion for amplifying the voices and work of BIPOC and emerging artists. Much of my work in this space has been in other parts of Minnesota. I wanted to create a space and opportunities for community members and artists right here in my community in Rochester to engage with, learn from, and be empowered and inspired by Black art and culture. Often, people of color leave Rochester feeling like they are not reflected in the city-- can't see themselves in our civic, arts, and cultural life. Instead of leaving, I wanted to see what it would look like to really commit to and dedicate myself to growing something beautiful and intentional right here that might be a small part of changing the narrative around how communities of color can thrive and feel seen in the arts and cultural life of our growing city. I believe art connects and heals. Art is for everyone. Centering BIPOC communities in our city's arts and cultural life cultivates spaces where we can ALL engage, grow, and transform.
Q: Share a little bit about yourself, your background, and your hobbies and interests!
A: I'm the founder of Griot Arts as well as a writer and anthropologist. Originally from New York City, I've lived in Rochester for almost a decade and am raising my two children here with my husband. I hold a BA from Swarthmore College and a graduate degree from Oxford University. I'm currently working on my first novel, an historical fantasy epic based on ancestral myths from the Cross River region of Cameroon and Nigeria.
Collider Foundation Q1 Quarterly Report
Want to support Collider’s ongoing work with the Rochester entrepreneurial community? Follow this link to donate!
Collider Foundation is Awarded Funds by the Carl & Verna Schmidt Foundation for Coworking Improvements
Rochester 501(c)3 nonprofit Collider Foundation was recently awarded $6,000 by the Carl and Verna Schmidt Foundation. These funds were utilized in the maintenance and improvement of the amenities provided by Collider Foundation to its coworking members, supporting our mission to create a warm and welcoming space where innovative individuals can gather, work, and spark new ideas.
Since its inception as a coworking space in 2016, Collider has been dedicated to fostering connections within its walls though its member community, networking, and educational events. Now, as a non-profit organization, our mission has grown to support the growth and education of early stage entrepreneurs. Collider aims to identify and assist local innovators in overcoming barriers to success by empowering an impactful, inclusive, and entrepreneur-first ecosystem. We believe that providing a low-cost, accessible space for entrepreneurs, remote workers, and visitors is vital to creating that ecosystem. This funding from the Carl and Verna Schmidt Foundation has greatly contributed to improving and building upon a welcoming, productive workspace for our community of coworkers and entrepreneurs.
The Carl and Verna Schmidt Foundation was established in Minnesota in 1958 and has since focused its giving on public libraries, health associations, volunteer fire departments and human services. They have additionally provided funding for the arts, natural resource conservation, animals and wildlife.
"Collider has always fostered a collaborative and welcoming community," said Collider's Community Manager Sam Gill. "These upgrades, made possible thanks to the generosity of the Carla and Verna Schmidt Foundation, will allow us to serve even more coworkers in a space that promotes creativity, encourages productivity, and develops meaningful connections."
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.
SWOT Analysis: A Guide to Informed Decision-Making
In the ever-evolving landscape of business, decisions aren't just made; they're strategically crafted. Whether you're an entrepreneur getting your startup off the ground, a seasoned executive navigating market shifts, or a small business owner seeking growth opportunities, the importance of informed decision-making cannot be overstated. At the heart of this strategic prowess lies a simple yet effective tool: the SWOT analysis.
SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis isn't just a fancy acronym; it's a game-changer, offering a structured approach to understanding the factors influencing your business decisions. Whether you're a novice entrepreneur or a seasoned business leader, SWOT analysis can transform the way you approach decision-making.
When conducting a SWOT analysis to evaluate internal factors like financial resources, physical resources, human resources, access to natural resources, trademarks, patents, copyrights, and current processes, begin by assessing each factor's strengths and weaknesses. For financial resources, consider factors such as the stability of funding sources, the diversity of income streams, and potential investment opportunities. Evaluate physical resources by analyzing the adequacy of location, the condition of facilities and equipment, and their alignment with business goals. Assess human resources by examining the skills and expertise of employees and volunteers, as well as their alignment with the needs of target audiences. Delve into the accessibility and uniqueness of natural resources and intellectual property, identifying both advantages and limitations. Finally, scrutinize current processes, including employee programs, department hierarchies, and software systems, identifying areas of efficiency and areas for improvement. By analyzing these internal factors, businesses can gain a comprehensive understanding of their strengths and weaknesses, laying a solid foundation for informed decision-making and strategic planning.
Next, use SWOT analysis to evaluate external factors influencing your business decisions. Begin by scrutinizing market trends, including new products, technological advancements, and shifts in audience needs, identifying opportunities for growth and potential threats to market relevance. Evaluate economic trends on local, national, and international scales, recognizing opportunities for expansion and vulnerabilities. Assess funding sources such as donations and legislative support, recognizing their strengths in providing financial stability and potential weaknesses in dependence on external factors. Demographics play a pivotal role, offering insights into target audience preferences and market segments, while relationships with suppliers and partners provide strengths in collaboration and weaknesses in dependency. Finally, consider the impact of political, environmental, and economic regulations, recognizing both opportunities for compliance and threats to operational freedom. By looking at these external factors, businesses can develop a stronger understanding of their market position, enabling informed decision-making and strategy development.
Conducting a SWOT analysis offers businesses a holistic view of internal strengths and weaknesses alongside external opportunities and threats, empowering informed decision-making by illuminating potential pathways to success while mitigating risks. By leveraging this strategic tool, businesses can navigate the complexities of the market landscape with clarity and confidence, ultimately paving the way for sustainable growth and resilience in an ever-changing business environment.
