The GREATER MSP Partnership Introduces a Coalition to Ignite Startup Innovation

MINNEAPOLIS and SAINT PAUL, Minn., July 25, 2019 /PRNewswire/ -- The GREATER MSP Partnership yesterday launched Forge North, a coalition of entrepreneurs, investors, corporations, startup accelerators and community supporters joining forces to create bold goals for innovation and take action together to significantly increase the Greater MSP region's startup activity.

Over the past few years, dozens of these leaders and organizations came together out of a recognition that collaboration will generate startup activity at a much larger scale. Forge North now counts more than 100 partners working together to ensure the region can compete in a now globally-connected economy. "We aren't competing with Midwest regions, or even nationally," said Peter Frosch, CEO of the GREATER MSP partnership. "Our opportunity is global, and we can play and win at that level if we work as a team."

To strategically guide the Forge North coalition, a council of area leaders is being assembled to create a strategic action plan that will align partners over the next three years. "This region and state are rich with talented people and high-performing organizations focused on entrepreneurship and corporate innovation," Frosch continued. "Forge North is a statement from the GREATER MSP Partnership that innovation is now, and always will be, a core strategy in our approach to regional economic development."

The GREATER MSP Partnership's Regional Indicators Dashboard shows that Minnesota still significantly lags top national competitors in key startup indicators like new business formations, venture capital and patents issued. However, the companies that do start here, succeed. Minnesota's business formations have the second highest five-year survival rate among all competitive regions.

High-growth startup companies are a job-growth engine, and they solve complex problems by delivering solutions to large enterprise companies in the Greater MSP region. Companies like Ecolab, Securian, and U.S. Bank have been involved in establishing Forge North, alongside entrepreneurs and investors. "Minnesota has a long history of innovation, with 50 companies across numerous industries beginning their rise to the Fortune 500 list as local startups," said Matt Lewis, vice president of strategic initiatives for GREATER MSP. "Forge North is bringing big and small together—keeping Fortune 500s in this region and growing startup companies into the next Fortune 500s based in Minnesota."

For an entrepreneur in the Greater MSP region, finding the right sources of support can be difficult. Forge North's new Resource Compass helps people navigate nearly 175 available resources based on their stage, industry, and issues to find programs that can help them start, scale and sustain their businesses. "This valuable tool will connect entrepreneurs with the right local programs based on their need," continued Lewis.

About the Forge North coalition

The coalition, now a strategic initiative of the GREATER MSP Partnership, was built by entrepreneurs at growing startup companies, investors at active venture capital firms, corporate innovators at Fortune 500 companies, and people and organizations working to support those groups, including MN Cup, Gener8tor, Lunar Startups, Minnestar, Techstars, BETA, MEDA, Bunker Labs, Grow North, Healthcare.mn, Co.Starters, Glen Nelson Center, Starting Up North, Minnovation Collective, Impact Hub MSP, Minnesota High Tech Association, University Enterprise Labs, Medical Alley, Fearless Commerce, Social Enterprise Alliance, Graveti, Fueled Collective, Great North Labs, United Properties, Motley, The Coven, Finnovation Lab, and others. Support to build and launch the Forge North coalition was provided by the Bush Foundation, the Saint Paul-based foundation established by 3M executive Archibald Bush and his wife, Edyth.

About GREATER MSP

GREATER MSP is the economic development partnership for the 16-county Minneapolis Saint Paul region. Over 200 leading businesses, universities, cities, counties, philanthropies and others are working together to accelerate the competitiveness of the 16-county regional economy and drive inclusive economic growth through job creation, capital investment and the execution of strategic initiatives.

SOURCE GREATER MSP