The Minneapolis /St.Paul twin cities region is about to get another non profit aimed at funding startups. St. Paul Mayor Chris Coleman announced the new “Accelerate MSP” initiative before an audience of a few hundred at the St. Paul Regional Economic Development Forum in Minneapolis.
Accelerate MSP will “…help fill a critical need for seed and early-stage funding at the valley of death stage in commercialization,” Coleman said.
The new group plans to fund early stage startups with a seed investment anywhere between $50,000 and $500,000 dollars. They plan on funding 10 startups per year.
To date the new organization has raised $200,000 with another $150,000 request pending. Accelerate MSP has received funds from The City Of St. Paul, The Minnesota Department of Employment & Economic Development, the McKnight Foundation, Saint Paul Foundation, Surdna Foundation and the US Department of Commerce.
Ernest Grumbles, Tom Kieffer, Brad Lehrman, Joy Lindsay, Steve Mercil and Jay Schrankler and make up the founding board for Accelerate MSP. They plan on hiring a CEO early next year that will help administer the fund.