FINNOVATION Lab + ImpactSKU Launch Virtual Program for Purpose Driven Start-Ups
Tuesday, May 12, 2020 at 4:36AMVia a May 11 Press Release:
ImpactSKU Pivots to Virtual Program
Twin Cities 1st CPG Accelerator responds to COVID-19 with 6-week program
With COVID-19 creating an unprecedented situation, ImpactSKU is pivoting to a virtual program to give consumer packaged goods (CPG) startups a glimpse of the accelerator’s full program. Originally, ImpactSKU was scheduled to launch in June with a 12-week program covering key topics of importance to purpose-driven startups. Unfortunately, given the volatile market and uncertainty, the full program has been postponed until 2021.
But since ImpactSKU is a new program, the team didn’t want to ignore the founders and mentors who want to participate in the program. Instead, they created the ImpactSKU Preview Program, which will launch August 4th with 10 companies.
“We’ve had a great response from regional start-ups and mentors applying to be a part of our first cohort, and we wanted to offer them the opportunity to get a preview of the full accelerator,” said Connie Rutledge, CEO of FINNOVATION Lab and executive director of ImpactSKU. “With the Preview Program, participants will see why SKU has such a successful track record in accelerating the growth of CPG startups.”
The ImpactSKU Preview Program will include programming on such topics as Vision +Purpose, Market Validation + Positioning and Channel Strategy. Throughout the program, participants will have access to CPG experts. They also will develop pitches for the 2020 Showcase @ Twin Cities Startup Week.
ImpactSKU is for purpose-driven ventures with business models that support environmental sustainability, fair labor practices, ethical supply chains, and healthy communities. By focusing on social impact, we aim to support entrepreneurs who know that long term growth is based on business practices that protect the planet’s resources and nurture wellbeing for everyone.
ImpactSKU is a partnership between Austin-based SKU – the nation’s first CPG accelerator and FINNOVATION Lab, supported by two of Minnesota’s great CPG companies: The Stable and 301 Inc., General Mills venture-capital unit.
SKU has produced a wide variety of interesting and successful brands, including Siete Foods, EPIC Provisions, Mosie Baby and Austin Eastciders. A 2016 Forbes magazine column identified SKU as one of the country’s top three accelerators. SKU has been a powerful catalyst in establishing Austin as a CPG powerhouse. Companies in the SKU cohort receives a cash stipend upon graduation of the program and agree to provide SKU with equity.
