Impact Hub MSP 2022 Impact Report

Inclusive and sustainable innovationat scale

Using entrepreneurial action towards a just and sustainable society.

There is no Better Future without Better Business. Entrepreneurship is about setting out to solve a problem through business and ultimately contributing to a better world. That is their purpose.

What's our purpose? To provide the tools and resources social entrepreneurs need to make that possible.

As a community-focused nonprofit, we are constantly responding to the changing needs of the entrepreneurs and innovators we serve. Here is what we know.

Entrepreneurial Support Organizations are key to success

Without support, the majority of new businesses don’t make it past their fifth year. Access to capital is the most challenging roadblock, especially for entrepreneurs of color, with 62% of small business owners using personal funds and 79% in outstanding debt.

And right now, the majority of our members are early stage, pre-revenue social entrepreneurs responding to the most pressing issues in our community. Passion and purpose drive their business.

Entrepreneurship is growing

More and more people are looking to entrepreneurship and flexible work to support their livelihoods. Growth in 2021 was more than 25% year over year. According to the U.S. Census Bureau, 6,244 new businesses were formed in Minnesota in January of 2021. Since then, the monthly average has been between 4,000 and 6,000 new businesses each month, setting new records all through Covid.

The way people work has changed

The workforce is reducing their physical footprint by giving up office space and working in hybrid or fully remote settings. Permanent, private office space is no longer necessary for most of our community.

Impact Hub MSP commits to walking alongside these entrepreneurs, no matter what, to ensure inclusive and sustainable innovation. This means that we will never turn away social entrepreneurs in need. Currently, 60% of our members receive free membership.

Alongside our community, we are taking action today to create a better tomorrow - for people and the planet.

Katie Kalkman Executive Director, Impact Hub MSP

Impact Hub Minneapolis-Saint Paul is part of one of the world’s largest networks focused on building entrepreneurial communities for impact.

We connect entrepreneurs and innovators to resources, knowledge and community through shared workspace, training opportunities, 1-1 coaching, curated events and social impact startup support.

Impact Hub’s mission is to enable inclusive & sustainable innovation at scale by supporting impact entrepreneurs to tackle the most pressing issues of our time. We are taking action today to create a better tomorrow - for people and the planet.

EMPOWER ENTREPRENEURS

We offer mentorship, entrepreneurial training, preacceleration programs and spotlight + networking opportunities to help changemakers launch and grow their ventures.

CULTIVATE COMMUNITY

We host and actively connect a diverse community of talent, entrepreneurs, experts, funders, investors and support organizations.

ESTABLISH INFASTRUCTURE

We develop and provide creative virtual and physical spaces for work, programs and events.

FACILITATE ECOSYSTEMS

We build trust and relationships among stakeholders, creating spaces where they can confidently support eachother and collaborate on common goals.

Accelerating social impact by inspiring, connecting & enabling a community of innovators & entrepreneurs.

Verb: / ɪ ns ˈ p ʌɪ ə/ fill (someone) with the urge or ability to do or feel something, especially to do something creative.

HIGHLIGHTS

Community Overview

Powering Equality & Inclusion

Impact Hub Highlights

WE RAISE AWARENESS AND INSPIRE IMPACT MAKERS TO TACKLE URGENT SOCIAL AND ENVIRONMENTAL ISSUES THROUGH ENTREPRENEURIAL ACTION.

Collaborative Community

Meet our 200+ amazing members & partners!

Angaza

Bizarre Solutions

Black Tech Talent

Body Love Products

Breathe99

Bridgemakers

Brown Venture Group

Camunda

Centered Wealth

ClipDifferent

Coconut Whisk

Collectivity

Connect the Dots

COR

Diversity in Climate Action

Ecotone

Enlighten

EOS

Ethos

Fair Anita

Folk School Warroad

Forever Ware

GogyUp

Good Around the Globe

Forever Ware

GogyUp

Groove Capital

Forever Ware

GogyUp

Good Around the Globe

Groove Capital

Healy

Ideation4

Junita's Jar

Kindly

Memorialize the Movement

Mindful Chair

Morgan Stanley

NDN Collective

NextLightEnergy

Optima Results

Seasoned Specialty Foods

SmartSet

Social Entrepreneur Podcast

Social Impact Strategies Group

Software for Good

StoryForge

REPOWERED

TiAngy Designs

Uniqey Global

Bush Foundation

BTap

Chameleon Shoppes

Cogent Consulting

CRF

Diamond + Branch

Elevate Business HC

Fathom Consulting

Forge North

Global Shapers

GoodCarts

Greater MSP

Hands on Twin Cities

Improve Group

Kauffman Foundation

Launch MN

MINN

MN B Local

MN Cup

Mpls Downtown Council

Social Enterprise MSP

Social Venture Circle

UMN Foundation

Venn Foundation

INSPIRE Co-creating A Better Tomorrow

While there are many solo entrepreneurs grappling with today’s complex challenges and coming up with creative and clever solutions, we’ve seen time and again how collaboration with other like-minded individuals and organisations brings about better, faster, and long-lasting change.

In 2021-2022, the Impact Hub Network facilitated 1 Million active hours of peer mentoring between entrepreneurial Impact Makers to discuss and answer difficult questions, and implement solutions in their local communities -  all across the globe.

80% we inspire

68% developed new ideas

71%

learned about new issues and trends strengthened their personal motivation

Empowering Equality & Inclusion

Financial Barriers

2-3 Years

Average estimate for how long it takes for a startup to become profitable

Inequities in Access

62% of small business owners use personal funds and 79% have outstanding debt. Access to capital is the most challenging roadblock, especially for entrepreneurs of color.*

*Source: Federal Reserve Bank Startup Cost Breakdown

60% FREE MEMBERSHIP

parttime&above ($100+/month)

50%

women community members

57%

INCLUSIVE & ACCESIBLE

As a nonprofit, we pride ourselves on making our community and resources as accessible as possible. Over 40% of our members are prerevenue and 60% receive free membership.

80%

women entrepreneurs in programmes of ventures have women in leadership positions

MEMBER STORY

Strive Publishing & Bookstore

Mary Taris, publisher and CEO at Strive Publishing & Bookstore, worked with Impact Hub MSP this year as a Chameleon Shoppes Vendor and Entrepreneurship 4 Good Cohort 5 participant.

“My favorite part of launching my own business is getting to know the people behind the Black literary scene in Minneapolis and uplifting their work,” said Mary.

Strive’s vision is to see a world where Black narratives are centered, valued and empowered for freedom, equity and justice. The authors and illustrators that Mary works with help to embody that vision. Like Arielle Grant, whose book ‘The Picture Box’ demonstrates the importance of representation for young black girls and inherent self worth. And Donna Gingery, whose book ‘Red and the Egg Pie’ aims to help children express and believe in themselves.

Since the launch, Mary has published 20 authors and 5 illustrators, and in July 2022 opened her first bookstore as part of the Chameleon Shoppes. She was invited to join the Sistah Co-op, a collaborative shop that celebrates local BIPOC brands and business owners. This shared retail agreement not only is more accessible for startups, but provides a supportive and empowering community of other black women business owners.

She also participated in Impact Hub's Entrepreneurship 4 Good Cohort, which helped Mary integrate her mission mentality with more business acumen. “I still don’t really feel like a business owner,” said Mary, “and E4G was supportive and encouraging in helping me tackle the basics of running a social business.”

Verb: /k ə ˈ n ɛ kt/ bring together or into contact so that a real or notional link is established.

HIGHLIGHTS

Connected Ecosystem

Program Highlights

Partnerships

WE BRING TOGETHER IMPACT MAKERS TO TACKLE URGENT SOCIAL AND ENVIRONMENTAL ISSUES THROUGH ENTREPRENEURIAL ACTION.

The Social Impact Ecosystem

Impact Hub accelerates social impact by connecting, inspiring and supporting a community of social entrepreneurs.

In the last year, Impact Hub MSP served over 300 members, 150 entrepreneurial students and 1,300 event attendees through tailored educational programs, intentional community-building and impact-driven collaboration.

71% 79% 84% we connect

connected with advisors and experts

New ventures launched in 2021

MN Cup Impact Ventures division is a business plan competition for Minnesota's social entrepreneurs whose primary purpose is a social mission. If your organization's aim is to have an impact on the critical challenges facing our society including education, sustainability, health, and economic and social equity, this division is for you.

FELLOWSHIPS SANDS AND ECMC FELLOWS

In partnership with the Sands and ECMC Fellows programs, these scholars have membership at Impact Hub at no cost to the fellows. This program is funded in part by Holmes Center for Entrepreneurship.

partnered / collaborated with other members

felt part of a larger community and network

ECOSYSTEM PARTNERS

MINN, SE MSP, B LOCAL & GLOBAL SHAPERS

Volunteer Organizations in the Impact Community. MINN, SE MSP and Global Shapers do not have capacity for large staff, let alone budgets for space. We love hosting their organizations here at Hub.

Entrepreneurship 4 Good

Part graduate course, part online accelerator, this program is designed for those who are starting or hoping to start a new mission driven venture.

A total of 31 participants have completed the accelerator in 5 separate cohorts.

2022 Venture Ideas Included:

Mental health services for immigrants

Digital marketing agency for emerging businesses

Construction apprenticeships for recently incarcerated men

Family & children's counseling services

Empowering female artisans through employment and education opportunities.

Publishing company & bookstore centering Black narratives

Edtech company empowering learners to explore affordable, alternative career pathways

Reimagining the laundramat for good Teaching history & critical thinking in an innovative way

A special thank you to Elevate Business HC for providing funding support for this program.

female

67%

77% BIPOC

Suyana Designs

Interns 4 Impact

Educate, inspire and enable young people to embrace entrepreneurial thinking that will drive innovation and strengthen our global economy.

SUSTAINABLE GIFTS

Eat, Drink & Shop your Values

Shopping with local businesses with a social mission creates ripples across our communities and our globe. Social Impact Week and Gifts for Good are two initiatives that focus on why social matters.

Social Impact Week MN 2022

Together, Impact Hub MSP & Social Enterprise MSP honored the stories of amazing companies and founders that are using business as a tool for social good.

GLOBAL IMPACT GIFTS

EDIBLE GIFTS

Gifts for Good Holiday Market 2022

For the first time ever, Impact Hubs across the US and Canada came together for a virtual Gifts for Good market. Shop sustainable and ethical products this holiday season from a curated selection of inspiring makers from the Impact Hub network.

Gifts

Goodfor

HEALTH & WELLBEING GIFTS

SHOP WITH PURPOSE

Du Nord Social Spirits Isadore Nut Company Flava Cafe

Cristina Contreras CContreras Designs

Elaine Chow ChopValue Boston Carla Scholz Soak It Up Clothss

Janine Kwoh Kwohtations Isa Wang Gamut Pins

Renee Powers Feminist Book Club

Tatiana Freeman NoshPosh

Tasya Kelen Isadore Nut Co

Eduardo Rutilo Barrita Corazaon Clothing Liz Connell African Bronze Honey

Shabranae Patton Anchor'd inc Maggie Dimmick Ethel Studio

Verb: / ɪˈ ne ɪ b(ə)l give (someone) the authority or means to do something; make it possible for.

HIGHLIGHTS

Effective Support

Entrepreneurial Journey

Program Highlight

WE EQUIP IMPACT MAKERS WITH TOOLS AND RESOURCES TO BUILD, GROW, AND SCALE IDEAS THAT ACCELERATE POSITIVE CHANGE.

Levelling Up For  Positive Change

Impact entrepreneurship is a way of thinking, a movement that invites practical dreamers to tackle complex social problems and find solutions that make the world a better place. Impact Makers across our network have launched and led initiatives that make a difference in lives in diverse places - we are proud to be a witness to the incredible progress, achievements, and growth of new ventures over the past year. Join us in celebrating the collective courage of these Impact Makers day in and day out, many in challenging contexts.

we enable

accessed support institutions and networks (e.g. incubators, media, public institutions)

Facts & figures from program participants

developed new skills and capabilities gained increased visibility and credibility

accessed better working infrastructure

8100324 41% program participants in entrepreneur support programmes

Strengthen

Unique entrepreneur support programmes

their personal motivation

Partnered with peers

83%

85% 82%

Developed new skills and capabilities

Gained increased visibility and credibility for their venture 67%

Felt support in accessing new beneficiaries/customers

15

May 2020

George Floyd murdered in MSP

Entrepreneurial Growth

LEESA KELLY, FOUNDER OF MEMORIALIZE THE MOVEMENT (MTM)

Social Entrepreneurs, like Leesa, are responding to the most pressing issues in our community. Passion and purpose drives their business.

Memorialize the Movement (MTM) is a living archive dedicated to collecting, preserving, and activating the plywood protest murals that were created during the Minneapolis Uprising of 2020 and beyond. By providing space for youth, artists, and our BIPOC ommunity to heal, reflect, and learn, MTM seeks to address the issues of police brutality, community safety, and representation for Black and Brown creatives and

Summer 2020

Began organizing MTM

Impact Hub MSP aims to support social entrepreneurs, no matter what, along their journey to ensure inclusive and sustainable innovation.

2021

Introduced to Impact Hub through our partnership with Global Shapers

2022

SCALING

Participates in Impact Hub MSP's Interns 4 Impact program + receives free membership for team of six + mailbox

Accelerating Growth

Entrepreneurial support programmes help impact enterprises identify their constraints and develop solutions. They include business development support services such as training, mentoring, consulting, networking, and coaching. Participating enterprises generate enterprise growth, improve productivity, create jobs, and ultimately address key social and environmental challenges faced by the communities they serve.

Chameleon Shoppes

Chameleon’s mission is to connect, incubate, and accelerate BIPOC and women entrepreneurs as part of a movement to create a vibrant and inclusive Downtown Minneapolis.

2022 Highlights

New Stores: B'Youtique, Strive Bookstore, FX, Roho Collective, Uniquely Global, Noir House

Mercado Latino: Two week pop-up shop featuring Latino-owned business in celebration of Hispanic Heritage month

Holiday Village at Young Quinlan: 40+ local artists, makers, authors and chefs celebrating BIPOC joy, success and creativity,

Impact at Scale

HIGHLIGHTS

Our Global Network Business Model

MORE THAN 90% OF ENTREPRENEURS IN OUR NETWORK ADDRESS ONE OR MORE OF THE 17 UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS (UN SDGS). EXPLORE HOW THEY ARE MAKING A DIFFERENCE ACROSS REGIONS.

Globally Connected, Locally Rooted

Impact Hub has been a catalyst for entrepreneurial action for 15+ years. We're a network of innovators, entrepreneurs, community leaders, and social activists determined to co-create a more just and sustainable society.

All big ideas start small. In our case, it was in 2005, with one community, in one city. The goal was to build a space for people to connect, collaborate, and accelerate ideas that make the world a better place.

The idea quickly transformed into a movement - a multiplier and amplifier of social impact that empowers Impact Makers to activate/increase their agency within their communities. This locally rooted, globally connected approach allows us to replicate and learn from one another while creating robust entrepreneurial initiatives that pave the way to a better tomorrow.

16 900+ 8100= 25 000

Impact Hub Members Program Participants

Community Members

We are creating a ripple effect of positive change. You can see our impact travel from the heart of Phnom Penh towards the outskirts of Brazil, through the buzzing capital Berlin to the beautiful Accra in West Africa and beyond. Today, we are a global network of 25 000+ people uniting 60+ countries across five continents.

Impact Hubs

Impact Hub Staff

Revenue Sources

Make an Impact Today!

Become a Strategic Partner

Alongside our partners we effectively address key issues such as strengthening entrepreneurial ecosystems, accelerating the green transition, and making entrepreneurship more inclusive.

We're inviting like-minded organizations (like you!) to explore partnership opportunities that make a difference.  Get in touch today!

Join The Impact Hub Network

Do you want to develop your skills, grow your professional network, or connect with other Impact Makers? Then this is your sign! Become a member by joining our online community or find a desk near you.

Open an Impact Hub in Your City

Ready to scale innovation and sustainability in your community? Becoming a co-founder has never been easier. Kick-start your journey by rebranding your existing business or opening a new Impact Hub in your city.

Thank You!