(KNSI) – The Minnesota Department of Employment and Economic Development is looking to supercharge Fastlane 94.
The business incubator program is run by the Greater St. Cloud Development Corporation and has been included in the Launch Minnesota Education Grant program. Organizations like Fastlane 94 have gotten over $1 million in awards.
The state is divided into six regions headed by network hub leaders. The West Central Region includes Benton, Sherburne, Stearns, and Wright Counties and then follows I-94 up towards Moorhead. Local groups act as the spokes to ensure startup businesses have access to resources to help them succeed through the tumultuous early stages of building their business.
Launch Minnesota has had a successful lift-off in its first 18 months. Data shows the hub and spoke network of participating organizations are becoming more connected, which creates a dense ecosystem. About 4,600 founders have received individual support, with another 1,471 entrepreneurs in the pipeline. Over 570 businesses have been formed.
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