Operated from CoCo Uptown by new Managing Director of Minnesota, Eric Martell, the program begins in July and lasts through October with a tentative demo day during Twin Cities Startup Week.
They offer accepted startups 90k upfront for 6% equity with an additional convertible note in exchange for hands on guidance in preparation for follow-on funding.
Martell describes their approach as “white glove concierge” whereby each venture receives customized guidance and defined metrics, with access to over 100 mentors. “We pack 12 months into 12 weeks,” he says.
gener8tor was formed in Wisconsin circa 2012 and has backed 49 startups via Madison and Milwaukee programs since inception. 60% of participants have gone on to raise a million dollars+ and/or exited, with $110m in aggregated funding.
Last year, gener8tor planted a flag in Minneapolis and took the initial step of commencing gBeta, a ‘pre-accelerator’ that included three local tech startups. Docalytics (acq. 2/16) and Player’s Health are two notable startups that have previously participated in gener8tor Wisconsin.
According to Martell, each class typically receives over 500 applications from all across the country and will accept 5-6 for the Minneapolis cohort; stated areas of interest are software, IT, web, SaaS, e-commerce and hardware.
“We’re investing in tenacity, founders that have the ability to grow their company 2-3x per year in revenue growth for a decade.”
And he should know what that means, considering Martell’s previous company, EatStreet, was gener8tor’s first ever investee and has since grown to over 200 employees with $40m in accumulated funding.