What is the Greenstone Group?

The Greenstone Group, a new, 10-year initiative led by the Northeast Entrepreneur Fund, cultivates a culture of entrepreneurship and strengthens entrepreneurs in northeast Minnesota and northwest Wisconsin through professional coaching, peer support and coordinated services.

What are the goals of the Greenstone Group?

“The purpose of the Greenstone Group is to increase the number of skilled entrepreneurs and thus build community and business wealth and employment through the growth of locally owned businesses,” said Mary Mathews, president of the Northeast Entrepreneur Fund. “Our intent is that the Greenstone Group will help foster a culture of entrepreneurship with the help of our partners in business, higher education and community organizations throughout the region.”

Over the next 10 years, the Greenstone Group expects to build the region’s economy by targeting support and resources toward 500 entrepreneurs in the region who are committed to growing their businesses. Groups of 6-10 entrepreneurs will be teamed with professional business coaches and a coordinated network of service providers committed to providing the right services at the right time.

The Greenstone Group is a collaborative venture. With a growing list of partners and allies—currently numbering more than 30 economic development, educational and community organizations—the Greenstone Group will work with these organizations to build a systematic and intentional process for increasing the numbers and success level of entrepreneurs in the region. Success will be measured by expansion of locally owned businesses, wealth creation, new markets accessed and job creation.

Why was the Greenstone Group formed?

Regional economic development leaders have long recognized the need for a coordinated system to help entrepreneurs build the skills needed to create and expand their businesses. Since 2004, leaders of more than 30 regional organizations and institutions have come together to create a vision for systems change in the region. The group has continued to pursue a cooperative system for entrepreneurial development, with the Northeast Entrepreneur Fund as the lead agency and convener. The Greenstone Group is the outcome of those efforts. (See news release for a current list of partners.)

Who is funding the Greenstone Group?

Major funding for the Greenstone Group initiative comes from the John S. and James L. Knight Foundation. It has provided the initial $2.5 million grant and made a 10-year commitment to the long-term success of this effort. Additional funding for the launch has been provided by the Blandin Foundation, Minnesota Power, the Lloyd K. Johnson Foundation, and the U.S. Small Business Administration with assistance from Congressman James Oberstar.

Where does the name “Greenstone Group” come from?

Greenstone, one of the oldest forms of exposed rock in the U.S., is commonly found in northeastern Minnesota. Its strength and sturdy character represent the traits of determined, successful entrepreneurs.