Connie Rutledge

Lessons from the Field: Building the FINNOVATION Fellowship PROGRAM

Insights on nurturing mission-driven leaders from Minnesota’s premier social impact accelerator.
Supported by the Bush Foundation.

The FINNOVATION Fellowship Program launched in 2018, with the mission to create a community of leaders building mission-driven businesses.

Since then, we’ve supported Fellows tackling racial inequality, education, health care disparities, cultural preservation, and LGBTQ+ inclusion, and more.

With a 46% business staying power, well above the startup average, we’re sharing the secret sauce of our cohort model.

Download “Lessons from the Field: Building the FINNOVATION Fellowship Program”

As of 2026, the Fellowship program has 50 alumni. Twenty-three currently operate businesses, while another fifteen hold leadership positions in non-profits, government, business, education, health care and agriculture.

Building the FINNOVATION Fellowship Program

With the perspective of six annual cohorts completed, the FINNOVATION Fellowship Program reflects on critical lessons learned and changes made to the program between 2018 and 2025 with the goal of supporting program designers who are developing impactful, human-centered educational opportunities.

Core Principles

Several core principles of the FINNOVATION Fellowship Program have remained touchstones even as significant changes have been made.

  • A commitment to nurturing social entrepreneurs, offering a $50,000 living stipend.

  • A commitment to improving communities in Minnesota.

  • Rigorous curriculum that includes leadership development, business planning, design thinking, and social impact.

  • To remain industry agnostic as long as there’s a social impact.

  • To support early stage businesses with minimal or no revenue.

Clarity gained from these principles filled a gap in our local entrepreneurship ecosystem by creating a program for social entrepreneurs that is grounded in the cohort experience, supporting people who are often overlooked in more profit-driven accelerators and incubators.

DOWNLOAD THE FULL REPORT
DOWNLOAD THE FULL REPORT

Five Key Insights

  • Holistic Support

    MOVING BEYOND BUSINESS PLANS TO EMOTIONAL CARE AND PROFESSIONAL COACHING.

  • Intentional Trust

    THE EVENTS OF 2020 (FORCED A REDESIGN OF HOW COHORTS CONNECT.

  • Critical Thinking

    USING "MINI-MBA" RIGOR AND MONTHLY REFLECTIONS TO DRIVE DEEP ENGAGEMENT.

  • Behavioral Selection

    MOVING TO A STAGED "DISCOVERY VS. FELLOWS" MODEL TO ENSURE GRIT AND FIT.

  • Post-Program Care

    FIGHTING THE "CLIFF" EFFECT WITH ALUMNI MASTERMINDS AND REVOLVING LOAN FUNDS.

Changes implemented

Lesson Changes Implemented
Social entrepreneurs need holistic support that provides business instruction, emotional care, and peer support.
  • In addition to expert curriculum leaders, our leadership coaches help Fellows navigate the emotional experience of entrepreneurship.
  • Our facilitated monthly mastermind meetings encourage the deep development of peer-to-peer ties and demonstrate the value of knowing other entrepreneurs as you build your business.
Intentional trust building requires listening and flexibility from program leadership.
  • We actively listen to program participants and solicit regular feedback.
  • We get to know participants before emphasizing the rules and structure of the program. And we use specific exercises to build comfort and connection with one another.
Critical thinking is enhanced and encouraged by providing regular opportunities to reflect and share, helping entrepreneurs make connections between data, financial information, impact models, and personal passions.
  • Monthly written reflections, instruction on storytelling and narrative building, and multiple opportunities to practice with an audience encourages a rigorous application of methods and concepts to an individual business idea.
The selection process should be grounded in core competencies that enable the selection committee to go deeper with applicants using the tools of behavioral interviewing and experiential learning.
  • Behavioral interviewing of finalists helps identify fit with the program. A robust and diverse community of selection committee volunteers ensures broad representation of experience and perspective.
  • Additional phases of the program both expand learning and create opportunity to observe how people work.
The value of peer support doesn’t end after nine months in the program. Alumni need continued opportunities to connect with other entrepreneurs and to create a community of support for new cohorts.
  • Alumni mastermind meetings, an exclusive online group, and periodic events create continued peer connection and program involvement.
DOWNLOAD THE FULL REPORT
DOWNLOAD THE FULL REPORT

One of the wonderful things about entrepreneurship is the ever-changing nature of it, and we will continue to pursue the best possible version of the FINNOVATION Fellowship program through observation, feedback, and a willingness to experiment.

In 2025, we created two modules in the program: a 3-month Discovery Module with a larger cohort and a 6-month Fellows Module with nine participants who receive the living stipend. In 2026, we will launch a founder-friendly loan fund for our alumni with the goal of providing small amounts of capital to help alumni businesses grow faster.

For more information, please download the full Lessons from the Field report, reach out to us at info@finnovationinstitute.org, or follow us on Instagram and LinkedIn. 

Special thanks to the Bush Foundation for its unwavering support and to FINNEGANS Brew Co. for inspiration and leadership.

Download “Lessons from the Field:
Building the FINNOVATION Fellowship Program”