Partnership Enables a Clear Pathway for Colorado Entrepreneurs to Transition from the Startup to the Mid-Market Phase and Beyond
TrueSpace, a first-of-its-kind ecosystem intentionally designed to help entrepreneurs grow from startup to middle-market, and Innosphere, Colorado’s leading incubation program and commercialization specialists for science and technology companies, announced a unique and strategic partnership to further propel Colorado’s startup and scaleup companies and to stimulate economic growth and job creation.
“As a serial entrepreneur for the past two decades, there were plenty of times I wish I had help and guidance from expert resources along the way,” said TrueSpace co-founder and CEO Charles Fred. “Innosphere is the go-to resource for startup entrepreneurs, and once they have outgrown the startup phase with Innosphere’s help, TrueSpace can escalate their mid-market business to the next level in a first-class setting.”
Innosphere and TrueSpace have a common goal of stimulating high-paying job growth and the local economy. Since the launch of this partnership, there have been three companies to graduate from Innosphere’s program that have transitioned to TrueSpace. One is SunTech Drive, an innovative Boulder-based solar power electronics company. SunTech Drive grew to about $2 million in revenue while they were in Innosphere’s Scaleup Program, at which point they graduated from Innosphere and became a client of TrueSpace.
“It was a natural transition from Innosphere to TrueSpace,” said Bud Michael, SunTech Drive CEO. “The partnership between these two organizations made it easy for TrueSpace to get the business support we needed when the needs of SunTech Drive shifted.”
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Founded by father and daughter Charles and Jamee Fred, TrueSpace is a first-of-its-kind ecosystem intentionally designed to help second-stage businesses that have grown past the startup phase reach at least $10 million in revenue through their Gallup-certified assessment. The assessment offers companies an instrument to diagnose their business, relative to the ‘Five Conditions of Sustainable Growth.’ In addition, TrueSpace offers members a luxury space to work on their business, expert local partners to help them succeed and a clear path towards their goal.
“This a very unique partnership that enables a more seamless transition for entrepreneurs moving into the middle market. What Innosphere provides for startups and scaleups, TrueSpace provides for mid-market businesses,” said Mike Freeman, Innosphere CEO. “Working with TrueSpace is a logical extension of Innosphere’s support services, and we can’t wait to see the impact of this synergistic partnership on Colorado’s business landscape.”
Innosphere is Colorado’s leading incubator program, accelerating the success of high-impact startup and scaleup companies. Innosphere’s program focuses on ensuring startups are investor-ready, connecting entrepreneurs with experienced advisors, making introductions to corporate partners, exit planning, accelerating top-line revenue growth, and more.