Startup Sioux Falls reaches goal to renovate historic building, opening this week

Jan. 30, 2023

Startup Sioux Falls has raised more than $1.3 million in cash and in-kind donations to transform its new downtown headquarters.

The historic building at 100 E. Sixth St. has been extensively renovated and opens for entrepreneurs Wednesday.

Originally the Milwaukee Freight Depot, it most recently was used as office space for the city’s Parks & Recreation Department. Now, it’s a mix of co-working and collaborative space that also offers some private offices.

“As we prepare to realize our vision for a centrally located, accessible and inclusive co-working space, we’re also dedicating each space that founders will work, dream and learn in to honor the high-impact donors who made it possible,” Brienne Maner, president of Startup Sioux Falls, said in a statement.

“We’ve long known Sioux Falls as a uniquely supportive and collaborative community, which makes it an ideal launching pad for business and fertile ground for a vibrant entrepreneurial hub.”

MarketBeat founder and CEO Matt Paulson, who also is a general partner at Homegrown Capital, was the campaign’s lead donor.

“My hope is that Startup Sioux Falls’ new facility becomes the epicenter for entrepreneurship in Sioux Falls,” Paulson said. “Whenever someone wants to start a new business first, they will come to Startup Sioux Falls to learn what it takes to start a business, build their network and get matched with successful business mentors.”

Paulson’s gift was announced in May 2022, and 17 additional donors made the remaining contributions, ranging from $5,000 to $250,000. Lead donors included POET, Lloyd Cos. and First Premier Bank/Premier Bankcard.

In supporting the project, POET saw a chance to contribute to foster “the same spirit of ingenuity” that shaped it into a global leader in sustainable byproducts. Its contribution is dedicated to the co-working space.

“At POET, we’ve worked for 35 years to maintain a culture of innovation, tenacity and servant leadership,” said Jeff Broin, founder and CEO.

“We’re proud to be leveraging the best and brightest minds of the Midwest to change the world from right here in Sioux Falls. I know firsthand the ups and downs that come with entrepreneurship, and I look forward to partnering with Startup Sioux Falls to cultivate the next generation of leaders.”

The building sits adjacent to Falls Park West, where The Steel District is taking shape from developer Lloyd Cos. Lloyd’s donation to the project will support an outdoor deck space dedicated to the dreams of founders. Craig and Pat Lloyd founded the business as a small property management company in 1972, and it has grown into a regional powerhouse.

“Lloyd Cos.’ vision of ‘Improving the Quality of Life’ aligns with the services we provide and the organizations we support,” said Mary Lloyd-Huber, Lloyd Cos.’ philanthropic administrator.

“We believe that we can make a difference in the communities we do business in by supporting great organizations such as Startup Sioux Falls. Everyone makes a difference, and we are excited to help entrepreneurs take the next step forward, making their dreams reality.”

A co-working loft in the building was sponsored by First Premier Bank and Premier Bankcard. The idea is that the elevated space lifts up clarity and collaboration for Startup Sioux Falls members.

“Startup businesses are a key element to our community’s future growth and economic success,” First Premier Bank president Dave Rozenboom said.

“But those early days can be challenging for business owners. By sharing resources and networking with business mentors and other entrepreneurs, we believe the businesses that utilize the resources of Startup Sioux Falls increase their likelihood of long-term success.”

Business founders looking to learn more about Startup Sioux Falls can click here to learn more about membership.

“Startup Sioux Falls is supported by industry leaders, successful entrepreneurs and visionaries who are investing in a renewed mission and vision of the organization,” Maner said. “Together, we have experienced tremendous change and growth, and our intention over the next decade is to scale our offerings to support the next generation of high-growth entrepreneurs and attract innovative industry to further diversify our city’s workforce and economy.”

The complete list of capital campaign contributors includes:

Lead donors