Calling All Entrepreneurs: Low Rent, Quality Space, Great Kent Location…We’re practially giving it away!!
Have I got a deal for you. How does Grade A office space at a lease rate under $5 per square foot, high speed internet access, $1,000 worth of building improvements, a zero percent loan amortized over the length of the loan sound to you? If it sounds good, give me a call because right now the City of Kent has room in our Summit Street Incubator (or what I affectionally call our Business Innovation Lab) for a new tenant so we’re taking proposals from entrepreneurs who want to fill it. Don’t miss your chance to get your business idea out of your basement or garage and into first rate business space.
Mike Weddle, the city’s economic development coordinator, takes care of all the details for incubator tenants but I get to do the shameless promotion. Our prices are INSANE!!
Kent has offered “incubator space” for years and there’s a growing list of Kent companies that used the space to jump start their way into commercial success. The idea is to give emerging businesses a chance to keep their capital costs down so they can keep their money where it needs to be — in growing the business. The reality is more businesses fail than succeed in their first couple of years so Kent has tried to change those odds by lowering the start up costs required to get in the market.
NATIONAL BUSINESS INCUBATOR STATISTICS
Today, there are about 1,000 business incubators in North America, up from only 12 in 1980. There are about 4,000 business incubators worldwide. The incubation model has been adapted to meet a variety of needs, from fostering commercialization of university technologies to increasing employment in economically distressed communities to serving as an investment vehicle.
Incubator sponsors – organizations or individuals who support an incubation program financially – may serve as an incubator’s parent or host organization or may simply make financial contributions to the incubator.
- About 25 percent of North American business incubators are sponsored by academic institutions.
- 16 percent are sponsored by government entities.
- 15 percent are sponsored by economic development organizations.
- 10 percent are sponsored by for-profit entities.
- 10 percent are sponsored by other types of organizations.
- About 5 percent of business incubators are “hybrids” with more than one sponsor.
- 19 percent of incubators have no sponsor or host organization.
Incubator graduates create jobs, revitalize neighborhoods and commercialize new technologies, thus strengthening local, regional and even national economies.
I prefer to think of the space as an business accelerator that gets new businesses off to a great start so they can focus on refining their value added services and products and don’t have to worry about the non-value added things like space and the costs of overhead. It’s like having a Kent insurance policy to fall back on when you need it most.
The incubator/accelerator model works. One of the first city incubator tenants, Alpha Micron, grew so much that they eventually took over the entire building. That was a problem for our other tenants but that’s a good problem to have — and that’s when we found more space to use on Summit Street. We’ve had doctors, dentists, hair salons and tech based tenants so the opportunities are endless — limited only by your business creativity.
So if you’ve been debating making the jump to go into business for yourself now is the time to do it. Don’t wait, the space will go fast. To find out more contact:
Michael Weddle, Economic Development Coordinator
930 Overholt Road
Kent, Ohio 44240
- NBIA estimates that North American incubator client and graduate companies have created about half a million jobs since 1980. That is enough jobs to employ every person living in Denver, Colo.
- Every 50 jobs created by an incubator client generate approximately 25 more jobs in the same community.
- In 2001 alone, North American incubators assisted more than 35,000 start-up companies that provided full-time employment for nearly 82,000 workers and generated annual revenue of more than $7 billion.
- Business incubators reduce the risk of small business failures. Historically, NBIA member incubators have reported that 87 percent of all firms that have graduated from their incubators are still in business.