Explanation
BACKGROUND: This legislation authorizes the Director of Development to enter into contract with the Economic and Community Development Institute (ECDI) for the creation and implementation of the Workplace Incubator Network (WIN) Program. This program is designed for entrepreneurs in the ideation or start-up phase of their business. The program will also add value to established entrepreneurs seeking physical space for business expansion. Shared incubator space and shared services results in less overhead cost for the incubator member. The Workplace Incubator Network (WIN) will provide members access to the following types of services:
? shared, affordable office space with shared office amenities, such as wireless internet access,
Copy machines, printers, and fax machines (members would use their own computers and cell
phones
? opportunities to network and/or collaborate with other entrepreneurs
? access to affordable professional services, such as bookkeeping, human resources, graphic
design, web design, and social networking assistance, marketing and public relations, legal
services, real estate services
? an assigned business mentor who would provide personalized, one-on-one assistance
? unlimited access to ECDI’s online classes and reduced rates on ECDI’s in-person classes
? assess to a fast track business incubation loan product
? assistance accessing markets for procurement assistance or other channels
The Workplace Incubator Network (WIN) Program will be a two-phased program. The first phase will include facility space for a small number of start-up and existing businesses. This phase will function as a pilot program and allow the Economic and Community Development Institute to survey the needs of potential incubator tenants. The second phase will include a larger facility for entrepreneurs and a training facility.
FISCAL IMPACT: $125,000.00 has been allocated from the 2013 Jobs Growth Fund for this initiative.
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