A Downtown Business Incubator will give local entrepreneurs access to mentorship and office space in an effort to increase their potential for long-term success.
The incubator is being created through a partnership of the City of Greater Sudbury, NORCAT, the Greater Sudbury Chamber of Commerce and the Regional Business Centre.
“This is a tremendously exciting initiative to grow our economy,” said Greater Sudbury Mayor Brian Bigger. “Incubators support entrepreneurs who are still defining their operational models and goals. The Downtown Business Incubator will help these startups establish and increase their potential for long-term success. It’s an attraction for innovation, talent and capital that will have a lasting, positive impact on our community.”
The Downtown Business Incubator will host up to 12 early stage companies at a time. Entrepreneurs will have access to subsidized office space, mentorship, workshops, professional advice and collaboration with like-minded innovators.
Acceptance into the program will be through a competitive application process. Applicants must demonstrate that their business proposal has high growth potential and commit to regular check-ins to review milestones and progress. It’s anticipated that the program’s first cohort could begin as early as March 2022.
The Greater Sudbury Development Corporation (GSDC) is investing $1.16 million in the program over the next four years with the approval of city council. Additional investments have come from FedNor and the Greater Sudbury Chamber of Commerce.
“The Downtown Business Incubator has multiple benefits for our community,” said GSDC board chair Lisa Demmer. “The project will contribute to sustainable job creation, a vibrant downtown and enhanced opportunities for economic growth. It’s a wonderful opportunity for anyone thinking of starting an innovative business, in any sector, to get a solid start and an ongoing professional support network.”
More information about the Downtown Business Incubator, including how to apply, will be released later this year.
Creation of a Downtown Business Incubator is a priority of the 2019-2027 City of Greater Sudbury Strategic Plan and the GSDC Economic Recovery Strategic Plan to build economic development initiatives that attract new businesses and promote entrepreneurship.