(High Ground News) Fostering economic development and job growth can be a tricky–and expensive–endeavor for governments. But fortunately they aren’t saddled with doing the work alone. Local business incubators are on a mission to promote entrepreneurship and support start-ups in Memphis, and their impact is ever-growing. According to a research study conducted for the U.S. Department of Commerce Economic Development Administration, business incubators provide communities with significantly greater results at less cost than other public works projects. Incubators are making significant contributions to local economies, and Memphis’ programs are no exception.
Several local business accelerator programs are opening their application processes now in the search for summertime cohorts. Start Co.’s Seed Hatchery, Upstart and Sky High incubators, along with Memphis Bioworks’ ZeroTo510program, are expecting their 2015 classes to be their biggest yet.
Start Co. officially began as Launch Memphis in 2008 and became a full-time endeavor in 2011. Since then the group has accelerated 37 companies. Start Co.’s Seed Hatchery focuses on enterprise technology, Upstart deals with women-led technology, and Sky High targets ideas and companies involved with social innovation.
“As we started to be more inclusive of the Memphis population as far as start-ups, in particular for more minorities, more women and more students, we started to see more social ideas walk through our doors,” says Andre Fowlkes, Start Co. President.
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