The coronavirus pandemic has not put some business owners off seeking to scale up or entrepreneurs from initiating a new company. With the U.S., in the first week of quarter 4 2020, new business applications were up 38.9 percent year-over-year nationally according to the Census Bureau.
For many of those new companies, the key to growth will be finding a space designed to get them off the ground. This is where business incubators come in. A business incubator is an organization that helps new and startup companies to develop by providing services such as management training or office space.
A representative example is with Chattanooga, TN’s INCubator, which is the third largest business incubator in the U.S. and the largest in the state of Tennessee. The companyy has attracted thirteen new startups into their program since March 2020.
Some examples of recent success are:
Ecophene LLC
This is a startup dedicated to climate change reversal, Ecophene manufactures industrial-grade Graphene from atmospheric carbon dioxide for integration into consumer products, at a cheaper price than conventional fiberglass. As business has slowed down (but not stopped) during COVID-19, the team needed a space to regroup, organize and plan next steps for when the economy reopens – the INCubator provides the resources to do just that.
Hoop Junky
This custom hula hoop company was forced out of their previous space at the beginning of the pandemic when their landlord had to sell the building. What drew Hoop Junky to the INCubator was affordable rent coupled with an ideal location in downtown Chattanooga, as well as the business development assistance at a time when breaking even will be crucial.
Datably, Inc.
In joining the INCubator, Datably – a company that builds custom software integrations to automate workflows – became part of a community of entrepreneurs and mentors: within days of moving in, they had already begun making connections with others in the building. As a brand-new business (launched during COVID-19), the space proved to be essential in growing Datably’s network.
