The city of Greater Sudbury has opened applications for its new business incubation program, Innovation Quarters. It will be a 12-month program that will provide new and tech-based startups with many incentives like office space in the downtown core. The aim is to let new businesses become a part of the city's Economic Recovery Strategic Plan.
Josée Pharand, the Business Development
Officer for the City of Greater Sudbury, believes that this program offers more
than just a convenient place to work. She said, "It's more than just a space.
We're looking to really create an environment where people engage in
programming. It's a growth program where people will have access to training,
one-on-one coaching, mentorship, networking opportunities."
She also highlighted that the city invites "tech-enabled"
companies to apply to the program. Such companies include those using technology
platforms to be more efficient. She stated, "When looking at some of the
more popular types of companies that you could think of, I would consider
UberEats, Airbnb, perhaps, real estate apps. The type of companies that are
using technology to deliver a different type of product or service to their
customers."
Pharand mentioned that the idea is to help
accelerate the startup process for small companies. Usually, it can take years
before turning to positive cash flow. She said, "Essentially, it's getting
them to move through that startup phase a little quicker with additional tools
and reducing the barriers that typically come with getting a startup off the
ground. Within 12 months, we hope that they'll graduate and then look at other
spaces potentially in the downtown core or other real estate opportunities in
the city, and gain jobs and continue to grow the business once they've
graduated."
The Fee and Application Deadline
If accepted, businesses will need to pay a monthly
membership fee of $300 plus $50 per workstation. The total comes down to about
$25,000.
Applications for Innovation Quarters are
open between April 19 and May 15. The first cohort of the program is scheduled
to begin on June 20.
The Key Offerings
In addition to affordable and collaborative
office space, which will be located in the downtown core, the Innovation
Quarters program will offer the following to startups.
Ø One-on-one mentorship from community leaders and experienced mentors
Ø Connections to professionals, business advisors, and government
funding programs.
Ø Specially curated professional development workshops, seminars, and
networking opportunities with potential investors, new clients, and
collaborators.
Ø Marketing and media exposure via IQ programming.
Ø Several collaboration opportunities with like-minded local
innovators.
Interested applicants and general public
members can attend one of two virtual public information sessions on Tuesday,
April 26 at 12 p.m. or Wednesday, May 11 at 6 p.m. These sessions will provide
detailed information on the program and the opportunity to ask questions.
To learn more about the program, one can
submit an application or register for an information session, visit the Innovation
Quarters website here or call the
Innovation Quarters at 705-688-3918.
Sources:
https://www.cbc.ca/news/canada/sudbury/sudbury-incubator-business-downtown-1.6425189
https://www.sudbury.com/local-news/applications-being-accepted-for-downtown-business-incubator-5293423
https://www.greatersudbury.ca/city-hall/news-and-public-notices/2022/new-downtown-business-incubator-now-accepting-applications/