In recent years NCGrowth has conducted incubator feasibility studies for several communities across North Carolina, including Spruce Pine, Tabor City, Liberty, Goldsboro, and Onslow County. In each case the community wants to know what the demand from their local businesses is and what programming and operational model would be most successful. Ultimately these communities are seeking to increase the number of jobs and stable businesses in their region. With the right mix of factors an incubator strategy can be an effective approach.
However, an incubator is not the only option, and in some cases it can detract from existing efforts if not properly planned and executed. Based on this previous work NCGrowth is currently developing a resource guide for small and rural communities interested in an incubator strategy. This guide will include best practices, case studies, operational models, frameworks for assessing need and demonstrating community support, as well as strategies that can complement or provide an alternative to an incubator.
Incubators take different forms in different communities. Traditionally “incubators” are physical spaces with office space, amenities and technical assistance targeted to growing businesses. A business locates in the space fora limited period of time in order to get established and then moves on to a private office space. However, this model does not work in every community, particularly where there are already high vacancy rates and availability of low-rent office space. While an incubator may offer more amenities and higher quality space, it is difficult to compete in this market based on price. The range of partners involved on incubator projects is diverse, and critical to program success.
Small Business Centers, Chambers of Commerce, Downtown Associations, Arts Councils, workforce development boards, veteran services and more are represented in successful incubator projects. These partners are critical to assessing need and demonstrating community support for a proposed incubator, as well as supporting incubator operations through marketing, program support and more.
As an alternative, a community may choose to co-locate business resources services from multiple partners in a space with conference, office and flexible event spaces available for rent by the hour. This type of center is able to serve more businesses, in a broader range of industries and can leverage there sources and staff of multiple agencies to sustain its operations.
These topics and more will be explored in this new resource that can help guide your community assess whether–and how–an incubator might serve the needs of your local businesses. Be on the lookout for its launch in the fall of 2019!
Homegrown Tools, a case study database charting the successful economic development strategies of small communities, is in the process of updating existing community stories. Take Edenton, NC. When the original case study was conducted ten years ago, Edenton was redeveloping a historic asset, the Edenton Cotton Mill Village, into modern village residences. Through historic preservation, the town attracted private investment that in turn increased tourism and local property values. For example, in 2006, average houses in the village were valued at $25,000; houses are now being valued between $145,000 and $235,000.
Propelled by the success of this strategy, Edenton has continued to leverage its historical and natural assets. The town, for example, has capitalized on the waterfront off of their Main Street using public funds and blue-ribbon grants. In 2014, Edenton moved and restored a historic, decommissioned lighthouse to the waterfront park, enhancing the town’s image as a historic destination. Overall, Edenton continues to demonstrate that strategic historic preservation can increase both local property values and tourism spending. Check back on the website soon for the full update!
In addition to updating existing case studies such as Edenton, Homegrown Tools seeks new case studies that connect communities with information and inspiration. We have created a “Partnership Packet” with templates designed to help potential partners develop impactful case studies for the database. As a partner with Homegrown Tools, community officials, practitioners, and academic researchers can increase community awareness on a growing platform. Other benefits include being named a partner on the site, access to site usage data for search trends and web traffic, and more. Partners can also promote the mission of Homegrown Tools through sharing our custom social media graphics within their networks.
NCGrowth team touring the new UNCP Innovation and Entrepreneurship Center in 2015