It wasn't necessarily a novel idea 25 years ago, but few institutions had tried it. Officials at Rensselaer Polytechnic Institute in Troy wanted to shelter young companies from the harsh realities of the business world until they were ready to face them on their own. The Rensselaer Business Incubator was born.
A quarter century later, the region has half a dozen business incubators in existence or in various stages of formation. And more are coming. So taking their cue from chambers and economic development groups that have formed regional consortia, several of the incubators banked together to coordinate their efforts, share ideas and advocate for the region's companies.
The 1-year-old Tech Valley Business Incubator has already started growing. And it is getting the attention of business incubators outside the region. “It's really just a sharing network,” said James Martin, director of community and economic development for the city of Glens Falls, which is trying to develop the Adirondack Technology Accelerator, a technology-focused incubator in a former mill building in Glens Falls. “The intent is to make all of the incubators better,” he said. “What are the strengths, what are the things that make all of the incubators good and how can we make them better?”
The Connecticut Business Incubator Network, a similar consortium of business incubators, has approached the Capital Region group about sharing ideas and growth strategies.
A year into its efforts, the Capital Region network says there are several other incubators looking to join.
Incubators follow several models. But they most often are affiliated with a university, government or nonprofit agency. They typically offer shared work space and support services such as clerical help. They focus on technology companies or some other targeted business segment.
Capital Region economic development officials have called them a necessary step in hatching ideas conceived in area research laboratories. “It's clear that the growth of entrepreneurial businesses will be vital to the success of Tech Valley, and TVIN (the incubator network) will give entrepreneurs a single point of contact,” Jon Lemelin, executive director of U-Start, the Union College-affiliated business incubator in Schenectady, said in a notice announcing the network's creation last year. “With a network of incubators pooling our ideas and resources, we can all be more successful,” added Lemelin, a coordinator of the network.
Martin, one of the organizers of the Adirondack Technology Accelerator, said the experiences, successes and missteps of the larger and older incubators in the region will help Glens Falls' project succeed. The partners, including the city, Warren County and Adirondack Community College in Queensbury, are in the midst of applying for grant money to help cover the estimated $2 million needed to buy and renovate the decaying downtown building.
By the fall of 2006, it could house anywhere from 25 to 40 high-tech firms. “Having the incubator located right in our downtown is going to be a real shot in the arm,” Martin said. “I think the network is a very cooperative and proactive effort that is occurring to help make that happen, and that's to everybody's credit who's at the table.”
Read More
