The Sault Ste. Marie Economic Development Corp. (EDC) has opened a new incubator to assist entrepreneurs with business development services.
The Millworks Centre for Entrepreneurship opened its doors on May 20 in the Machine Shop building at the former St. Marys Paper mill site on the banks of the St. Marys River.
The facility houses business clients and provides incubation services and direct support to entrepreneurs.
That includes providing office space and shared office services at preferential rates, along with mentoring opportunities with local business leaders, all within a collaborative work environment.
“Studies show that after five years, the success rate for businesses that use incubation services is over 80 per cent, compared to around 33 per cent for non-incubated companies,” said Dan Hollingsworth, executive director of business development for the EDC, in a release.
“Given the benefit to local entrepreneurs, along with the local economy in general, the Millworks Centre for Entrepreneurship is a key priority project for our organization and the community.”
The establishment of the Millworks is part of Sault Ste. Marie’s Canal District revitalization initiative.
It received funding from the city’s economic development fund, the Northern Ontario Heritage Fund Corp., and FedNor.
