The Greater Sudbury Development Corporation (GSDC) is investing $1.16 million over the next four years into a downtown incubator program for new businesses.
The space will host up to 12 startup companies at a time providing entrepreneurs with access to subsidized office space, mentorship, workshops and professional advice.
The incubator is a partnership of the City of Greater Sudbury, NORCAT, the Greater Sudbury Chamber of Commerce and the Regional Business Centre.
According to a news release from the city, acceptance into the program will be through a competitive application process. Applicants must demonstrate that their business proposal has high growth potential and commit to regular check-ins to review milestones and progress. It’s anticipated that the program’s first cohort could begin as early as March 2022.
More information about the incubator, including how to apply, will be released later this year.
Additional investments have come from FedNor and the Greater Sudbury Chamber of Commerce.
“This is a tremendously exciting initiative to grow our economy,” said Greater Sudbury Mayor Brian Bigger in a statement.
“Incubators support entrepreneurs who are still defining their operational models and goals. The Downtown Business Incubator will help these startups establish and increase their potential for long-term success. It’s an attraction for innovation, talent and capital that will have a lasting, positive impact on our community.”
“The Downtown Business Incubator has multiple benefits for our community,” said GSDC Board Chair Lisa Demmer.
“The project will contribute to sustainable job creation, a vibrant downtown and enhanced opportunities for economic growth. It’s a wonderful opportunity for anyone thinking of starting an innovative business, in any sector, to get a solid start and an ongoing professional support network.”