Sudbury’s new business incubator is up and running.
Innovation Quarters, located at 43 Elm St. in Commerce Centre in the city’s downtown, marked its official opening on June 28.
The space and its programming, which was announced last spring, will specialize in helping early-stage companies that are using technology to commercialize new products or services, generate revenue, raise capital, and build managerial capacity.
“Greater Sudbury is known for big ideas; the Innovation Quarters is about providing the support, connections, collaboration and resources to help bring those ideas to life,” Mayor Brian Bigger said in a news release.
“Investment in entrepreneurship is an investment in job creation, and this program will help our local entrepreneurs quickly take their businesses to the next level.”
The centre is currently seeking eligible tenants that are tech-enabled, have high growth potential, and are led by at least one full-time founder who’s committed to the venture.
Those who meet the criteria are being encouraged to apply before Sept. 11. The incubation program is expected to get underway on Oct. 10.
According to the city, the creation of the downtown business incubator is a priority of both the 2019-2027 City of Greater Sudbury Strategic Plan and the Greater Sudbury Development Corporation’s (GSDC) Economic Recovery Strategic Plan to build economic development initiatives that attract new businesses and promote entrepreneurship.
Coordinated by the city’s Regional Business Centre, the program is a collaboration between the city, NORCAT and the Greater Sudbury Chamber of Commerce.
The GSDC, through the approval of city council, is investing $1.16 million in the program over the next four years and leveraging an investment of $896,882 from FedNor and $15,000 from the Greater Sudbury Chamber of Commerce.