Business incubators like TechTown are helping entrepreneurs fulfill their dreams, or at least, their business plans. These incubators offer free or low cost resources, low rent, and an environment that is conducive to the entrepreneurial spirit.
Excerpt from the Wall Street Journal
Purdue Research Foundation in West Lafayette, Ind., the Center for
Emerging Technologies in St. Louis, TechTown in Detroit and the
University of Toledo in Ohio are among those that have added new
incubator programs or facilities in recent years to accommodate more
early stage companies.
Driving the trend is largely high
unemployment and a dearth of adequate financing in the current economy,
says Mr. Kitts. But at the same time, some incubator programs have
suffered budget cuts, he adds.
About 1,500 early stage companies
are participating in 10-week business-training programs at TechTown, an
incubator established in 2000 by Wayne State University, General Motors
Co. and the Henry Ford Health System. Of those, about 80% are run by
individuals who have been unemployed for six months or longer, says
Randal Charlton, executive director. Located in Southeast Michigan,
where unemployment is about 15%, the incubator is also home to 200
start-ups in industries ranging from energy and education to homeland
security and logistics.
Read the entire article here