Benefits to the Community
The overarching benefit to the community is increased economic health and vitality. Specific benefits include:
• Job Creation - Incubator companies would create new employment opportunities for area residents. Technology companies typically create higher wage and higher skill jobs.
• Enhanced Image - A business incubator is one important element to enhance southeast San Diego’s image as a progressive, future-thinking place that encourages and supports technology business development.
• Increased Entrepreneurship - A business incubator can create awareness of entrepreneurs and stimulates confidence among individuals to consider opportunities for business creation.
• Youth Social Development – At-risk youth that are given an opportunity to enter into a program such as ours, would dramatically increase their chances of a successful, structured and purposeful life with opportunities outside of gang violence. This incubator could lead them onto a path to entrepreneurship.
Benefits to Incubator Companies
Companies that are accepted into incubators enjoy dramatically improved success rates as their business enterprises are nurtured through the early development years. Specific benefits include:
• Reduced Barriers to Entry - The incubator environment would provide an easy start for emerging companies by offering affordable office space, access to shared equipment, meeting facilities, and on-site business and technical assistance. This lowers the overhead and operating costs during critical formative years.
• Networking and Mentoring - The incubator would facilitate a know-how network to address incubator company’s unique needs for partnerships, suppliers, and/or potential sources of capital.
• Increased Visibility and Stature - The incubator would significantly increase visibility and presence of tenant companies in the marketplace and advance their success potential. Admission to the incubator would imply an endorsement that enhances new companies statures and increase their chances to secure funding.