Madison Business Incubator
The City of Rexburg has entered into an agreement with the Research and Business Development Center (RBD-Center) to use shared space within in the existing Rexburg City Hall as a business incubation center with co-working and accelerator space. There is an opportunity to capitalize on the skills and services offered by the RBD-Center, their lease agreement with the City, and current trends within the economic development field, by creating a true incubation center. This incubation center would include: co-working and meeting space, and feature a RBD-Center run Business Accelerator course. This incubation center will serve Madison County, as well as being as a resource for surrounding communities.
Business Creation: Business Accelerators and Incubation
A business incubator is a workspace created to offer startups and new ventures access to the resources they need, all under one roof. In addition to a desk or office, incubators often provide resident companies with access to expert advisors, mentors, administrative support, office equipment, training, and/or potential investors. The Madison Business Incubator will feature all of these components. Incubators are created as temporary launching pads for new businesses, with the expectation that participants will eventually graduate and move out.
Accelerators, on the other hand, are short-term, fast-paced, structured programs lasting three to four months. Accelerators are competitive, and limit the number of participants. Most companies hope that an accelerator will put them on an aggressive growth trajectory.
The Madison Business Incubator with its Accelerator Program will foster business growth and success while providing education and programs that will help decrease the likelihood of failure for startups.
The objectives of this Business Incubator are to (1) advance the City of Rexburg’s and Madison County’s goal of increasing jobs through economic growth; (2) help advance the objective of promoting small business growth and workforce development in the County; and (3) helping companies get established and rooted in the community so that after graduation they become permanent contributors to the overall vitality, diversity, and growth of the city and county’s economy.
The Madison Business Incubator and Accelerator has the objective of attaining a 50% occupancy rate by December 31, 2019. The ultimate objective is to have full occupancy by December 31, 2020.