Not all small business incubators are publicly-funded enterprises. Some are privately funded operations with an eye on growing their piece of Metro Detroit's new economy, such as NextWave in Troy.
The small business incubator is occupying a few floors in the DuPont building on Stevenson Highway, making room for second-stage companies and entrepreneurs trying to get their businesses off the ground.
"We have a lot of opportunities for second-stage companies and endless opportunities for incubation companies," says Dick Blouse, chairman of NextWave.
He expects to start putting entrepreneurs and companies in their seats before the summer ends. The 50,000 square-foot space includes room for both offices and common areas, such as an auditorium and conference rooms. Three second-stage companies and a couple of incubation firms are expected to move in later this year. There is room for about 35-40 people at the incubator.
NextWave makes its money by taking an equity stake in the firms that grow up in the incubator. In return, the start-ups receive cheap Class A office space, business mentorship services, and an extensive rolodex of contacts to help grow their firm. The incubator is primarily looking for firms based in nanotech, software, healthcare technology, logistics, and alternative energy, however, the incubators organizers have an open mind when it comes to applicants.
"If it's a good fit and they make a good business case we would be very interested," Blouse says. "This is not chipped in stone yet."
For information on NextWave, click here.
Source: Dick Blouse, chairman of NextWave
Writer: Jon Zemke
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