Recommendations / Entrepreneurship / Big Idea #3: Develop and Invest in a Comprehensive Small Business Incubator

Big Idea #3: Develop and Invest in a Comprehensive Small Business Incubator

Part of the "Economic Opportunities" initiative

EntrepreneurshipAmericus/SumterUnder $250,000

Overview

Develop a comprehensive small business incubator to promote local job creation and economic self-sufficiency. The recommendation strengthens the existing Business Expansion Center by formalizing a partnership between South Georgia Technical College and Georgia Southwestern State University, hiring a full-time Executive Director, rebranding the incubator, developing a website and strategic plan, and relocating the incubator to Downtown Americus.

Action plan

Short-term
Create a joint partnership between Georgia Southwestern State University and South Georgia Technical College; seek funding for at least the first three years of operation; hire a full-time Executive Director funded by GSW, SGTC, or a combination of both.
Medium-term
Rebrand the Business Expansion Center; create a dedicated website with information, tools, and resources for local entrepreneurs; create a 3-5 year strategic plan; target low-to-moderate-income women and minorities while still serving all local entrepreneurs; support businesses aligned with Georgia’s key industries and unique Sumter County businesses.
Long-term
Hire additional staff as appropriate; relocate the incubator to Downtown Americus; partner with City of Americus, Sumter County, and the Americus Sumter Payroll Development Authority for a downtown location; use Downtown Development Authority partnership if additional funds are needed.

Expected impact

Projected Public Private PartnershipsInstitutional

Tracks City, County, and PDA partnership for downtown location.

Projected: 3 Government partners · Timeframe: Long-term
Projected Future Funding ProbabilitySustainability

Tracks initial operating funding target.

Projected: 3 Years of operation
Projected Multi Year FundingOperational

Tracks estimated downtown rental amount that could be covered by redirected Archway funds.

Projected: 30,000 Dollars · Timeframe: Long-term
Projected Recurring Revenue StreamsEconomic

Tracks job growth through a strengthened small business incubator.

Projected Technology SystemsOperational

Tracks creation of a dedicated incubator website.

Projected: 1 Website · Timeframe: Medium-term
Projected Formal AgreementsInstitutional

Tracks formal joint partnership between GSW and SGTC.

Projected: 1 Joint partnership
Projected Implementation CompletionOperational

Tracks incubator strategic plan timeframe.

Projected: 5-Mar Years · Timeframe: Medium-term
Projected Multi Year FundingOperational

Tracks full-time staff budget.

Projected: 50,000 Dollars
Projected Technology SystemsSustainability

Tracks possible seed funding for technology tools for approved entrepreneurs.

Projected Implementation CompletionCommunity

Tracks rebranding of the Business Expansion Center.

Projected: 1 Rebrand
Projected Underserved PopulationEquity

Tracks targeted support for low-to-moderate-income women and minorities.

Timeframe: Medium-term
Projected Partner OrganizationsInstitutional

Tracks neighboring incubator partnerships.

Projected: 6 Incubator partners
Projected Recurring Revenue StreamsEconomic

Tracks acceleration of entrepreneurial company success through business support resources and services.

Projected Recurring Revenue StreamsEconomic

Tracks small rental fees from entrepreneurs who rent office space downtown.

Projected Staff RequiredOperational

Tracks hiring of a full-time Executive Director.

Projected: 1 Executive Director
Projected Facility UtilizationInfrastructure

Tracks improvement of the existing Business Expansion Center.

Projected: 1 Incubator
Projected Recurring Revenue StreamsEconomic

Tracks increased downtown foot traffic from incubator jobs.

Timeframe: Long-term
Projected Facility UtilizationInfrastructure

Tracks relocation of incubator to Downtown Americus.

Projected: 1 Downtown location · Timeframe: Long-term
Projected Recurring Revenue StreamsEconomic

Tracks Georgia key industry sectors that incubator services should support.

Projected: 12 Industry sectors · Timeframe: Medium-term
Projected Social MobilityEquity

Tracks support for underserved entrepreneurs through incubator services.

Timeframe: Medium-term
Projected Future Funding ProbabilitySustainability

Tracks potential incubator funding categories.

Projected: 5 Funding categories
Projected Facility UpgradesInfrastructure

Tracks recommended incubator space features.

Projected: 5 Space features

Key stakeholders

Business Expansion CenterSouth Georgia Technical CollegeGeorgia Southwestern State UniversitySmall Business Development CenterEconomic Development partnersFull-time Executive DirectorLocal entrepreneursEntrepreneurial students at Georgia Southwestern State UniversityLow-to-moderate-income women and minoritiesUnderserved entrepreneursCity of AmericusSumter CountyAmericus Sumter Payroll Development AuthorityDowntown Development AuthorityArchway ProgramNorth Carolina Business Incubator AssociationU.S. Small Business AdministrationGeorgia Small Business Resource DirectorySouthwest Georgia Business Development CenterColumbus Regional Technical IncubatorAlbany State University Community Development Corporation Business Assistance CenterMicrobusiness Enterprise CenterGeorgia Center of Innovation for AgribusinessFort Valley State University Entrepreneur Center

Estimated budget

Staff: $50,000 for a full-time staff person. Location: TBD; report notes approximately $30,000 could cover downtown rental if funds currently going to Archway were redirected after the community graduates from the Archway program. Tools/Resources: TBD; possible seed funding for cutting-edge technology, such as a free Apple computer for each entrepreneur with an approved business plan.