Business Incubator hatching in downtown Sudbury this spring

Work is underway to get the new downtown business incubator ready to launch next month in Greater Sudbury.

The $2-million, four-year project is partially funded by the city to help with local job creation and economic growth.

Last June, Sudbury city council approved $1.15 million towards the incubator. FedNor is expected to provide funding, but the amount has not been released.

The downtown business incubator is a partnership between the City of Greater Sudbury (through the Greater Sudbury Development Corporation), the city's Regional Business Centre, NORCAT and the Sudbury Chamber of Commerce.

"The incubator will be a competitive, multi-step, application based program where participating innovative, high growth, scalable firms in the area will have access to things like office space, mentorship, workshops, subject matter experts and opportunity to raise capital," said Lisa Demmer, chair of the GSDC.

Entrepreneurs of start-ups will be mentored,with six businesses in each cohort, for a total of 30 graduating businesses over the four years. New businesses for the incubator will be recruited every six months

That incubator space will be inside the TD Bank building, downtown.

"We did have a couple of options for locations. 43 Elm Street just had the space, it had the proximity to amenities we were looking for, obviously it fell within the budget for available resources that we haveand it's right downtown," she said.

Demmer said the creation of the downtown business incubator is meant to provide economic growth, job creation, and revitalization for the city's downtown.

"The incubator is going to focus attention and resources in downtown Sudbury to help increase foot traffic in the area, contribute to downtown revitalization and help foster the startup and growth of new companies that will eventually graduate from the incubator and move into other commercial spaces in the downtown as they grow," she said.

Although there is no requirement that these businesses permanently move into the downtown core.

"However, it's our hope that by incubating these businesses in the downtown space and relying on the resources available in that area businesses will think to remain in the downtown area."

The incubator space will also provide networking and mentorship for new business owners just starting out..

"One of the most common mistakes entrepreneurs can make is not seeking professional advice," Demmer said.

"Within the incubator program, not only will that advice be available but it's required. So successful business owners will be aware of their own strengths and must be open to advice in areas of weakness."

It can also help participants overcome financial challenges.

"By providing amenities and resources at reduced cost during the first year of business the incubator can reduce barriers for potential high growth firms so that they can concentrate on building and scaling businesses and commercializing their product or service."

It was in June 2021, that the City of Greater Sudbury announced it would provide $1,159,177 over four years from the Community Economic Development (CED) Fund toward the incubator project.

At the time mayor Brian Bigger said it was "a tremendously exciting initiative to grow our economy."

"The Downtown Business Incubator will help these startups establish and increase their potential for long-term success. It's an attraction for innovation, talent and capital that will have a lasting, positive impact on our community," he said in a statement.

The downtown business incubator is expected to create about 60 jobs through the various start-ups, and may be funded past the four year time period.

The application process is expected to launch in early April with the first six start-ups moving into the downtown space by June.