Business Incubators and the City of Ramsey: Preliminary Insights

Abstract

This project was completed as part of the 2017-2018 Resilient Communities Project (rcp.umn.edu) partnership with the City of Ramsey. The City of Ramsey has a successful business retention and expansion (BRE) program that has been focused on small-business development and growth. To advance these efforts, the City would like to pursue new initiatives to attract, retain, and grow businesses, including developing a long-term vision and strategy for a business incubator. To assess the feasibility of a business incubator, students in Bob Streetar’s Community and Economic Development class researched extended case studies of four types of business incubators in Minnesota (government-owned, STEM-based, nonprofit, and coworking), as well as several alternatives to traditional business incubators that could assist new start-ups and spur economic development. A final report and presentation are available.