Sunday, December 12, 2010

Eagle Mtn: City Approves Business Incubator

"Elected officials here approved this week what is believed to be the state's first zero-cost city business incubator.

Applicants to the program need not be based in Eagle Mountain, and will be judged on:

• Innovative business models

• Leadership/management proficiency

• Potential for job creation

• Market growth capability

• Well-defined products and services

• Ability to secure appropriate financing

• Being receptive to sharing ideas and learning new skills

Businesses will be expected to graduate from the incubator within two to five years, and commit to relocate to Eagle Mountain afterward. The application will be on the city's website early this week, posted in the economic development section, said Linda Petereson, city spokeswoman.

For its part, the city will provide up to 5,120 square feet of office space. The city got the office space for free by trading another parcel, which was gifted to the city by another entity, with Direct Communications.

"They will be given basic phone and internet services at no cost, upgraded services at an exclusive nominal rate, as well as access to critical multimedia tools, information, contacts and services which may otherwise be inaccessible or unaffordable to start-up entrepreneurs," said Pili. "They will also have access to shared resources, such as a reception area and conference room, copy and fax equipment, audio visual equipment and a break room. The facility will be divided into private offices, cubicles and light assembly/manufacturing areas."" -Daily Herald

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