Innovate New Albany Incubator Serves as Model to Other Communities
Since New Albany launched its incubator for technology startups in 2011, Innovate New Albany has steered a course that has enabled it to provide the right resources to startups, begin to see a return on investment and attract the attention of other cities seeking to do the same.
As a recent Columbus Business First article notes, nurturing 1,250 startups around the country requires more than providing space and Wi-Fi.
In New Albany, a partnership with TechColumbus, The New Albany Company, the Ohio Small Business Development Center, AEP and WOW! Business Services, formerly Bluemile, has added 25 companies to the space and 47 jobs to the city’s workforce. One of its greatest strengths and distinguishing features is the fact that 70% of the incubator’s tenants are IT-focused enterprises which researchers say is a key to spurring innovation.
Another important feature, venture capital, has also been realized through TechStart New Albany which has provided capital from seed funds and angel investors to 51 New Albany-based companies. New Albany-based companies benefitted from more than $458,000 in TechGenesis and Pre-Seed Funds, approximately $310,000 in Ohio TechAngel Funds and other sidecar investments and over $1 million in grants and debt financing.
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Why New Albany?
As a community created by innovators for innovators, New Albany offers a robust ecosystem that leverages entrepreneurship, business connectivity, public-private partnerships and quality of life to inspire creativity and accelerate commerce.