Incubators Growing Attention

RABC business kick-start program gaining attention from other communities.

The Rural Alberta Business Centre (RABC) wants to encourage entrepeneurs in Cold Lake, so much so, that they have opened up office space for new businesses. Small business advisor, for the RABC, Kathryn Hotte says the incubator programs have been so successful in the city that other communities are calling wanting to know more about how it started.

“It’s about improving the local economy through the creation of jobs,” Hotte says that since the downturn in the oil sector, she has seen a lot more people try their hand at owning their own business. Maybe it’s a realization that they have to work for themselves to have that stability or maybe they also had a dream business idea, but never pursued it because of the steady paycheck. Whatever the reason, there has been an increase in entrepreneurs seeking the services of the RABC; including the incubator program.

“Two out of three business start-ups fail after the first five years, but 87 percent of businesses started in an incubator, are still viable after five years,” the stats are behind the RABC’s incubator program, says Hotte. The Cold Lake program has successfully graduated a handful of businesses since launching just under two years ago. Businesses under two years old can apply to be part of the program. Not only do they receive office space at the RABC, at a reduced rental cost, but they also receive the mentorship of the RABC and its partners. “When you’re in difficult times, like we are right now, an incubator can offer a chance for those who maybe have lost their jobs or are looking for something to supplement their income. The incubator programs gives them that support.”

We want to give new businesses that support, the leg up, to succeed! – Kathryn Hotte Small Business Advisor RABC Cold Lake

 

Along with the rental space and mentorship, the program includes help developing a business plan,  use of a common conference room, high speed internet, printer/fax/scanner, administration services and access to other local key services providers. Many local businesses have partnered with the RABC to offer services at no charge, including an hour with a lawyer, book keeping advise, advertising services, and even Lakeland Connect provides a introductory article to the business at no cost.

 

There are two spaces available in the incubator program. To find out more or to apply contact Kathryn Hotte at 780-594-1090.