Sustainability Strategies

CHA Providing Business Incubation Space for College Graduates

Subsidizing College Graduates thru the development of residential building specifically for business incubation. Yes, I do mean a building of all business entreprenuers. Many college students who major in business begin working in teams while still in college on new product ideas but may lack the money to launch a business. Since many graduates are initially unemployed, we could allow them to acquire section 8 certificates in a building that is specifically for unemployed college graduates that intend to launch businesses. There could be enough room for a front office, meeting room and dorm style bedrooms that could accommodate maybe 2 bunk beds. The city could pay a designated bank thru our TIF’s to evaluate their business plans and the small business administration (SCORE)could assist along the way with connections in their industry, if these resources are available. The hope would be that some of these students would actually become successful business owners. CHA would be a vehicle to help cut costs with the launch of their ideas. A time window could be specified to shows results, like 3 years for example. If there are solid results over a 3 year period, then they could renew their section 8 certificate. Then larger CHA incubation space based on the success of their business could be obtained, if space is available. The CHA Incubation building of entreprenuers could have a receptionist that takes their business calls when they are out of the office and their mailboxes could be a legitimate business address. This could be a six year plan and at this point they move to non-subsizied rent within the same community. (They could share a market rate 3-bedroom within the same development area to continue to cut costs. This could be the agreement!! Part of the agreement could also be to hire any needed empoyees from the community that funded their TIF funds for business plan development, thru the designated bank.



8 votes
Idea No. 38