Hamden Business Incubator

The Hamden Economic Development Corporation (HEDC) is in the process of developing the Hamden Business Incubator at the location of the former Newhall Community Center. The incubator includes nearly 40,000 S.F. of space that will be used for the location of small businesses and will offer below-market rate rent and shared services and amenities to foster economic growth in different service and technology industries that can provide job growth and services to the community, the region and the State of Connecticut.

The facility will be owned, developed and managed by the Hamden Economic Development Corporation. The Town (through HEDC) will also offer grant funding and other incentives to offset some of the build-out costs for the new businesses locating at the Hamden Business Incubator.

Construction is expected to begin in 2016 and the Hamden Business Incubator will be open in early 2017.

 Purpose and Goals

The Hamden Business Incubator will be designed to accelerate the successful development of entrepreneurial companies through many shared business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts. Successful completion of a business incubation program increases the likelihood that a start-up or newer small businesses will stay in business for the long term: Historically, well over 75% of incubator graduates stay in business.

It is anticipated that twenty businesses will become part of the facility. The location of the Hamden Business Incubator is in the heart of the Highwood/Newhall neighborhood, located one mile from New Haven. The project is projected to create up to 40 jobs in the short term (one year), 80 in the medium term (3 years) and 125+ in the longer term (five years). The facility will generate over $2 million in new payroll in the short term and eventually generate over $100,000 in new taxes annually to the Town of Hamden.

The HEDC will provide common services to small business located in the Hamden Business Incubator to help them reduce the cost of overhead, making them more profitable. These services include reception, parking, rest rooms, wi-fi, conference space, etc. Their leaner operations will better enable them to efficiently collaborate with other local and regional businesses and other institutions, such as the many universities and colleges in the area.

Tenants

For the development of the tenant list, the HEDC/Town is currently working with neighboring entrepreneurial organizations like the Hamden Business Assistance Center, New Haven Manufacturing Association, SBA’s Small Business Development Center, Southern CT State University, Quinnipiac University, Gateway Community College and other important trade groups like the Minority Supplier Development Council in order to identify tenants and assist start ups and emerging businesses at the Hamden Business Incubator.

 One of the features of the Hamden Business Incubator will be the location of the Hamden Business Assistance Center (BAC). Since 2005, the BAC has provided services to start-ups and others needing assistance in the areas of business formation, cash flow analysis, business plans, financing, human resources, etc. To date, the BAC has helped over 200 clients. The BAC will offer these services not only to the to the tenants of the Hamden Business Incubator, but also to businesses across Hamden.

It is envisioned that tenants of the Hamden Business Incubator will include web designers and programmers, professional services, medical form administrators, small manufacturers and other lighter industry providers. Each business located at the Hamden Business Incubator will lease classrooms and other areas within the former school.

 For further information on the Hamden Business Incubator, contact:

 Dale Kroop
Executive Director
Hamden Economic Development Corporation
(203) 287-7033
dkroop@hamden.com

 

 

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