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Dale Kroop, Director
Economic Development and Neighborhood Revitalization
2750 Dixwell Ave.
Hamden, CT, 06518
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Business Incubator Project Progresses

11/11/2013

HAMDEN BUSINESS INCUBATOR

The Hamden Economic Development Corporation (HEDC) will develop the Hamden Business Incubator at the location of the former Newhall Community Center which has been closed since 2002. The former school includes nearly 40,000 S .F. of space that will be used for the location of small businesses and will offer below market rate expenses and shared services 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 CT.

The facility will be owned, developed and managed by the Hamden Economic Development Corporation (HEDC), a 501C4, tax exempt organization. HEDC will use project proceeds to design and develop the facility. The Town of Hamden will match additional project and in-kind funds towards the development of the project. The Town will also utilize funding from its Business Incentive Program to offset some of the build out costs for the new businesses locating at the Hamden Business Incubator.

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 up to twenty businesses will become part of the facility. The location of the Hamden Business Incubator is in the heart of the Highwood/Newhall neighborhood.

The project is projected to create up to 40 jobs generating over $2 million in new payroll.
It will also generate nearly $75,000 in new taxes annually to the Town of Hamden.

The HEDC will provide common services to Small Business located in the Hamden Business Incubator so to help them reduce the cost of over head making them more profitable. Their leaner operations will make them more able to efficiently collaborate with other local and regional businesses and other institutions such as the many universities and colleges in the region.

For the development of the tenant list, the HEDC/Town will work with neighboring entrepreneurial organizations like the Hamden Business Center, SBA’s Small Business Development Center, Empower New Haven and other important trade groups like the Minority Supplier Development Council in order to assist stat up and emerging businesses at the Hamden Business Incubator.

It is envisioned that tenants will include businesses such as 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 a classroom within the former school. An incubator manager will work with them to develop or improve a business plan through the successful Hamden Business Assistance Center as needed and will work with them on marketing and Business to Business needs.

For further information of the Hamden Business Incubator, contact Dale Kroop, Executive Director of the Hamden Economic Development Corporation at 203-287-7033 or dkroop@hamden.com



11/11/2013
Newhall / Highwood Neighborhood Community Development Programs Conclude
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11/13/2013
Hamden Economic and Community Development Office Announces Two Business Cluster Meetings
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