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Home My WebLink About4.c. Business Incubator Update4ROSEMOUNT EXECUTIVE SUMMARY PORT AUTHORITY Port Authority Date: April 16, 2013 AGENDA ITEM: Business Incubator Update AGENDA SECTION: Old Business PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 4.c. ATTACHMENTS: None. APPROVED BY: RECOMMENDATION: Update only. ISSUE A small task force has been investigating provision of a business incubator in the City of Rosemount. We have discussed the idea at several Port Authority meetings and appear, in the short - term to have settled on a "virtual incubator" that would be housed on the City's website. In order to glean additional information, the group met with Laurie Crow, our Open to Business representative. Below is some information about the program so far. While the program technically started in January, Ms. Crow officially started her City "office hours" in February. She has served approximately 100 clients from all the communities in Dakota County with the exception of Mendota Heights. (Mendota Heights elected not to participate in the program). The majority of the people she has met with have an idea about a business or want to start a business. In Rosemount, she recalled several people she spoke with were either operating or interested in setting up a home occupation. She believes more of the clients she spoke with were women over men. Many are looking for money and she finds after meeting with them they really need to adjust how they do business or they will continue to not turn a profit. The majority of the people she met with are interested or involved in a retail or service business, very few were tied to a manufacturing type of business. She stressed continuing to market the program. She found in meeting with various cities that many of the community decision makers didn't know about the program. Program success is, in part, dependent upon word of mouth referrals. RECOMMENDATION The incubator task force is interested in providing a virtual incubator. Staff is looking to hire an economic development intern this summer and one of the primary tasks would be to set up the website incubator.