innovate in dc!
incubators, shared workspaces + resourcesfor the dc entrepreneur
planning.dc.gov
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an iniave of
winter 2010
What can an incubator or shared workspace do for you?
in•cu•ba•tor
n
:
an organizaon or placethat aids the developmentof new business venturesespecially by providinglow-cost commercial space,management assistance, orshared services
Incubators and shared workspaces provide start-up rmsand small businesses with an entrepreneurial environment,professional network, savvy mentors and crical resources
to develop and grow successful businesses. They serve
as a forum for entrepreneurial development, where newcompanies co-habitate in a physical space or join a virtual
network to exchange ideas, access key business support
services and test-drive their ideas. Business incubaonhas been adapted to meet a variety of needs, fromfostering commercializaon of technologies to increasingemployment in economically disadvantaged communies.Read on to learn more about the types of incubators,
shared workspaces and resources in DC to help you pursue
your business dream.
Impacts of entrepreneurship and incubaon
Companies that graduate from business incubator programs and shared workspaces help tosmulate local economic development, generate jobs and revitalize their host communies.• In DC, there are approximately 32,000 micro businesses (less than 5 employees) thatemploy 68,000 people.•
In the US:
• 84% of companies that graduate from incubators locate within their host community.• Incubators reduce the risk of small business failures. 87% of companies that graduatefrom incubators are sll in business aer 5 years.2• Every 50 jobs created by an
incubator business generates
approximately 25 addionaljobs in the same community.• Small businesses and bankscreate between 60% and 80%of new jobs
Sources: Social Compact (2007); U.S. Department of Commerce, Economic Development Administraon(2008); U.S. Small Business Administraon; Naonal Business Incubator Associaon.
reasons
5
1.
Global center of innovaon.
With 16 colleges/universies and several hundred governmentand private-sector research instuons, the District is a global center for innovaon intechnology, policy, nance and many other disciplines.
2.
Creave and tech-savvy.
DC’s creave economy is a $5 billion industry. The city hosted itsrst ever digital arts fesval, Digital Capital Week, that aracted over 5,200 parcipants.
3. Regional employment hub.
DC has a large, diverse pool of educated talent; 48% of residents
have a bachelor’s degree or higher.
4. Robust economic engine.
DC’s economy has weathered the economic collapse far beerthan any other US city. DC, alone, provides jobs for approximately 712,000 people.
5.
Internaonal visibility.
DC aracts over 16 million visitors annually, boasts a world-classtransit system and is home to more embassies than any other place in the world.
Types of incubaon/shared workspace
Incubator programs can range from the tradional model of providing physical space to the virtual model that connectentrepreneurs to capital and startup services. Tradionalincubators typically require signicant public subsidy, involvea physical oce space and business support services. Non-tradional incubator models have emerged more recently,driven by private companies that oer oce amenies,a buzzing creave environment and mentorship servicesin exchange for a moderate fee or ownership stake in the
new business. Shared workspaces are tailored to provide
businesses with exible leasing opons for aordable ocespace, conference rooms, printers, copiers and phones. Forthose companies that do not require physical oce space,the virtual-model incubator might oer start-up capital alongwith the services of an aorney, a publicist and accountant inexchange for a small ownership stake. Each of these modelshelps to smulate small business growth by encouraging idea
exchange, partnerships and a professional network to ensuresuccess.
3
why you should start your business in DC
Discover thespaces in DC
The following pages provideinformaon on exisng sharedworkspaces and incubatorprograms in DC, as well as thoseplanned for the future:
Anity Lab . . . . . . . . . . . . . . . 4
Center for Green Urbanism . . 6
e-BIC
. . . . . . . . . . . . . . . . . . . 7 Flashpoint . . . . . . . . . . . . . . . 9H Street Greenhouse . . . . . . 10 N Street Incubator . . . . . . . . 11Temporium . . . . . . . . . . . . . . 12The Hive . . . . . . . . . . . . . . . . 13
Planned Spaces:
FAB LAB DC . . . . . . . . . . . . . 14Gallaudet Innovaon Lab . . 14
Hub DC . . . . . . . . . . . . . . . . . 14
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Innovate in DC: The 8 Incubators in DC with more planned
There are 8 incubators in Washington DC with more planned.
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