Small Business Incubator
Definition
Facility providing startups and entrepreneurs with affordable workspace, business services, mentorship, and networking opportunities. Reduces failure rates by supporting businesses during vulnerable early years.
Louisville Context
Louisville has limited small business support, particularly in underserved neighborhoods. Dave creates incubators in West Louisville, South End, and other areas with: (1) below-market rent for entrepreneurs, (2) shared services (accounting, legal, marketing), (3) mentorship from established business owners, (4) access to small business loans and grants, (5) networking events connecting entrepreneurs to customers and investors, (6) focus on businesses serving neighborhood needs.
Why It Matters
Small businesses create 65% of new jobs but have high failure rates (50% within 5 years). Incubators dramatically improve success rates by providing support most entrepreneurs can’t afford individually. Building neighborhood wealth starts with supporting local entrepreneurs.
Dave’s Proposal
Create small business incubators in underserved neighborhoods providing affordable workspace, business services, mentorship, loan access, and networking. Focus on businesses serving community needs and employing local residents.