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Missouri State University’s eFactory was recently certified as a Small Business Incubator by the Missouri Department of Economic Development, and has received $155, 330 in tax credits towards its mission. KSMU’s Theresa Bettmann has more.
Developing small business and boosting the economy is the focus of the eFactory. Under the Small Business Incubator Tax Credit Program, certified business incubators can provide a safe starting point to grow a new business. But what is a small business incubator?
“The goal of the eFactory, and the goal of the business incubator, is to lessen the burden and stresses of growing a new company.”
Brian Kincaid a spokesperson for eFactory, explains.
“Growing a new company and being an entrepreneur is scary. There are a lot of risks; there’s a lot of uncertainty. But in this regard we strive to provide access to many of the basic needs of daily operation,” Kincaid says.
The Plaster Center, home to the eFactory, opened its doors this spring. Kincaid calls it a “one stop shop,” as the space houses several tenant client companies who receive various business support services. He explains that support can be anything from printing and copying to marketing and financial advice. Kincaid says most companies will be a part of the program for three to five years before they “graduate” into the bigger world.
Kincaid is already seeing early signs of economic success, noting that each of the businesses in the incubator have added staff in the form of student interns and/or part or full-time employees.
He adds that eFactory is an important component of a bigger picture.
“From a university and a city perspective, one of the larger initiatives is IDEA Commons. This is Missouri State University’s vision and commitment to create a new type of urban research park, by blending innovation, design, entrepreneurship and the arts. So when we talk about the implications of economic development through projects that we are working with the eFactory is one of many. In that way, the eFactory is really the entrepreneurial component of IDEA Commons,” says Kincaid.
Kincaid says they are always looking for new businesses to add to the project. Click here to find a link to more information.
For KSMU News, I’m Theresa Bettmann.