Courtesy SEDC
The Saratoga Economic Development Corp.’s (SEDC) launched its new startup incubator and early stage small business accelerator at an event on April 12 at Bow Tie Cinemas in Saratoga Springs attended by more than 250 people.
SEDC launched SPARK Saratoga in response to business professionals and entrepreneurs requests to make experienced business mentors available to accelerate early stage growth businesses.
“The mission of the incubator is to inspire, mentor and accelerate startups and early stage businesses through a proven mentor network model marshalled to support entrepreneurs by bringing them through an initial in-depth market opportunity and business gap analysis, and agreeing to an action plan,” the corporation said in a new release.
Access to financial funding networks will be potentially available as well, officials said. All ages and sectors of businesses can visit the web-based portal, www.SparkSaratoga.com, to learn more or submit an idea for evaluation.
SEDC said it will protect the confidentiality of entrepreneur business concepts and ideas. Mentorship and financial network access will be facilitated upon mutual review and acceptance of an action plan between its SPARK Saratoga analyst team and the entrepreneurs. SEDC plans to add analysts as the project volume expands, and is currently in discussion to offer affordable collaborative work space to approved project companies desiring to be in Saratoga Springs
“This is what being community-led is all about,” said Dennis Brobston, SEDC president. “SEDC is out there constantly engaging with businesses in our community and recognized a need and we were able to access a willing and highly capable network of proven business and academic leaders to pull together this support resource.
“We had 20-plus accomplished members of our Incubator Advisory Team join with a crowd of high school students, college students, corporate executives, elected officials, small business founders, fellow entrepreneur center leaders and business organizations. This creative collision is how SEDC and its members offer a unique capacity to complement the region’s network of entrepreneur centers to spark more business and job growth here.”
“Our established business members launched SEDC and helped spawn the Saratoga region we value today,” said Tom Longe, chairman of DA Collins Companies and chairman of SEDC. “Again our community minded members are stepping forward to promote the next generation of innovators. That will help retain and attract the talent to foster future growth keeping this a great place to live and do business.”
SEDC’s Advance Saratoga initiative to promote, retain and grow business investment and jobs in the region was announced last March.
The launch of SPARK Saratoga, named through a public social-media voting campaign over the course of three week, marks more progress toward the goal to foster greater new business growth locally, “as opposed to primarily recruiting and chasing established corporations,” said Ryan Van Amburgh, economic development specialist at SEDC. “SPARK Saratoga will be a funnel to foster local talent and recycle it into emerging and established businesses alike. Talent begets talent. By collaborating across the region, we can become a magnet for innovation, whether it be by students, young entrepreneurs or second and third career retirees.”
The event featured the regional premiere of the film “Generation Startup,” that captures the struggles and triumphs of six recent college graduates who put everything on the line to build startups in Detroit.
Following the film, Catherine Hill, the F. William Harder chairperson of management and business at Skidmore College and an Advisory Team contributor to SPARK Saratoga, facilitated a panel discussion relating experiences of the movie subjects to real live experiences of local entrepreneurs.
Dorothy Rogers-Bullis, president of drb Business Interiors and co-owner of Saratoga CoWorks, provided the perspective of how she and her husband sacrificed established corporate careers and battled through the troubled economy post-2008 by leveraging their home to build their Saratoga-based businesses.
Hanson Grant, founder and CEO of Think Board, developed his business while an undergraduate at Babson College in Boston. A graduate of Saratoga Springs High School, he has returned home and said he is encouraged by the support network and approachable mentors to accelerate business in the capital region.
Current Skidmore College student and CEO/co-founder of Adirondack Flannel, Leif Catania, told fellow students to not be afraid to take on the challenge, but be prepared to sacrifice casual comforts and to seek help from those who have been in business before.
Guests were treated to a networking reception courtesy of Circus Cafe and Saratoga Juice Bar proprietors and local entrepreneurs, Christel and Colin MacLean. The Adirondack Trust Co., Clarkson University, Skidmore College and SUNY Adirondack were all event sponsors. Elite Red Carpets LLC provided a red-carpet photo experience for patrons entering the theater.