A creative business incubator under development here will be known as “Launchit Minto – A Hub for Growth and Innovation.”
Business development coordinator Karisa Downey advised Minto council of the new name during a report at the March 18 meeting.
Downey said the name was agreed upon by the Minto Creative Industry Incubator board of directors at a meeting on March 3.
The board also approved an expansion of the operation, before it has actually begun.
Downey explained that Minto-based Kimbal Printing was sold to Calvin Frey of Millbank-based Innovative Print.
“The new owner expressed that he would like to keep Innovative Print in Harriston, however as this business venture is under strict time constraints, a move to Mount Forest might be necessary should he not find suitable office space in Harriston,” Downey explained.
At the suggestion of Kimbal Printing owner John Burgess, incubator board chair Glen Hall proposed the incubator acquire an additional unit at the 1 Elora Street location and rent 500 square feet to the printing company.
Downey pointed out that Innovative Print offered to allow incubator tenants to utilize its professional photocopier on a code-system, which would allow for funds initially allocated to a new photocopier for the Incubator to be utilized for renovations.
“The new concept for the Incubator space would be to house ‘Business Centre Tenants’ like Innovative Print and McLaughlin Financial in Unit 3, while Unit 4 would remain reserved for ‘incubator’ tenants only,” the report states.
The board felt advantages of expanding the operation included:
– eliminating a large start-up cost (the photocopier);
– allowing a local business to stay in Minto;
– more space for other potential businesses; and
– a dedicated private meeting space and open space.
The incubator has contracted to pay $750 plus HST and hydro per month for Unit 4. Hall indicated it might be possible to rent Unit 3 at a lower rate.
The board approved the expansion to Unit 3 and instructed Minto CAO Bill White to commence negotiations with the building owners, Innovative Print and McLaughlin Financial.
Mayor George Bridge told the Advertiser that established businesses won’t be the typical tenants of the incubator, which is set up to encourage development of fledgling enterprises.
“They’ll be paying more market rents,” he stated.
‘Mixed messages’
Deputy mayor Terry Fisk asked for a clarification of a statement in the report that noted board concerns about “mixed messages being sent about the incubator.”
Hall replied that board members are concerned about a public perception that subsidizing rents for new businesses was the primary purpose of the incubator.
“There were mixed messages, the one point being we’ve read in the media at different times … it was stated that it was a discounted rent type of scenario and that’s not the intent of the incubator at all.
“It will be reasonable and fair rent for the amount of space that’s given. The biggest advantage to being a tenant of the incubator is the fact that you get access to a lot of different services – a creative hub literally is what this is going to be,” said Hall adding the incubator will offer a range of training and mentorship programs.
“We’re there to help them grow and develop quickly, be successful, and develop new opportunities to grow and innovate.”
Councillor Mary Lou Colwell, a member of the incubator board, told the Advertiser the “mixed messages” were the result of public misconceptions, not inaccurate media reports.
“That (affordable rents) is what people were keying on,” she explained.
The board is targeting the beginning of May to begin operations at the incubator.
“I’m looking forward to great things with it. It’s going to be a real model and a pilot for Wellington County,” said Bridge.
