Business incubators are spaces that offer small businesses resources to foster their development toward self-sufficiency. There are several benefits of being in an incubator:
- Shared operating costs: Multiple tenants sharing the same space reduces utility, internet, and insurance costs. Average cost savings: $55/mo for internet, $100+/mo for building liability insurance.
- Administrative assistance: The Foundry offers its residence free, confidential business mentoring regardless of the business’ development stage as well as part-time receptionist and mail service. Average cost savings: $800/mo for part-time receptionist.
- Legitimacy in the community: Operating from The Foundry provides businesses with a professional platform from which to operate.
- Camaraderie of fellow entrepreneurs: At The Foundry, you will join a community of doers helping each other’s success.
By operating out of The Foundry, not only will you join an inspiring group of entrepreneurs, but you will save money. Instead of purchasing space and services individually, multiple businesses share the costs.
Costs per month for 200 square foot office space package: $200 at The Foundry vs. $550 a la carte in Buffalo (itemized utilities above). In one year, you save $4200 by operating in The Foundry!
The minute I walked into The Foundry, there were people to help me and amazing access to tools. There were always people working when I came in, and we shared experiences that helped our businesses grow." -- Viktoria Ciostek, Knotty Moose (custom frames, past tenant)