New London is the site of a new Regional Innovation Center, an incubator that aims to nurture startup businesses from around southeast Connecticut.
The Chamber of Commerce of Eastern Connecticut is behind the center, which is housed at the chamber’s new headquarters on Eugene O’Neill Drive.
Chamber CEO Tony Sheridan said there’s a great need for co-working space in the region.
“It’s become very expensive for people to start their own business,” he said. “You have to provide just about everything. Internet service, electricity of course, rental space and then pay taxes. It becomes very, very hard for young people to start a business.”
Sheridan said New London is the perfect spot to foster startups; the city is seeing a boost in economic activity from the buildout of offshore wind at the State Pier.
“New London is really getting back, in many respects, to its glory days,” he said. “We're practically across the street from the ferry company, we look down at the offshore wind platform. That's going to be a 50-year project. The ripple effect for the city will be great.”
The chamber attracted a $1.3 million investment from the state of Connecticut to kickstart the renovation. It fundraised a further $1.5 million mostly from established local businesses.
Startups can pay a day-rate for desk space at the center, or a subsidized rent for a dedicated office.
The chamber has hired a new manager for the center, Alyce Brown. She most recently ran a federally designated economic development district in north central Washington state.
“A lot of our focus was on small business development, rural communities and how we lift up those micro enterprises and small businesses,” she said. She hopes to do more of the same in Eastern Connecticut. “This project means a lot to me.”
Brown said her first job will be outreach to the region to publicize the center and to assess the needs of local entrepreneurs.
