Problem:
Everyone agrees that a business incubator is an economic development asset – until it comes time to pay for it.

Solution:
An incubator grows businesses, but at its heart, an incubator is a business. So create a business plan! Research entrepreneurial requirements, study other incubators and how they serve their constituencies, build a sustainable business model, and sell it back to the stakeholders.

Surprise:
Developed an incubator “hoteling” service, tailored to non-exclusive, drop-in, virtual tenants, who nevertheless need access to facilities and services, albeit non-exclusive.

Work done on this project:
The Factotem Team consisted of a Lead Researcher, a Marketer, a Finance expert, and an intern from the U-M School of Information. The Team built a series of reports to answer specific questions and achieve identified stage-gates. The model was adopted, renovations completed, and the incubator launched in April, 2008.