An organization is taking foreclosed upon homes in the heart of Florida and turning them into a startup incubator. By renting out low cost housing in the city center and renovating them to be innovation labs, Venture House hopes to stimulate the local economy while encouraging entrepreneurship in the community. This program helps areas in places like St. Petersburg, Florida where entire neighborhoods are left boarded up and deserted after the housing crisis.
As many recently established small companies are tight on cash, the reduced rental rate is appreciated. Meanwhile foreclosed properties often cost banks money and remain unused. This startup incubator solution addresses both issues. This scheme, if successful, would also lead to job creation and increased investment in local business.
Key Themes Behind This Trend
- Low-cost Incubators
- Businesses can capitalize on low-cost property rentals to establish incubators for new ventures.
- Innovation in Foreclosed Property
- Entrepreneurship in a community can be spurred by turning foreclosed properties into innovation labs and startup incubators.
- Economic Stimulus Through Entrepreneurship
- Reviving deserted neighborhoods by promoting entrepreneurship through the establishment of low-rent innovation labs can help stimulate the local economy.
Where This Applies
- Real Estate
- Real estate firms can create opportunity by identifying and renovating foreclosed properties for rent to establish startup incubators.
- Business Incubation
- Incubation centers can leverage the concept of low-cost innovation labs to attract new ventures in areas with limited resources.
- Community Development
- Municipalities and non-government agencies can spearhead programs for the redevelopment of abandoned neighborhoods with a focus on incubation centers that can stimulate entrepreneurship.
