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.