The state senate approved at least $250,000 to create a business incubator program that will assist start-up companies with office space, equipment, and mentoring. The idea behind the program came out of the success of large defense contractors in the country.
Business incubators reduce the cost of overhead, including rent and high speed Internet use. They also offer tax incentives, marketing through the program’s website and publications, and access to economic development services and technical assistance.
County officials said the $250,000 grant is just the beginning for Oakland University to set up the incubator at a yet-to-be-determined location.
The House approved the measure Wednesday.
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