Inc.com highlighted a trend that is being reflected in Chattanooga.
In an article called "Why Every Company Is Now an Incubator," writer Issie Lapowsky outlines five reasons why businesses, such as Microsoft and PayPal, are getting into the business of breeding smaller startups.
Although it doesn't seem that larger local companies are taking on the incubator role as highlighted in the article, Chattanooga does have its share of incubators.
There are about 1,250 incubators operating in the United States, according to the article, which cited the National Association of Business Incubators.
Chattanooga has a few business incubators—such as The Company Lab, Lamp Post Group and the Business Development Center—that have become increasingly active in the local entrepreneurial community in recent years.
And the Urban League of Greater Chattanooga recently joined forces with other local organizations to support small businesses.
The Urban League’s program is part of a larger, statewide effort to support small businesses.
Last year, as part of Gov. Bill Haslam’s economic development plan, The Company Lab became one of the state’s nine regional entrepreneurial accelerators. The Company Lab received a $250,000 grant to support the mission.
A Forbes.com article called "Eight Reasons Startup Incubators Are Better Than Business School" from earlier this year recirculated on Twitter in October, and local leaders discussed the incubator phenomenon.
Sheldon Grizzle, co-founder of The Company Lab, told Nooga.com that incubators can be more valuable than getting an MBA in some situations.
The Inc.com article outlined five reasons that businesses are getting into the incubator business. Click here to read more.
Disclaimer: Nooga.com is affiliated with the Lamp Post Group, but editorial decisions for this publication are made independently of the Lamp Post Group.