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Introduction <br />Business incubation is an innovative form of <br />business development and growth. This approach <br />can be interesting to city officials due to its novelty <br />and visibility. However, business incubation <br />programs and organizations are complex, and the <br />pursuit of a business incubator requires a thorough <br />study of real estate, industry and employment, <br />existing services, business models, ROI analyses, <br />and more. A business incubator is a potential <br />complement to the City of Ramsey's existing <br />business retention and expansion programs focused <br />on small business development and growth, but <br />pursuing a business incubator model without robust <br />research and planning may lead to an expensive <br />mistake. <br />This report represents one of the preliminary steps <br />for the City of Ramsey to explore the potential for <br />business incubation services in the city. This report <br />includes a review of existing business resources <br />in the city, other business incubators in the state, <br />successful business incubators across the country, <br />and more. An audit of existing resources and <br />services available to Ramsey businesses is provided <br />to begin assessing the role that a business incubator <br />could play in Ramsey. Examples of different types <br />of successful incubators in the region and across <br />the country are detailed to provide ideas for the <br />potential form of a business incubator in Ramsey, <br />including case studies on a nonprofit -managed <br />incubator, a government -owned incubator, a <br />STEM -focused incubator, and a coworking space. <br />To complement this information on business <br />incubators, examples of other innovative approaches <br />to business attraction, development, and growth are <br />provided as potential options for Ramsey, including <br />workforce pipelines, craft districts, artist work <br />spaces, and public markets. A review of business <br />incubators in Minnesota is also provided for <br />additional information and reference. This <br />information creates a foundation of understanding <br />around business incubators for policymakers and <br />city staff to begin a robust public policy discussion <br />on the role that a business incubator could <br />play in Ramsey. This report will conclude with <br />recommendations for the next steps that the City <br />of Ramsey should take in its pursuit of a business <br />incubator for the city, including strategic planning <br />actions and additional research. <br />This information creates a foundation of <br />understanding around business incubators for <br />policymakers and city staff to begin a robust <br />public policy discussion on the role that a business <br />incubator could play in Ramsey. This report will <br />conclude with recommendations for the next steps <br />that the City of Ramsey should take in its pursuit of <br />a business incubator for the city, including strategic <br />planning actions and additional research. <br />The scope of this report is limited to an assessment <br />of business services and business incubators in the <br />context of the City of Ramsey. This preliminary <br />research performed for this report, which provides <br />baseline information on services currently available <br />in Ramsey and the types of services a business <br />incubator could provide to Ramsey, is not sufficient <br />to make a recommendation about a viable business <br />incubator model in the City of Ramsey. We believe <br />that a viable business incubator option exists for the <br />City of Ramsey, and we hope that the information <br />provided in this report provides the city with the <br />information necessary to begin the search for that <br />viable option. We recommend considering the <br />information in this report in conjunction with Talent <br />and Tenacity: Sparking an Incubator in Ramsey by <br />Garth Wadsworth, Matthew Goodwin, and Amy <br />Yoder, created for the City of Ramsey in PA 5211: <br />Land Use Planning. <br />Business Incubators and the City of Ramsey 3 <br />