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Nonprofit -Managed Incubators <br />This is less when compared to university affiliated <br />and for -profit incubators. Since IncubatorWorks <br />is a nonprofit, they can spend more time with <br />individual startups to ensure they give them the <br />tools to succeed upon graduation. IncubatorWorks' <br />mission to bring in businesses and entrepreneurs <br />to the Southern Tier. They are currently gathering <br />the metrics to see how many businesses became <br />established within the region after incubating. A <br />well known successful business that graduated from <br />IncubatorWorks and stayed in the region is Micatu. <br />Micatu provides next generation measurement <br />capabilities in the areas of smart grid, wind, power <br />distribution and condition monitoring. When <br />Micatu moved into the incubator it grew from <br />two to fifteen employees. When it graduated the <br />incubator it remained in Corning, and grew from <br />fifteen to forty-five employees. <br />Nonprofit Incubators in Ramsey <br />This type of incubator offers a number of advantages. <br />They offer offices, labs, flexible manufacturing <br />spaces, and supporting services with affordable, <br />short-term leases. IncubatorWorks links the <br />startups to a comprehensive network of support. <br />The mentoring program helps to guide the startups <br />through the process of establishing and operating <br />their new business the right way. Tenants in the <br />incubator may also qualify for StartUp NY tax <br />benefits, meaning no corporate tax, no property <br />tax, and no sales tax for ten years. IncubatorWorks <br />participates in business competitions that help to <br />draw in more talent to the area. Startups do not <br />have to be from the area to enter. The winner of the <br />competition wins a large sum of money to invest in <br />their startup. Micatu was a past winner of one of the <br />competitions and has grown substantially since its <br />graduation from the incubator. <br />This incubator models also offers several <br />disadvantages. Since, IncubatorWorks is a <br />standalone nonprofit, it has less overall financing <br />and cannot support more staff. For this reason, they <br />also cannot handle as many startups. University <br />affiliated and for -profit incubators are able to service <br />more startups at one time. <br />The City of Ramsey's main goal is to support local <br />entrepreneurs and to maintain their business in <br />Ramsey. A nonprofit model supports this goal <br />more when compared to a for profit incubator. <br />IncubatorWorks model defines a startup staying <br />in the region as a key determinant of their success. <br />Ramsey also shares similarities with the City <br />of Corning and Alfred. Both cities are not, in <br />themselves major areas, but are located in/near <br />major metropolitans. Ramsey can take advantage of <br />startup networks in their region to help offer their <br />clients more support. While Ramsey's incubator, <br />will most likely not be affiliated with a University it <br />can look into partnering with nearby trade schools <br />to provide startups with more technical support. <br />To help with initial costs, Ramsey can open its <br />proposed location to anchor tenants, similar to <br />IncubatorWorks. The anchor tenants should share a <br />similar focus to the new incubator. <br />Business Incubators and the City of Ramsey 16 <br />