Raleigh making plans to revive business incubator
Posted July 24, 2015
Raleigh, N.C. — The Raleigh City Council on Tuesday discussed plans to revive the shuttered Raleigh Business Incubator.
The Raleigh Business Incubator was started to provide a space for entrepreneurs and their companies to become successful through low overhead costs and the ability to co-work with others.
The nonprofit Raleigh Business & Technology Center came under fire last summer when an audit turned up issues of fraud and nonpayment, at which point the company running the center was evicted and the city took over management of the facility.
James Sauls, economic development manager for the City of Raleigh, presented goals for a return of the incubator.
In July 2014, the mission of the incubator was “rediscovered,” according to Sauls, and a call to action soon followed. After collecting 136 responses to a survey it issued on the center, the city began making plans to draw up a request for proposals for a new management company to take over the center.
More than 90 percent of respondents said the budget and financial records of the incubator should be reviewed monthly and audited annually. Most felt the incubator should provide up-to-date data communications, technology infrastructure, and equipment.
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