Sterling Heights lands SmartZone to develop more new economy biz

metromode, 10/23/2008

The business incubator, it's the latest must-have for communities interested in serious economic development. Add Sterling Heights to that growing list of cities looking to foster the next Google.

Sterling Heights is teaming up with Macomb County and Oakland University to implement Macomb County's first SmartZone, one of three the Michigan Economic Development Corporation recently awarded. The one for Sterling Heights will go in the Venture Industries building on 15 Mile Road.

SmartZones let cities create a business incubator that offers services and support for new economy start-ups. Think of firms that specialize in developing new technologies for the likes of the defense industry and homeland security.

Sterling Heights' incubator will provide entrepreneurs with office space and access to laboratories. These will reduce overhead for new companies, giving them a better chance at success and creating more jobs. It will also allow them a communal space to form relationships, partnerships and to network.

The concept has worked at other places in Metro Detroit, such as Ann Arbor SPARK and Detroit's TechTown.

Officials estimate the business incubator will serve as the home to a dozen new companies and 130 new jobs within two years. That number should shoot up to 55 new companies and about 600 new jobs by 2015.

Source: Luke Bonner, economic development manager for the city of Sterling Heights
Writer: Jon Zemke

Entrepreneurship , Entrepreneurship , Homeland Security