Experts agree that one way to encourage economic development in rural areas is to encourage entrepreneurship, and one increasingly popular way to do that is with a small-business incubator -- a facility where start-up can get cheap office space, share services and even share ideas.
The Ozarks Small Business Incubator in West Plains, Mo., which was started after a survey by the Small Buisiness Administration found that surrounding Howell County had one of the nation's greatest concentrations of people who wanted to start a business, reports Jennifer Davidson of KSMU in Springfield.
The incubator's director, Tony Aid, told Davidson that research shows that 80 percent of small businesses fail after five years, but those that started in incubators have a five-year failure rate of only 20 percent. And small businesses are becoming the key to rural development, he said: "Looking into the future, we don’t see that many big companies coming to rural areas. We’re not giving up on them. It’s possible, but they’re going to be hard to get. So, the way to grow our economy in the future is to grow local businesses that will create jobs, that will raise income, and that will make the whole economy more vibrant." (Read more)
The incubator's director, Tony Aid, told Davidson that research shows that 80 percent of small businesses fail after five years, but those that started in incubators have a five-year failure rate of only 20 percent. And small businesses are becoming the key to rural development, he said: "Looking into the future, we don’t see that many big companies coming to rural areas. We’re not giving up on them. It’s possible, but they’re going to be hard to get. So, the way to grow our economy in the future is to grow local businesses that will create jobs, that will raise income, and that will make the whole economy more vibrant." (Read more)
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