Clarington is in the process of creating a Business Support and Innovation Centre at Shaw House in Bowmanville.
It is expected to operational in the spring of 2024, according to a report from the municipality.
The absence of a local business support centre, regional business support agency, or post-secondary institution presence in Clarington represents a glaring support gap in the Clarington business community, the report said.
It said clients to the business innovation centre will receive immediate access to the following services offered by the Economic Development division:
- Real Estate location services
- Municipal incentives
- Local economic data and insights
Patio and film permit application support - Tourism and agri-business support
- Business support resource connections through the exploration of partnerships with key business support stakeholders in the region such as Ontario Tech, Durham College, Spark Centre, Business Advisory Centre of Durham (BACD), and Durham Workforce Authority (DWA).
Local businesses will also gain vital assistance in programming, mentorship, networking opportunities, resources, funding and grant support, the report said.
Numerous Benefits
It said a business innovation centre offers numerous benefits to individual businesses and the community. These centers foster entrepreneurship and new business development. By providing resources, support, and guidance to startups and early-stage companies, they contribute to job creation and economic growth.
This support can help businesses overcome hurdles, reduce costs, and accelerate their growth. Starting a business is inherently risky, and the failure rate among startups is high. Business Innovation Center’s help can mitigate this risk by providing guidance, support, and mentorship to entrepreneurs. By offering access to experienced advisors, industry networks, and market insights, innovation centers increase the chances of business survival and long-term success, the report said.
It referred to a study conducted by Industry Canada, that said over 30 per cent of small businesses will not survive longer than two years, and 50 per cent will not survive longer than five years. According to Mentor Works Inc., companies nurtured in an Innovation Center environment have a survival rate of 87 per cent, much higher than that of unassisted companies.
The Shaw House
The Shaw House is currently undergoing a significant renovation and restoration to make it accessible. The Shaw House will become a hub where technology, talent, creativity, and business, come together to create a unique place to encourage business success. To support this objective and provide services to the business community, the Economic Development Division and other planning staff will move to this new space upon its completion.
Over the coming months, staff will work to refine the design of the interior and exterior spaces at the Shaw house that will foster an innovative atmosphere, identify the scope of services to be offered at the Innovation Centre, and engage with business support stakeholders to develop a roster of experts to deliver those services.
“We expect the opening of the Shaw House Innovation Centre in the spring of 2024,” the report added.