FLORENCE-The Shoals Business Incubator (SBI) Board of Directors has launched a strategic planning effort focused on addressing the long-term success of the organization. Boyette Strategic Advisors (Boyette), an economic development and public policy consulting firm, has been engaged to develop the strategic plan.
Since 1992, the SBI has supported more than 300 businesses generating more than 2,500 direct jobs with an annual, regional economic impact of $170 million. Businesses who have been incubated under the SBI model have realized a 90 percent success rate. SBI President Giles McDaniel stated, “One of our goals with the outcomes of this Strategic Plan will be to identify a vision for ensuring the continued successes of our future entrepreneurs”.
The SBI offers three incubation facilities: a flexible, mixed-use incubator (e.g., digital technology, research and development, prototyping, and processing, etc.) at Northington Court; the Jerry W. Davis facility focuses on logistics and manufacturing and the Shoals Culinary Complex offers a licensed commercial kitchen to support food-related businesses.
SBI Board Chair Rebecca Hovater said, “This effort will result in an actionable plan to guide the efforts of the Shoals Business Incubator over the next five years and beyond. It will build on the tremendous success we have experienced over the past 30 plus years in supporting small business and startups in the Shoals resulting in new job creation in our community”.
This project, which was officially launched in late February 2023 is partially funded by a grant from the Shoals Economic Development Fund (SEDF). Two online surveys, one focused on existing and past users of the incubator facilities, and another focused on local community leadership, elected officials, and other businesses in the community will be conducted over the next few weeks as we begin project implementation. A planning retreat with the SBI Board and interviews/group discussions with key partners in The Shoals will also be a part of the Strategic Planning process. Additionally, research on similar organizations that provide support and incubation services to small businesses and startups will be included.
The SBI Strategic Plan is anticipated to be delivered in June 2023.
Media Release/Shoals Business Incubator
