Grand opening of Prototype Prime, October 27, 2016.
Introducing Prototype Prime,
Peachtree Corners' New Startup Incubator
The incubator space offers unique features including a design and development lab and custom-built podcast recording room.
In 2015, the City of Peachtree Corners worked with Georgia Tech's Enterprise Innovation Institute to investigate the community's readiness for a startup incubator program, and what they found was hundreds of excited, eager entrepreneurs, business owners, investors, community leaders, and citizens ready to support establishing a startup incubator in Peachtree Corners.
Response to Demand for an Incubator
In response to this demand, the City of Peachtree Corners partnered with Georgia Tech's Advanced Technology Development Center (ATDC) to offer its nationally-recognized education and resources for the city's startups. The development of the Peachtree Corners incubator will support early startups and encourage those entrepreneurs to stay in the same community, creating jobs and increasing local sales revenue.
The new incubator, Prototype Prime, is located in space directly below City Hall and provides space that offers access to education, tools, venture capitalists and more to help entrepreneurs launch and scale their startups.
The Goal of an Incubator
The main goal of an incubator is to produce successful firms which have the potential to create jobs, revitalize neighborhoods and strengthen local economies. And investing in an incubator service can provide real returns. A 2007 study by the Maryland Technology Development Corporation, shows that incubators in that state also generated approximately $1.2 billion in gross state product and $100 million in state and local tax revenue.
Mayor Mike Mason was a strong advocate for establishing a startup incubator as an economic development tool for the city. He pointed out that small businesses are the backbone of the American economy but statistics show a high failure rate for startups.
Communities with startup incubators benefit as well, Research has shown that for every $1 of estimated public operating subsidy provided, the incubator generates approximately $30 in local tax revenue alone.
Location of Prototype Prime
It’s fitting that the new incubator would be located in Technology Park as the business park has been considered a hub for innovators since its establishment in the 1970s and ‘80. Find more information on the Prototype Prime website and follow on Twitter @prototypeprime
Prototype Prime is located at 147 Technology Parkway, Suite 100 in Peachtree Corners, GA 30092.
In partnership with the Advanced Technology Development Center (ATDC) and the City of Peachtree Corners: