Starting where the County left off, another incubator, this time from the private sector opens in Silver Spring.

In an incubator, small business share resources like copiers, receptionists and kitchen space. They get reduced rents, legal counsel, business and marketing help, and build ties with other incubators they share space with.

Very few business incubator space is privately owned, the largest spaces are developed by government bodies. The new incubator called Space 88 is located at 8211 Mayor Lane in downtown Silver Spring in a flex building behind Plaza Art. The new incubator is the brain child of David Fogel former director of Gateway Heliport Gallery also in Silver Spring.

Fogel says he hunted for a while, looking for the right space in the central business district or at least close to it. He calls the incubator a “flex” space for the “Creatives” lending space to technology, freelancers, non-profit, writers and consultant start-ups to name a few.

If you walked into the incubator right now you would find a web design company, consultants as well as a music production company paying as little as $315 per month.

The County owned Silver Spring Innovation Center also in downtown Silver Spring focuses on information technology companies, outside the biotechnology and miscellaneous businesses of the other incubators in the county and state.

Incubators are great investments for jurisdictions and entrepreneurs alike. The return on investment is a big payoff in employment and revenue. The benefits of an incubator would seem to benefit residents of an area more than anybody else. Counties like them because home grown companies continue to stay loyal to an area, creating jobs and new ideas for little down.

It’s said that over 80% of companies that take space in an incubator are around after five years a greater success rate than those without and about the same percentage maintain their headquarters in the same area.

Space 88 offers low rental rates and great flexibility, with very short leases, other amenities include,

• 10 person Shared conference room
• Equipped break out areas
• Voice mail, phone system
• Stand alone desks
• Separate file storage
• Networked printer/copy/scan services
• Mail Reception
• Networking & Marketing support
• Discounted rates on IT support, massage therapy as well as accounting and legal services
• Use of space for social events
• A speaker/chataqua series

One-on-One expert meetings from,

• The Founder and Executive Director of Imagination Stage.
• The former Creative Director of Discovery and HBO
• The Director of Sales and marketing of Atlantech, and former chair of the Greater Silver Spring Chamber of Commerce