Open doors at The Cube business incubator
Innovation Cluster offers resources for new entrepreneurs
The Innovation Cluster of Peterborough and the Kawarthas opened its doors Thursday for tours of its downtown incubator space, otherwise known as The Cube.
An incubator is a shared workspace between a group of smaller startup companies that are looking for support and advice from industry experts to help their businesses develop.
The tours were held before the Innovation Cluster’s annual general meeting.
The Innovation Cluster occupies the full 10,000 square feet third floor of the Venture North building at George and King streets, providing an open space with room for the dozens of companies housed there.
When visitors enter The Cube, they are greeted by a life-sized Lego desk, where they check in.
Offices for the innovation and industry partners stretch along one wall. Startups can utilize the expertise of financial advisers, business consultants and law firms to help cultivate their businesses.
Most of the main open office space is occupied by minimalist workspaces for each of the startups working with the Innovation Cluster. These spaces are small, usually with only enough room for a single worker at a time, but many of the startups begin with a small staff. Some of the spaces are shared by multiple businesses who rotate over the week.
The Innovation Cluster has a specific area for startups created by young adults. Slingshot is designed to help young entrepreneurs between the ages of 18 to 29 work with industry professionals and receive guidance that will help them take their venture to the next level.
“It’s been fantastic working with the business partners,” said Alex Bushell, a co-founder of Lab Improvements. “They have years of experience, and it’s just a phone call, email, text message away.”
New companies would have to traditionally seek out lawyers or hire HR consultants to gain the expertise that is housed in the Innovation Cluster, Bushell said. For companies that are working with limited time, money and staff, having these resources available can be a tremendous help to burgeoning startups.
Fleming College holds an applied projects class in the building, which allows the students to gain experience working with industry professionals on ideas.
Startups have 24-hour access to the Cube, and there is a wide array of companies working out of the Innovation Cluster, including health care innovators, aerospace designers and health food entrepreneurs.
“We have a lot of clients who will spend long hours in The Cube,” said operations and events co-ordinator Alana Dall. “That’s why we have a full kitchen for anyone who needs to make a meal while working overnight.”
The Cube also has a dedicated virtual reality workspace. Virtual reality is an industry that used to be limited to video games and entertainment but has steadily grown to be used in a wide variety of fields including real estate.
After its first year open, the Innovation Cluster has surpassed its economic impact target of $10 million, officials said.