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, 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.
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 stage startups and encourage those entrepreneurs to create jobs and increasing local sales 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. He promoted the idea of an incubator which could offer the support needed for new businesses by providing access to education, tools, venture capitalists and more to help entrepreneurs launch and scale their new businesses.
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.
Incubators are good investments for a community and its citizens. The program not only supports startups in their early years, but those new business owners tend to stay in the same community as their businesses grow.