PC completed a Feasibility Study for the City of Caldwell, Idaho in October 2024. Caldwell has recently experienced economic growth caused by both an increase in business presence and consumer spending. To capitalize on this, the City hopes to initiate new programs to encourage both growth and retention of new local startups. This study detailed the potential benefits of introducing an Innovation Hub to the City, and focused on answering the following questions:
- Is the demand for services high enough to warrant ongoing City costs and effort
to pursue the concept? - If the City pursues the concept, what are some specific recommendations to
increase the likelihood of incubator success?
The proposed Innovation Hub would provide space, networking, and professional development tools below market rate prices to entrepreneurs with the hope that these businesses will create a bigger impact on the community down the road. Our team created three pro-formas mapping out the potential profits and costs of developing a small, medium, and large Innovation Hub, backed by research on the socioeconomic layout of the region, real estate trends, and needs of the community. Of the proposed possibilities, PC determined that a small Innovation Hub situated on land already owned but underused by the City would a good option for Caldwell to make an impact without investing too much effort. The approximate cost of this facility would be around $2.3M, which includes all costs such as furniture, land, and renovations. Our team also provided Caldwell with a staffing plan, best management practices, and potential funding options to support implementation of the proposed Hub.
The full report can be read here:
PC-Caldwell-2024-BI-Feasibility_091724Download
