Hoover Mayor Frank Brocato is a futurist and thinks about the coming times. It was his dream to diversify the city’s economy and make it less retail dependent. Instead, he wanted to develop the city’s technology sector.
The first step in this direction – a business incubator in the office tower connected to the Riverchase Galleria shopping mall.
The Incubator, ‘HAILO Ventures’, opened in The Offices at 3000 Riverchase in June. The primary aim is to help launch technology companies in the artificial intelligence, operations, logistics, and cybersecurity sectors.
Spread across 10,000 square feet on the tower’s 15th floor, the Incubator hosts four other startup companies.
Talking to Hooversun.com CEO Selena Harrison said that the Incubator is on an airplane.
The Incubator’s job is to pilot the venture through rough weather. The crew helps the startups make a smooth landing along with helping them find wings and soar towards success.
Takes Care Of Initial Blues
Great companies are not created only by innovative ideas. Business expertise and keen marketing skills are equally important. HAILO Ventures also takes care of the initial blues faced by the startups. It provides office space and entrepreneurial mentors to help move them in the right direction. Professional services like marketing, accounting, and legal are also available.
The startup is carefully pruned and nurtured until it is fit to rub shoulders with the other seasoned players.
The startup needs to vacate space for other greenhorn companies after individual targets are met. Once the company hires five employees and also completes five quarters of operation. Even if the startup reaches $500,000 in revenues.
Privately Funded
However, the funding for the Incubator was a contentious issue. Councilman Mike Shaw, the Telecom Committee chairman, agreed.
Six private investors decided to put up the seed money for the Incubator. Some of them also have extensive experience in startup and technology companies.
