The program is called the Incubator for Innovation and Impact and is scheduled to open in spring 2017. It will offer a variety of resources to local entrepreneurs, including a coworking space, classes, audio and video production and print and mailing services.
“Partnering with Tech Ranch in this new venture allows our university to take advantage of the strength of Tech Ranch’s brand in the area of innovation and entrepreneurship, and promote Concordia’s mission of developing leaders in new and exciting ways,” Concordia President and CEO Donald Christian said in a news release.
The program will also connect entrepreneurs with professors and business mentors as well as Concordia students to hire for administrative, operational and research work.
"I am excited that the partnership with Concordia provides access to an untapped and fresh talent pool that can provide a new perspective not historically tied to the Austin startup community, creating a new opportunity for growth and impact,” Tech Ranch CEO Kevin Koym said in a news release.
Concordia announced in 2014 that it would develop an incubator project to help local business entrepreneurs, noting a lack of similar programs in the Northwest Austin area where the university's campus is located.
Business incubator projects vary in the ways they help entrepreneurs. Assistance can include providing seed money, expert resources and office space in exchange for equity or a percentage of ownership in the prospective company.