Bloomington and Columbus, Indiana, have entered into a partnership that aims to bring money to both cities to support startups.
The cities are partnering through Dimension Mill in Bloomington and the Columbus Chamber of Commerce in Columbus, Indiana.
Pat East, executive director of Dimension Mill Inc., said the way Bloomington or Columbus, Indiana can grow economically is through small startups because it is unlikely any big companies will come to either area, due to a low number of available workers because of high employment rates.
East first brought the idea for a partnership program to Bloomington Mayor John Hamilton.
“The way we’re going to grow jobs and grow wages and create opportunities is through ones and twos,” he said.
East said most new businesses being created now are small companies that start with two people and will hire just one or two additional people at a time.
Elevate Ventures, an Indianapolis-based capital firm offers a money-match innovation program to regional partnerships. Together, Bloomington and Columbus, Indiana were able to raise the required $1 million, which Elevate ventures matched with $1.5 million.
East said Bloomington received the needed money through corporate sponsors. The sponsors will be announced at the official partnership launch event Dec. 6 in Nashville, Indiana.
Cindy Frey, president of the Columbus Area Chamber of Commerce said the city got the money from grants, public dollars and private donations.
The joint partnership with Elevate Ventures offers money to Dimension Mill and Columbus Chamber of Commerce for people wanting to start new businesses.
Dimension Mill is opening the The Mill on Nov. 15 at 642 N. Madison Street. It is a large co-work space for startup companies to work out of and have access to guidance and advice.
East also said through the deal, The Mill will get an entrepreneur-in-residence. The entrepreneur will be a full-time mentor to help coach startups.
There is first-come, first-served office, space that can be rented and private offices for small companies.
“Bloomington has a ton of smart people,” East said. “We have a ton of resources, and we need a single physical address that we can point to that literally and figuratively says, here is how we support entrepreneurship in Bloomington.”
The Columbus Chamber of Commerce offers similar programs out of its office. Score, for example, offers volunteer mentorship to start-up companies. They also have an Indiana small business development center.
“The Chamber of Commerce is sort of a one-stop shop for entrepreneurs,” Frey said.
Frey said Columbus aspires to have something like The Mill some day.
“We still have gaps and that system that supports entrepreneurs could be a little bit more visible to more people,” Frey said in a press conference.
East said there are already businesses in contact with Dimension Mill to use their services and resources once it gets started. The Elevate partnership will help facilitate this.
“It really should help boost a lot of entrepreneurship and co-working and innovation and technology,” East said. “All the things we want to see in our communities to help it grow.”
