The 3rd Street Business Incubator is a joint project of the Town of Lovell and the Lovell Inc. economic development organization. The town owns the building and Lovell Inc. manages the building and incubation program activities. Both parties hold the belief that business incubation creates more jobs for less money than any other economic development initiative.
Lovell Inc. will offer programs designed to meet the needs of each client and accelerate the successful development of entrepreneurial companies through an array of business support resources and services. These services will not only nurture start-up companies, but will create jobs, enhance the entrepreneurial climate, retain business, and diversify the local economy.
The incubation program will concentrate on start-up firms who have a reasonable expectation of success in an industry that will provide goods or services which can be exported outside of the area and/or goods or services that are not currently offered in the area. An additional priority of the program will be to encourage and support unemployed individuals, underemployed individuals and female heads of household who are exploring options for self-employment in a viable business enterprise.
The incobator facility is located at 142 East Third Street in Lovell, Wyoming. The building houses the Lovell Inc. office and has three spaces available for lease to start-up firms. The facility also houses a shared-use conference/meeting room and a business resource center.
The incubation program will not only nurture and assist start-up companies survive and grow during their initial stages, but will create jobs in the community, enhance the community’s entrepreneurial climate, retain business in the community, build or accelerate growth in a local industry, and diversify the local economy.
- Increase the rate of new business formation
- Increase the rate of survival and success of new entrepreneurs
- Increase the rate of development of new ventures
- Increase the efficiency of the dissolution process if a business fails
Lovell Inc. believes the incubator will have a positive impact on the community’s economic health by maximizing the success of emerging companies and we believe the incubator itself will need to be a dynamic model of a sustainable, efficient business operation.
We believe the incubation program will create jobs and wealth, foster our community’s entrepreneurial climate, diversify the local economy, build or accelerate growth of existing or new industry clusters, assist with both business creation and expansion, and make an impact in the area of community revitalization.