By: Matthew Phillips 

Troy University’s Idea Bank helps local entrepreneurs transition to professional spaces at an affordable cost with its incubator program.

Troy University’s IDEA Bank president for Sorrell College of Business, Lynne George, mentioned that this program came into existence at the beginning of this year. 

“We just launched the program in January, but we have been working on it since last year,” said George. 

Funded through a grant from Innovate Alabama, the incubator repurposed old bank teller stations on the building’s first floor into three fully furnished offices designed for early-stage businesses.

“It is an office space for new businesses. Each office comes with an L-shaped desk, an office chair and a red guest chair. Tenants bring their technology,” said George. 

At just $300 a month, the incubator offers an affordable step up for entrepreneurs growing out of home setups with various accommodations within a membership. 

“It is really difficult to go from working in your guest room to paying $2,000 a month in rent. So, this is the in-between,” George explained.” The rental includes high-speed WiFi, access to printers and copiers, use of the Idea Bank’s resource lab and conference room and 24/7 access to the building. Tenants can also use the IDEA Bank’s address as their official business mailing address.” 

Lease options range from three months to a year, with a maximum limit of three years through renewals. Applications are reviewed by a committee.

“Applicants tell us about their business, where they are in the process  and what their long-term plans are. Then, we select the businesses that are the best fit,” said George. 

Although current private office spaces are full, renovations are ongoing on the second floor to expand the program in the future, with a timeline of at least a year away. 

In addition to having an office space, tenants also get access to monthly workshops and networking events hosted by the IDEA Bank and partners like the Pike County Chamber of Commerce.

“Workshops slow down a little in the summer, but we still hold at least one a month. Tenants can attend all of them for free,” said George. 

Additionally, there is also a general membership option for $20 per month that includes most of the same benefits, minus a private office.

“It comes with access to the building, workshops, events and even a locker for storing belongings if you are traveling. It is perfect for remote workers or people who don’t need a full office,” said George. 

While the program doesn’t offer formal mentorship, staff stay closely connected to each tenant. 

“We know them all by name. We are a small, community-focused group, and we are here to help as much or as little as they need,” George said. 

For more information or to apply, interested entrepreneurs can visit the IDEA Bank in downtown Troy or visit https://www.troy.edu/community-outreach/idea-bank/index.html.