May 6, 2015
Olathe City Council Discusses Significant Business Incubation and Innovation Initiative
Olathe, Kan.—The Olathe City Council heard a presentation and discussed a potential agreement with Innovation Pavilion, Inc., at its regularly scheduled meeting, May 5.
Innovation Pavilion (IP) serves as a business incubator focusing on marketplace innovation and entrepreneurship, and operates out of a privately funded 80,000 square foot facility in the Centennial, Colo., a Denver suburb. The City of Olathe and Olathe Chamber of Commerce have been working with IP to create a similar initiative in Olathe.
IP not only focuses on start-up businesses, but also creating regional economic development by convening and empowering a “community of entrepreneurs” linked by niche markets. In 2012, IP identified and targeted digital healthcare as a regional niche market in Centennial, and today, the Denver region is a national hub for the field. The Centennial facility currently hosts some 500 strategic meetings per year that foster innovation and business growth.
The agreement with Innovation Pavilion Inc. would begin the process of applying the Centennial/Denver model to Olathe and the Kansas City region. It would include identifying “business community groups” and niche markets, IP permanent physical facility needs and potentially securing additional private capital funding. The agreement would be funded by economic development revenue from Olathe’s guest tax.
The Olathe City Council is tentatively slated to consider the agreement for approval at its May 19 regular meeting.