Statements
Mission
The mission of the Nashville Business Incubation Center is to cultivate the growth and development of small business owners, with a focus on women, minorities, and veterans, through 360-degree business support, knowledgeable mentors, and a results-driven curriculum.
Background
In 1983, the Economic & Community Development Department of the Tennessee Valley Authority (TVA) submitted a proposal to Congress for a three-phased Nashville Project. The purpose of the proposal was to assist in job creation in economically deprived areas of Nashville. The Fifth District Congressman sponsored the bill and was successful in securing federal funds for the project. The Nashville Business Incubation Center (NBIC) represents Phase 2 of the Nashville Project. Its concept is to help decrease the enormous failure rate of small businesses which normally occurs during the first five years of operation, by providing the managerial and technical assistance needed to help assure business success and, low-cost rental facilities. TVA provided a total of $1,050,000 for construction of the original 18,000 square-foot facility, and operating funds for the first six years. The NBIC officially opened in 1986 as a non-profit incubator and housed up to 10 small businesses. Management of the project was designated by TVA to a board of private businessmen in the Nashville area. Such a board was formed in 1984 and became Growth Enterprises Nashville, Inc. (GENI). The Economic Development Administration, U.S. Department of Commerce, awarded a $1.4 million grant for physical expansion of the facility in 1994. The expanded 39,000 square-foot facility houses up to 22 businesses and includes a 2,000 square-foot training facility in which entrepreneurial training was developed for the community.
Impact
Throughout 2023, NBIC's targeted programming equipped nearly 200 individuals with the skills and resources needed to thrive. In the past year, 90% of Mighty Oak program participants reported their annual income increasing and 30% of participants secured lines of credit of $50,000 or more, exceeding initial goals and showing amazing success from NBIC programming. NBIC also launched their new RISE UP ACADEMY, a program specifically designed to help women entrepreneurs achieve $1 million in revenue and hire 5 employees. NBIC reached over 1,100 attendees by hosting impactful events throughout the year, such as their Sips & Strategies events, Construction Opportunities Conference, and Titans ONE Community events.
NBIC saw many of their past participants show incredible growth and achievement in 2023. They celebrated Polk Construction and Don Hardin - a 2019 NBIC graduate joint-ventured to build the Tennessee Titans' new stadium. Don Hardin, an NBIC graduate, played a crucial role in the Owner rep team for the projects. NBIC has also seen growth in their own organization through their expanded partnerships. In 2023, they established a formal partnership with the Tennessee Titans to help build capacity with contractors by working one-on-one with disadvantaged enterprises, directly addressing barriers to growth.
Needs
Volunteers are an integral part of the Nashville Business Incubation Center's programming. Our educational programming relies heavily on industry leaders and community specialists who offer their services in support of entrepreneurial training. NBIC also accepts volunteers desiring to work one-on-one with business owners in the area of Marketing, Accounting, Human Resources, Legal, etc. NBIC is developing a digital, online resource platform that will be available to the public. Among the resources will be training videos taken from our community training events. NBIC needs higher quality video production equipment in support of this effort. Volunteers trained in video production and editing are also needed.
CEO Statement
Since its founding in 1986, the Nashville Business Incubation Center has played a major role in supporting minority, women and veteran entrepreneurs. However, two years ago a national survey revealed that women and minorities are creating more businesses than their counterparts, but they are not creating jobs. And they were more likely to face barriers to commercial opportunities. In response to those findings, NBIC has become more deliberate in outreach efforts and programming for minority, women, and veteran entrepreneurs. We began with the launch of the 'Acorn to Mighty Oak' program, a structured Growth Stages approach to identifying the specific needs of each client. Benchmarks in the areas of human resources, accounting, and legal are tracked to ensure each participant has the necessary resources to transition to the next phase of growth. Additionally, NBIC offers an in-house revolving loan fund and has established relationships with small business-friendly financial institutions to remove barriers to accessing capital. Moreover, NBIC continues to deliver an effective approach to entrepreneurship with a promise of consistent sustainability. Three initiatives that are central to our efforts are Traditional Incubator-360 degrees of business support, including office space and one-to-one coaching for up to five years. Incubator Without Walls-a virtual program where participants receive one-to-one business coaching in person, by teleconference, or video conference, and placement in NBIC's highly-sought after programming. NBIC has a variety of programs to meet the needs of entrepreneurs at varying stages of growth.
Service Categories |
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| Primary Category: | Community Improvement, Capacity Building - Small Business Development |
| Secondary Category: | Education - Management & Technical Assistance |
| Tertiary Category: | Public & Societal Benefit - Management & Technical Assistance |
Areas Served
Incubator Without Walls - a virtual program where participants receive one-to-one business coaching in person, by teleconference, or video conference, and placement in NBIC's highly sought-after programming. Due largely in part to the virtual nature of our unique Incubator Without Walls program, we are extraordinarily capable of serving any entrepreneur in any county across the state of Tennessee.
| TN - Cannon |
| TN - Cheatham |
| TN - Clay |
| TN - Coffee |
| TN - Cumberland |
| TN - Davidson |
| TN - DeKalb |
| TN - Dickson |
| TN - Fentress |
| TN - Franklin |
| TN - Giles |
| TN - Hickman |
| TN - Houston |
| TN - Humphreys |
| TN - Jackson |
| TN - Lawrence |
| TN - Lewis |
| TN - Lincoln |
| TN - Macon |
| TN - Marshall |
| TN - Maury |
| TN - Montgomery |
| TN - Moore |
| TN - Overton |
| TN - Perry |
| TN - Pickett |
| TN - Putnam |
| TN - Robertson |
| TN - Rutherford |
| TN - Smith |
| TN - Stewart |
| TN - Sumner |
| TN - Trousdale |
| TN - Van Buren |
| TN - Warren |
| TN - Wayne |
| TN - White |
| TN - Williamson |
| TN - Wilson |
| TN - Bedford |
