Kitchener, a Canadian city, wants to help struggling startups secure offices. This week, the city's councilors agreed to release $1 million to owners of underused downtown properties over the next five years for renovation projects. This program is set to begin mid-summer after it receives council approval, according to The Record.
Downtown development manager Cory Bluhm said of the landing pad program: "This is really a regional economic development opportunity. It's about keeping these high-growth potential companies in the region."
Usually, startups have difficulty finding the right office space downtown after they come out of incubator programs. The landing pads aim to provide them with a temporary space where they can expand and grow, the report explained.
The program could give eligible property owners up to $20,000 for each floor to be renovated and $40,000 for accessibility projects. The landing pad fund could support around 30 floors, or a building that could house between 30 and 60 startups with a total workforce numbering 600, the report detailed.
Kitchener's office program could let startups rent spaces in city-owned properties for a discounted amount, The Record reported.
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