CORALVILLE — Technology and software companies and entrepreneurs in Coralville soon will have a new spot they could call home.
The Iowa City Area Development Group plans to open a Co Lab space, a business incubator and co-working facility, in the 808 on 5th development in Coralville next month.
The space, with room for five offices, received up to $40,000 in start-up costs from the Coralville City Council Tuesday.
“The entrepreneurial ecosystem’s growth is critical for our economy to be strong the future,” said Mark Nolte, president of ICAD.
He added that companies such as Integrated DNA Technologies and IDx Technologies were local start-ups.
ICAD already has spaces in downtown Iowa City and North Liberty.
Coralville previously had a Co Lab space just west of Highway 965, but Nolte said the new 808 on 5th location will be more visible. The earlier site opened in 2014 and closed in May 2016.
“Downtown works for a lot of companies, but for some, because of parking and stuff, that can sometimes not be the most advantageous so we have to be cognizant of that,” Nolte said. “We think it’ll be a great complement to Merge.”
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Coralville Mayor John Lundell said co-working spaces such as these provide an opportunity for start-ups that someday hopefully will set up shop in Coralville after they’ve grown.
He said also the career opportunities that could come with Co Lab are “more reason to stick around” for young university graduates in the community.
The spaces are meant for new companies that might need month-to-month rent while “they get their feet under them” and allow them to grow, Nolte said.
Rent in Coralville’s Co Lab mostly will be at $600 a month with one larger space at $1,000, as well as offer some remote workers desk space options.
Rent for the offices spaces comes with all fees included and the Co Lab will provide a conference space and a kitchenette.
Merge in Iowa City has 15 offices and some desk spaces while the North Liberty facility has four offices.
Notle said two of the Coralville space’s offices already are rented for when the facility opens.
“We need to foster that mind-set and make sure that we as a community are supporting those innovators and making it very easy for them to get a business started, that they have the physical space, the mentoring and the capital that they need to grow so that long term our economy remains strong,” Nolte said.
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