Incubator seeks rebrand to 'Midlands Innovation Exchange,' new space and regional partnerships; council moves to executive session on economic-development sites

Rick (interim executive director of the local incubator) briefed the council on the incubator’s performance, a proposed rebrand to the Midlands Innovation Exchange (the “Mix”), and plans to seek new space and regional partnerships.

Rick said the incubator currently hosts about 60 companies, that self-reported economic throughput exceeds $22,000,000, and that roughly 60% of tenant companies are minority-owned. He said the incubator recorded about 1,600 unique partner visits in the last period and reported 168 job placements through workforce efforts.

On programming and expansion, Rick proposed a rebrand and restructuring: a smaller business board (five to seven members) and a broader advisory board of mentors and resource partners, greater standardization of metrics across regional partners (including Commerce and SCRA), and a new Fort Jackson initiative in partnership with Palmetto College expected to launch about September. He said the incubator is seeking a new facility, identifying Bull Street as a preferred landing site because of proximity to the medical school and existing high-tech activity; the Vista and Five Points were noted as alternative possibilities.

Rick described partnerships with Lexington County, Richland County and the city; he said Lexington County pledged programming support for an incubation site at “Colyte City” and asked the council for assistance finalizing branding and space procurement. He also said the incubator aims to secure at least $100,000 in new revenue above pledged funding from the city and counties.

Why this matters: The incubator’s proposals would affect local economic-development strategy, space needs for startups, and regional coordination of entrepreneurship resources. The rebrand and a confirmed facility are presented as catalysts to attract capital and real estate interest.

Council moved to an executive session later in the meeting to discuss “the proposed location expansion and provision of services encouraging location or expansion of industries or other businesses in the area served by the public body pursuant SC code Thirty-four785, economic growth,” citing projects identified in the motion as “WF, project momentum, and project tango.” The motion to enter executive session was seconded and carried on a voice vote. No substantive details about the projects were discussed in open session.

Ending: Council staff said they would return with more information about branding and potential sites; an executive session was convened to discuss project sites and expansion details.