The United States Department of Agriculture has granted the Great Lakes Ag-Tech Business Incubator (GLATBI) $55,000 to further serve entrepreneurs, farmers and ag-tech businesses. GLATBI is located in Ottawa County, the third highest in the state for total farm receipts, making it a great location to encourage the development of new technologies.
The grant is offered through the Rural Business Development Grant program and the funding is to help promote GLATBI’s services and connect those seeking assistance. The grant is a competitive program aimed at developing or expanding small businesses in rural areas.
Development of ag-technology ideas and inventions can create new businesses and jobs that will spark the economy in Ottawa County and around the State. GLATBI provides hands-on, customized business services to help clients address their specific challenges as they launch their ag-technology into the marketplace. The GLATBI’s eight sponsor organizations also use their expertise to assist staff in addressing each client’s unique business hurdles.
Once an entity meets with the GLATBI about their ag-technology, staff uses their industry resources to assess the viability of the entity’s concept or invention before signing an agreement to provide services to the entity. This ensures a high level of success for both the GLATBI and their clients. There is no upfront fee for clients to receive services. When the client begins generating revenue, then a portion of that revenue, called a business services fee, is paid to the GLATBI. The amount of the business services fee depends upon whether the client builds a business, licenses their product, or if the client is an existing business.
To learn more about GLATBI, visit www.agtechincubator.com.