Chamber’s incubator helps businesses during transition

Office space that rents for $1 a day is an unheard-of deal. For Gordon Jones, it is the deal of a lifetime.

Jones’s company, ePracticeMed, a Charleston-based operation providing Web-based information systems for medical practices, was recently selected as the first participant in the Charleston Metro Chamber of Commerce’s Incubator Suite program. They will occupy the space starting Aug. 22.

That means that ePracticeMed will work out of office space at the chamber’s building for $1 a day and will receive access to the chamber’s copy and fax machines, receptionist services and meeting facilities.

“Of course, we’re very excited,” says Jones, also a doctor of health administration.

The incubator program, administered by ThinkTec, a chamber initiative that supports knowledge-based and high-tech businesses in the tri-county area, is aimed at new or fledgling companies.

“ThinkTec’s mission is to accelerate growth of knowledge-based businesses. Entrepreneurs are going to start the kind of businesses we’re looking for. We were looking for a tangible way of helping entrepreneurs. This is our tangible way of helping them get off the ground,” says Pennie Bingham, ThinkTec director.

The incubator program was not formally announced prior to the selection of ePracticeMed, Bingham says.

“(ePracticeMed) came to us about this concept, and we’d been kicking around the idea. They explored the idea with us, and they just happened to meet the criteria,” she says.

Though the initial spot is taken, there is room for three other businesses in this first round of the incubator program, and the chamber is looking for participants.

“They need to be a startup or early-stage company in the knowledge-based industry, and they must present a business plan, their need for the space and tell us why we should consider them,” Bingham says, adding that the incubator suite is also open to companies looking to relocate to the Charleston area.

Incubator participants will have use of the chamber’s office space for 90 days, though there is room for some flexibility. One important requirement for the incubator companies, Bingham says, is that they must plan to set up permanent shop in the Charleston area once their time at the chamber building is over.

Jones will be looking for office space, but the chamber’s incubator program will provide a smooth transition for ePracticeMed, he says.

“Right now, our team is virtual. We’re working out of our homes, but I guess our corporate headquarters is on John’s Island at our vice president of marketing’s house,” Jones says.

ePracticeMed started 2 1/2 years ago with the goal of creating a Web-based management system for medical practices. Their software, which handles scheduling and billing, is now up and running. The software is being used by 10 facilities, and ePracticeMed has switched its focus to sales.

The chamber’s office space will provide a central location for ePracticeMed’s eight employees to handle day-to-day operations and to conduct meetings and training sessions.

“We want to build a corporate image, and this will allow our customers and strategic partners to meet with us,” Jones says.

The chamber’s incubator program allows a company to save on the steep costs of office space, even if only for a few months. That, Jones says, is a huge help to companies such as ePracticeMed.

“We’ll be looking for office space for probably about $29 a square foot. We could probably find some space for $10 or $11 but that’s not preferred. You can’t beat this deal,” Jones says. The chamber plans to assist incubator companies in finding a permanent office.

Additionally, the incubator program is especially beneficial to businesses like his, Jones says, because there are no strings attached. Oftentimes, he says, incubator companies will provide services in exchange for a percentage of the company.

“The chamber isn’t taking a percentage of the company. You’re getting everything a traditional incubator provides without having them take part of the company. This business model is really supportive,” he says.

With the incubator program underway, Bingham says ThinkTec is moving on to the next project.

“We’re convening an entrepreneurship team. We’re going to invite members of the community working in some capacity in entrepreneurship to be part of the team to really promote growth,” she says.

For more information on the incubator program or the entrepreneurship team, visit www.thinktec.org or e-mail Pennie Bingham at [email protected].