BUDDING entrepreneurs in the north west will soon be able to base themselves in an inspiring new working environment surrounded by other start-ups and mentors.
Four Derry business leaders have come together as the RAKK Group to invest £1.3 million in a landmark building at Ebrington Square which will provide a flexible work space and members’ club where like-minded creatives can share their ideas and experience to network collaboratively.
Building 11, overlooking the River Foyle and cityscape, is Derry’s first privately-funded ‘incubator’ project and is financed entirely by the RAKK Group.
The state-of-the-art premises will initially accommodate 70 staff but there are already plans to double the capacity in a second phase of the project.
It builds on the growth of the AMP project which has operated out of neighbouring offices in the city’s Waterside area for the past two years.
Local entrepreneur and business owner Ryan Williams is leading the development team and project with the RAKK Group.
He said: “We wanted to deliver a building and ‘club’ which supports and nurtures the growth of high potential entrepreneurs, getting them to the next level and doing it in the spirit of creating local success stories, retaining local talent and accessing new export markets with wider investment opportunities.
“This scheme is modelled on the Ormeau Baths project in Belfast which has enjoyed considerable success. We want to replicate that success in Derry with a private sector focused incubator providing access to on-site mentors offering practical growth guidance and access to national and international private investors.”
The AMP 2.0 building, as it will be known, has already secured 60 per cent occupancy, underlining the demand for high-quality, supported work space for anchor, resident and hot desk tenants.
Ryan added: “Attracting such a high uptake rate before building works begin reflects the need for an environment dedicated to nurturing emerging entrepreneurs, rather than solely commercial premises requiring long-term tenancies with no supporting infrastructure. Our focus will be on building an entrepreneurial ecology and community.
“We've had excellent engagement from Invest NI, Derry City and Strabane District Council and other local stakeholders, and while they are not contributing to the capital development of the project, they are looking at ways they can integrate and dovetail services to our members.”
Phase one involves a capital investment of around £750,000 with phase two in the region of an additional £550,000. It is expected that the project will also sustain up to 30 construction jobs over the duration of the fit-out and extension works.
Alan McKeown, executive director of regional business at Invest NI, said: “We were keen to hear about what the AMP team had planned for this new incubator.
“Providing access to office space allows entrepreneurs a space to not only focus on getting their business started, but also the opportunity to network.
“The ability to brainstorm with other entrepreneurs, sharing experiences and learnings, makes the whole process of starting your own business a little less scary and less solitary. We wish Ryan and the team well with this venture.”
