Westminster City Council is supporting the development of new business hubs for start-ups and micro businesses. The Council has made innovative investments in new business hubs, providing a highly supportive environment for start-ups and micro businesses.
The Hub Westminster, co-founded as a Community Interest Company (CIC) by Westminster Council, Architecture 00:/, and a private investor, Hub Westminster is a 12,000 sq ft ‘incubation lab’ for start up enterprises.
Hub Westminster provides work space and opportunities to meet, collaborate, share and learn from peers, for start-ups and social businesses. Opening its doors in October 2011, Hub Westminster already has nearly 300 entrepreneurs working from the space, whilst thousands have attended the facility to benefit from learning and networking events.
The Council, having used its Civic Enterprise Fund to put seed equity finance into the venture, is a 40% shareholder in Hub Westminster. It is on track to make a profit by the close of Year 1 without any ongoing reliance on public funding.
Business hubs can be a highly effective way of supporting start-ups and micro businesses.
They typically require a mix of public and private sector funding to get started, but as demonstrated by Hub Westminster, they can be self-financing and contribute to a stronger ecosystem of support for start-ups and small businesses.