Mayor Greg Stanton and the City Council have approved a partnership to lease office space to SEEDspot, a local business incubator and nonprofit that helps entrepreneurs launch innovative ideas and boost Phoenix’s economy.

SEEDspot will make its new home at 1 S. 24th St., central to the Discovery Triangle, a regional development area, by leasing 5,461 square feet of office space.

Launching in fall 2012, SEEDspot is a nonprofit incubator focused on supporting social entrepreneurs. Social entrepreneurs represent for-profit businesses that create positive impact in communities on a local, national, or international scale. SEEDspot believes in supporting entrepreneurs that are launching innovative enterprises that improve lives and make communities stronger.

With 39 entrepreneurs already on a waiting list, SEEDspot plans to support up to 20 ventures when the doors open. Selected ventures will receive access to weekly educational workshops, business development tools and templates, a robust network of service providers, community mentors, national thought leaders, office space, and an opportunity to raise capital through a capstone pitch event. The SEEDspot application will be available at from July 1 to Aug. 30.

Ventures may stay at SEEDspot for up to one year, after which point, they are expected to move out on their own. SEEDspot is working closely with the city of Phoenix and Discovery Triangle Development Corporation to identify opportunities to build an entrepreneurial ecosystem along Washington Street that will populate vacant buildings with new entrepreneurial ventures.

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