Wexford Science & Technology and the Innovation Quarter will award $200,000 and office space in the Bailey Power Plant to a local nonprofit to support minority and women-owned businesses in Winston-Salem.
The company and Innovation Quarter are taking applications from nonprofits and government agencies whose mission is to support minority-and women-owned businesses.
The funding will be for a two-year term in addition to the office space of 1,400 to 1,600 square feet in the Bailey Power Plant. An independent council will review the applications based on merit and the business acceleration opportunities presented. The council consists of leaders from a variety of groups, including the Winston-Salem City Council, Salem College, Wake Forest Innovation Quarter and Wexford Science & Technology.
“Our community must be intentional about creating inclusive spaces and opportunities for the entire city,” said Councilman Derwin Montgomery. “When the city council incentivized the re-development of the Bailey Power Plant, it did so with the caveat that there was a need for space to be created to foster minority-owned business within this new creative ecosystem. This incubator space is but one step in that direction.”