EmergeMemphis increasing its value for small businesses

For all of its obvious attributes, business incubator EmergeMemphis has largely remained under the radar screen in the grand scheme of things.

Until recently.

About a year ago, Emerge negotiated a deal to house FedEx Corp.’s IT Innovation Group in 8,000 square feet. This month, Emerge president Gwin Scott announced that the incubator has received a state infrastructure grant and donations from the Hyde Family and Kemmons Wilson Family foundations totaling $875,000 that will enable Emerge to build out the forth floor of its building on Tennessee Street.

The build-out will allow Emerge to host another 15 small businesses. That’s significant considering the incubator now has 26 firms that generate $19.9 million in annual revenues and employ 127 people.

The success rate of graduate companies that move out of Emerge into their own office space is an impressive 95%, and soon another 16 promising small businesses will have the chance blossom.