In the fall of 2011, the Prior Lake Economic Development Authority (EDA) appointed a Technology Village subcommittee to assemble and organize human resources to establish a business incubator in the community, which was identified as a key objective of the EDA. After discussion and revisions, the EDA approved the business plan for the Technology Village Business Accelerator on July 2012.
Technology Village opened in January 2013 on the main floor of Prior Lake City Hall. Program participants enter into a Lease Agreement with the City of Prior Lake EDA for a term of up to three years.
The Technology Village Board of Directors developed a ‘virtual’ participant program in 2016. The virtual program is designed to provide support to emerging technology and professional service businesses located in Prior Lake, or throughout Scott County, which are not physically located in the designated Technology Village space. The virtual program provides an opportunity for businesses, which may be home-based or are already established in an office space, to participate and benefit from the Technology Village Business Accelerator program.
Employment in Prior Lake has increased because of Technology Village. In September 2013 there were two employees associated with the program. This increased to 14 in September of 2014; 28 in September of 2015; 25 in September of 2016 and at 32 employees in September 2017.
With multiple support services and a professional office environment, the Technology Village Business Accelerator program offers emerging technology businesses the support and assistance necessary to nurture and accelerate business development. For more information, visit the Technology Village website.