This article originally appeared in the Hobbs News-Sun.
Communities thrive when small businesses succeed, and one of the most effective ways to support budding entrepreneurs is through business incubators. These dynamic spaces provide more than just office space — they foster innovation, mentorship, and economic growth. As the JF Maddox Foundation continues its development in downtown Hobbs, we are looking for more opportunities to diversify the business space available as well as support business owners who are looking for their next step – a brick-and-mortar business. By investing in local entrepreneurs, we are creating opportunities that will have a ripple effect throughout the community.
A business incubator is a dedicated space designed to nurture startups and small businesses by providing them with an affordable workspace, access to professional development, mentorship, networking opportunities, and essential business services. Rather than navigating the complexities of business ownership alone, entrepreneurs in an incubator environment benefit from a supportive ecosystem that helps them scale and succeed.
In 2019, the JF Maddox Foundation partnered with WESST to conduct a feasibility study, which confirmed the need for programs and services to support small businesses in Lea County. Since then, we have been working with business groups in the region to decide the best way forward. With the launch of our downtown revitalization project, we knew business incubators were the next best step.
The Foundation now has several promising incubator opportunities we are exploring for Downton Hobbs. These incubator spaces will support a variety of types of businesses from restaurants and retail businesses to open spaces leaving room for our most creative entrepreneurs to create something meaningful for our community. We are excited about working with a number of organizations to further support these businesses including the various Chambers of Commerce, Economic Development Corporations, WESST, and DIA Hobbs. All of these organizations have something to offer our local business community including: brick-and-mortar space, business consulting, training, and in some cases access to capital.
In addition to supporting business owners, these incubators will play a key role in revitalizing downtown Hobbs. By helping launch new businesses in the area, it will create more opportunities for the community to spend time downtown, enjoy new offerings, and support local businesses.
It is not just about space. To ensure success, participants will have to go through an application process and commit to undertaking business planning, of course with the support of local leaders to help guide their way. This will help identify entrepreneurs who are not only passionate about their ideas but also committed to learning and growing alongside their business. By fostering a community of dedicated business owners, the incubator spaces will maximize its impact on the local economy.
Are you an entrepreneur looking for resources and community to grow your business? Stay tuned for updates on how you can be part of this exciting opportunity in downtown Hobbs. The future of local business starts here!
David Reed is the Chief Operating Officer for the JF Maddox Foundation, a family foundation focused on cultivating big-picture possibilities in Lea County, New Mexico. Through its investments, scholarship program, and leadership institute, the JF Maddox Foundation has transformed the Lea County community, creating opportunities for residents to thrive for generations.
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