What do a wedding officiant, an accountant and a former computer hacker have in common?
Not much, it turns out — and that’s precisely the challenge, says Carter Ferrington, who started the Dupont Circle Business Incubator in August.
In two months, Ferrington has assembled a mix of entrepreneurs who are starting businesses or beefing up existing ones. There is Peter Frampton of Accounting Comes Alive, which teaches people to make sense of balance sheets. And J.J. Scheele, who owns Dog Walking DC and handles up to 70 dogs a day. Joining them is a duo who produces weekly podcasts, a couple with a flower shop and a rent-licensing expert.
“It’s like speed-dating,” Ferrington said. “I meet with people, we size each other up, and sometimes there’s a match.”
Ferrington’s for-profit venture is a departure from the more traditional programs established by nonprofits, universities and governments. He’s focusing less on the technology and pharmaceutical startups that dominate so many formal incubators, and instead creating a shared space for budding entrepreneurs of any stripe. His effort comes as the economic slowdown has left offices empty and the streets full of people with an interest in taking charge of their careers.
“This incubator is a visible symptom of our need to recreate ourselves,” said Ferrington, who, as an attorney, real estate agent, property appraiser and arbitrator, is no stranger to reinvention.
Ferrington is a real estate broker who fancies himself a nurturer of innovation. For $295 a month, members get access to the incubator’s public work space, which includes a fax machine, photocopier, printer and phone. Later this month, he plans to start hosting regular business lunches and seminars with entrepreneurs in the community.
The 25 entrepreneurs involved in Ferrington’s incubator were hand-picked, he says. He looks for busineses with a good idea of where they’re going, and a commitment to getting there.
“I’m the kind of person who likes to finish my New Year’s resolutions by January 1,” he said. “That’s what I’m looking for in these businesses, too.”
Some of the 15 companies are one-man shops that intend to stay small, while others are hoping to hire a dozen employees in the next month. There are full-fledged businesses that have been around for years, and others that have little more than a business plan in place.
“Peter’s needs are so different from Allen’s needs, which are so different from Jonathan’s needs,” Ferrington said. “It’s been a genuine challenge.”
“Plus,” he added, “getting entrepreneurs together in the same room is worse than herding cattle.”
‘A default place to go’
Last week, Ram Singh saw an ad for the incubator on Craigslist.
“This is an incredible offer and opportunity for you and your business!” the posting said. “There’s a pharmacy, dry-cleaners and even a CPA in the building!”
On Friday afternoon at 5:30, he called up Ferrington. They met Monday morning and by that afternoon, Singh, who has a financial software company, was settled in at the incubator. Punk music was blasting through his headphones as he typed up an abstract for potential clients.
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