ANN ARBOR, MI -- Ann Arbor startups can now trade equity in their company for a free rent for a year, thanks to new program launched by an Ann Arbor real estate company.
OXIO SAFE, announced by Oxford Companies on Jan. 18, gives startup companies up to a year’s worth of rent in exchange for future equity in the company. OXIO SAFE is an extension of the company’s Instant Office program, which provides ready-to-use offices at Oxford Companies properties.
“Ann Arbor has earned a reputation as a vibrant tech hub, and Oxford recognizes the immense impact that new businesses have in our community,” said Jeff Hauptman, Oxford’s CEO, in a statement announcing the new program. “We’re proud to provide additional options for innovators and entrepreneurs that continue to rely on Ann Arbor office space to facilitate development and team building.”
The program is open to companies currently working Ann Arbor SPARK, U-M Innovation Partnerships, Desai Accelerator, TechArb or another company incubator in the area.
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Paul Krutko, president and CEO of Ann Arbor SPARK, praised the program, saying it can help attract new business to Ann Arbor.
“Growing startups need flexibility and a range of options to fit not only their budget, but also the size of their operations, both of which have the potential to change quickly,” Krutko said in a statement. “…The team at Oxford recognizes the importance of these emerging businesses and this new program is a great way to meet them where they are now to support their future potential.”
The program currently has no enrollments, an Oxford Companies representative confirmed.
“The new OXIO SAFE program will deepen our organization’s commitment to furthering economic growth in the Ann Arbor area,” said Wonwoo Lee, the company’s director of asset management, in a statement. “We want startups to know that Oxford is here to support them and get them into their perfect office space.”
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