Recession a good time for start-up businesses?

The middle of a recession may not seem like the ideal time to start a new business, but some local non-profit groups spent their Wednesday reassuring aspiring entrepreneurs that now is as good a time as any to start a new business.

Call it a new business support group. The Innovation Valley Technology Council turned its focus to helping aspiring entrepreneurs keep the faith.

"In these times where, clearly, we are in a deep recession, the question always is, 'Where are economic opportunities?'" said Technology 2020 President Mike Cuddy.

Cuddy says non-profit business incubators like Technology 2020 let new business hopefuls accelerate growth and minimize risk by providing low-cost workspace and access to both technology and capital.

"The best thing we can do is bring experienced people who have been there and done that and been successful, and explain to those who desire it, 'This is what we did, it can be done, we have been successful, and here are some tricks of the trade," Cuddy said.

"I've always heard that a recession and economic downturns are the best times to start a business," said University of Tennessee MBA student Greg Compton. "I'm hoping that's true."

Compton says for his start-up, Sequel Innovations, LLC, the weakened economy has actually been an advantage.

"Not only is there capital available for good ideas, but also the help, the assistance, the human capital, because there are people looking for other opportunities, because they're uncertain maybe in their employment," Compton said.

Compton's hopes for the future are high.

"Maybe one day, you'll see us on the Fortune 500 and go to an IPO," Compton said.

Four non-profits were part of today's seminar, including Knoxville Overground, the University of Tennessee Research Foundation, and the Development Corporation of Knox County.