Blog

Technology Incubators Post Impressive Gains

Technology-focused incubators long have been praised by economic development professionals for their essential role in helping entrepreneurs succeed and populating regional economies with high-tech jobs. A number of incubators recently have unveiled data to support that view, including the first impact report from Detroit’s TechTown and an annual progress report from the Birmingham Innovation Depot, which posted impressive results in 2011.

Recent announcements of new incubators launching across the U.S. and those citing notable impact measures is included below.

Detroit’s TechTown revealed that between 2007 and 2011, they helped 647 companies create more than 1,000 jobs and raise $84 million in startup capital. Additionally, active and graduate clients generated a combined total of $52 million in revenue in 2011, up from $41 million in 2010. The report highlights successful companies supported through TechTown’s entrepreneurial programs, which include mentoring, financing, and access to Wayne State University’s research, academic and technology assets.

Birmingham’s Innovation Depot released its annual progress report, which revealed companies supported by the incubator posted record sales figures in 2011. The incubator is home to 84 companies and graduated 10 companies last year. Over the last four years, tenant companies had an economic impact of $1 billion, reportsAlabama Live.

New York Mayor Michael Bloomberg announced that 22 technology-focused companies have graduated or soon will graduate from a city-sponsored business incubator launched three years ago. Approximately 550 companies are located within the 10 city-sponsored incubators and those companies have raised more than $78 million in investor funding, according to a news release.

The University of Washington (UW) opened the New Ventures Facility with the goal of doubling the number of startups produced by UW over the next three years. The new facility initially will host up to 15 companies with room for 25 companies when the space is completed.

With funding from the Maine Technology Institute and Blackstone Charitable foundation, three small business incubators joined to form the Maine Incubation System (MEBIS) to increase the number of entrepreneurs reached across the state. MeBIS will provide business assistance and improve technology infrastructure, specifically through the creation a cloud technology network.

 

Comments:

  • Loki Sobol

    This is great!
    So why is Connecticut, more specifically Greater Hartford sooooo far behind? Just about every city in CT (except New Haven) is dead last.
    And New Haven is where you guys want to put one of the 4 Innovation Hub’s? Why? Yale has already established themselves in that area of the State.
    I know the most of the members of the Hartford group looking to submit a proposal, and all but 1 (maybe 2) member(s) are complete bozo’s.
    The guy at the head of that group is a grade A bozo who has never started or run a company. And yet there are people who have a clue, want to get involved, and are sidelined by politics.
    It’s really sad to see other areas of the country flourish, while Hartford (and Connecticut) are dying. More people (and businesses) are leaving Connecticut. Why?
    Because this state has all the wrong people, in all the wrong positions, who don’t know anything about what they should be doing to encourage economic growth. Yankee Ingenuity has long left this state.
    Instead Governor believes the key to economic growth is:
    1) Our governor believes that building a $600m busway between 2 poor cities. Imagine how much could be created if that kind of $$$ were put toward making Connecticut business friendly, encouraging businesses to locate here, and new businesses to start.
    2) Our governor believes that “bribing” companies, through tax breaks and “investments”, to keep jobs in Connecticut is job growth. (example: the Pratt & Whitney engine repair facility in Cheshire)
    3) Our governor believes that paying $300m for a biotech company to locate 300 jobs in CT (on the UConn Health Center campus) will stimulate the economy and job growth.
    Why not hold a lottery and give 300 Connecticut Tax payers a check for $1m as long as they stay in CT for 10 years.
    And this is a good because??? When other states turned this company down. We were sucker’s when we thought Kraft was going to relocate the New England Patriots to Hartford… And we’re even bigger sucker’s for pursuing this deal.
    I don’t have a lot of hope for CT.

    Reply April 25, 2012 at 3:39 pm

Leave a reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.