Centre County Industrial Development Corporation’s Business Incubator Validates Economic Impact

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The Centre County Industrial Development Corporation’s recent research validates the economic impact of their Business Incubator Program.

The Centre County Industrial Development Corporation (CCIDC) assigned a project to their summer intern, Ryan Mitchell, a soon-to-be graduate of The Pennsylvania State University with a degree in Business Management and Marketing with a minor in Entrepreneurship. Mr. Mitchell’s assignment was to conduct research to determine the economic impact the business incubator has had on the local economy.

With assistance from various sources, including Dan Leri, Director of Innovation Park at Penn State, and the local Ben Franklin Technology staff, a fairly comprehensive list of businesses that have been through the incubator program was developed.

After compiling the list of companies, a short survey was designed to document impact of the business incubator. Out of 60 graduate companies identified, 36 are still operating and 14 of those responded to the survey. From survey results, it was concluded the majority of the businesses that participated in the incubator program are hiring and sales are increasing even in today’s challenging economic climate. Graduate businesses have created 409 full-time jobs, employ 27 people on a permanent part-time or temporary basis and 67% indicate their employment trends are increasing. Ninety percent of the businesses responding to the survey have annual gross revenues of $500,000-$1,000,000.

Businesses identified as a result of Mr. Mitchell’s research include a variety of companies known nationally and internationally. Several graduates of the CCIDC’s incubator program who continue to operate in Centre County include: CD-Adapco, Calyx, HigherEdJobs, NanoHorizons, Piezo Resonance Innovations, QBC Diagnostics, Schoolwires Technology, Soft Genetics, West Arete, Restek Corporation, The Drucker Company, Sound Technology, Videon Central, Mitotyping Technologies, and Salimetrics.

“By focusing on developing a new generation of entrepreneurs, most of whom have ties to the local area, communities are helping to build companies that will create jobs and spark economic growth in the region for years to come,” said Phil Park, CCIDC’s Incubator Manager.

In addition, some graduates have been acquired by other companies and/or operate in different areas through the U. S. and Canada including: Carbon Nano Probes, Chiral Quest, Circa Metals, and Keystone Scientific, which was acquired by Thermo Fisher and is located in Bellefonte, PA.

The mission of the CCIDC’s Business Incubator Program is to provide a nurturing environment where entrepreneurs can pursue their dreams. No one entrepreneur can be expected to know everything. With the assistance of the CCIDC, entrepreneurs can build a vast network of advisors, identify sources of capital, and develop business skill sets. Essential services provided for the development of young, fragile companies at a reduced rate include access to high speed Internet services, flexible office and/or laboratory/research space, conference rooms, copier/fax machines and mailing services. Through CCIDC’s parent company, the Chamber of Business and Industry of Centre County (CBICC), incubator members have access to vital business support services including accounting firms, financial institutions, insurance companies, law firms, IT/telecom providers, business development consultants and equity/debt and grant funding sources.

An Affiliate Incubator Program is available for eligible, qualified businesses when space is not available in the incubator facilities or for businesses that are eligible candidates but not at an appropriate stage of development for occupying incubator space allowing them to access the program’s business services and benefits.

For additional information about the Centre County Industrial Development Corporation’s Business Incubator, please visit http://www.centrecountyidc.org and review Entrepreneurial Development or contact Phil Park, Business Incubator Manager, at (814) 235-1666 or ppark (at) cbicc (dot) org.

About the Centre County Industrial Development Corporation:

As the designated economic development agency for the county, the Centre County Industrial Development Corporation (CCIDC) provides assistance to emerging and established businesses in finding office/commercial/industrial and laboratory space, offers financial support through their internal loan fund and state economic development programs, provides access to workforce development and educational training opportunities, is developing two business parks in the county in addition to operating two business incubators. One distinct asset to the Business Incubator Program is being located nearby the main campus of Penn State University which provides a comprehensive support system to facilities managed economic growth and development while improving the quality of life valued in our community. For additional information, visit http://www.centrecountyidc.org or email IDCinfo (at) cbicc (dot) org.

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