U.S. Rep. Tim Ryan (Oh-17) and Sen. Sherrod Brown (D-OH) today applauded a new partnership between the Youngstown Business Incubators and TECHudson designed to bolster small businesses in the region.
"We have learned here in Northeast Ohio that success can only come through collaboration. By working together we strengthen networks, share resources and, instead of trying to get a bigger piece of a smaller pie, we are creating even more opportunities for success. The collaboration with TECHudson will broaden the impact of the more than 300 employees and 25 businesses already working with the YBI, and helps to set the stage for even more innovative programs down the line. I am grateful for the vision and leadership of Jim Cossler at the YBI and Jim Phipps at TECHudson. They are examples of why Youngstown and Northeast Ohio are getting international recognition for the economic renaissance that is happening," said Rep. Ryan.
"Today's signing of an unprecedented agreement between the Youngstown Business Incubator and TECHudson will help bolster Ohio's role as a national leader in the successful development and launch of new small businesses," Brown said. "Business incubators -- like YBI and TECHudson -- reduce the risks entrepreneurs face, provide critical resources for young companies in need, and help create jobs in Ohio. That's why I've authored the Business Incubator Promotion Act, which would help create new business incubators and allow existing incubators to expand."
According to an independent report commissioned by the EDA, every $10,000 in EDA funds invested in business incubators generates an estimated 47 to 69 local jobs. In rural areas, business incubator projects are the most effective type of EDA projects. The NBIA estimates that in 2005, business incubators supported more than 27,000 start-up companies providing full-time employment to more than 100,000 workers--generating more than $17 billion in annual revenue. NBIA also points to research showing that every dollar of federal funds devoted to an incubator generates approximately $30 in local tax revenue.