Issue Position: Business Incubators Support Higher Education

Issue Position

Students enrolled in Washington State institutions of higher education with the hope to find economic prosperity at their degree completion. Unfortunately, it is increasingly clear that these graduating students are not finding the prosperity they are hoping for. According to the Institute for College Access & Success, 58% of students enrolled in the state's public and private non-profit 4-year institutions leave with student debt and owing an average of over $24,000. This does not include the debt accumulated by students attending community college or for-profit professional schools.

Student loan debt is not only a problem for students and their parents, but is disruptive to our communities more generally. Specifically, those saddled with student debt are less likely to purchase homes, invest in or start a business, and are more likely to rely on government support for assistance during tough economic times.

Business incubators are an incredibly important facet of improving the dismal career and financial prospects of our graduates. Washington is home to some of the most prestigious colleges and universities in the nation and each year produces a highly skilled and knowledgeable collection of graduates. We routinely miss the opportunity to make use of these very qualified future business leaders and innovators by not helping them find opportunities that maximize their incredible potential.

Business incubators provide a safe place for graduates to experiment with their own innovative ideas. Likewise, new businesses stemming from these incubators will provide new employment opportunities for these qualified young professionals.

In addition to improving opportunities for young people post-graduation, these incubators have also been successful in providing new learning opportunities for current students during their academic career. For example, the incubator at the University of Washington has provided a chance for students to work alongside some of the best and brightest thinkers in business, science, and technology. The practical, hands-on experience offered to these students is invaluable.

Likewise, the magazine Seattle Business posits that "UW technology startups are a major driver for the state's economy. These startups have the potential for high growth. They create jobs and offer careers to Washington citizens. Moreover, they pay state taxes, attract outside investment, increase exports and spawn even more entrepreneurial activity both inside and outside the university."

Incubators are good for students, good for graduates, good for our communities, and good for the state. Javier Figueroa's platform represents a leap forward for Washington.
- See more at: http://www.electfigueroa.com/business-incubators-support-higher-education#sthash.GZopUWgj.dpuf

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