Incubator Reaches Out to Valley Business Leaders
YOUNGSTOWN, Ohio – Despite being highlighted in the local, national, and even international press, there's still a lot the business community doesn't know or understand about the Youngstown Business Incubator.
That's why the incubator is sponsoring a two-day get together with a cross-section of business leaders in the Mahoning Valley who possess the reach and influence necessary to get the word out, says Barb Ewing, YBI chief operating officer.
"We think it's really important that we not be the best-kept secret in the Mahoning Valley," Ewing said Thursday.
The first event was held yesterday evening while another meeting is scheduled for this afternoon, Ewing said. "The events are primarily for the business community so that they really understand what we do here, the impact that we have, and where we're heading in the future."
About 25 were to attend Thursday's meeting and another 15 or so today. The event was closed to the public and the press.
Although the incubator has garnered national and international attention, and is a frequent stop for national and regional political figures, Ewing noted there is a surprising disconnect in the community when it comes to fully grasping the impact the incubator has.
"We really need people to understand what our existing role is and really start to position ourselves to grow into new areas," Ewing noted.
Today, the YBI has 12 companies working out of its building on West Federal Street while another 25 are in early stage development, Ewing reports. About 300 work out of the downtown campus and another 200 are employed in related capacities across the region.
Moreover, about 80 companies across northeastern Ohio have a professional relationship with the YBI and its resources.
But to grow and diversify, the YBI needs to reach out to a greater segment of the community, Ewing said.
"We want to develop new programs and expand our footprint both geographically and to new industries," Ewing said. "To do that we need broader resources."
The YBI is part of a state-subsidized incubator program that provides resources and services -- such as low-cost office space and access to equipment -- to fledgling technology companies. The goal is to help these companies develop new products and to become profitable so that they can expand and create high-paying jobs in this region.
Recently, the YBI found itself in the national limelight when it was selected as a site to house the National Additive Manufacturing Innovation Institute, or NAMII.
Ewing said the YBI offers many opportunities for businesses to get involved. Among them are opportunities to invest in the incubator's portfolio companies, contributing technical expertise, network contact development and partnerships that could enhance future ventures.
In 2011, business activity generated from the YBI and its portfolio companies produced a $41 million economic impact in the Mahoning Valley, Ewing reports.
"Beyond that, we've also started to change the dialogue on Youngstown, making people believe that this is truly a good place to do business," she said.
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