YBI, Akron Accelerator Get Funding for Expansions
YOUNGSTOWN, Ohio -- Expansions at the Youngstown Business Incubator and the Akron Global Business Accelerator stand to enhance northeastern Ohio's potential as a high-tech hub, U.S. Rep. Tim Ryan, D-13 Ohio, said Thursday.
The congressman announced funding from the Economic Development Administration, a division of the U.S. Department of Commerce, for two major projects: a $3 million grant for the YBI to renovate a fifth building and thus expand its downtown campus, and $2.5 million for the Akron Global Business Accelerator to construct the Bits and Atoms Innovation Center.
The funding directed to YBI, last week named the No. 1 university-affiliated incubator in the world, would help renovate a fifth building, the original home of The Vindicator, and house technology businesses. It will be used for start-up space for additive manufacturing companies and graduate space for start-up firms that have entered the market. About 80 jobs will result, Ryan said.
Cost for the YBI project stands at $5 million. In addition to the newly announced federal funds, the project has secured $1.5 million from the Ohio Capital Appropriations Budget and $500,000 from the “Right now, YBI’s graduate space on our campus is fully occupied,” said Jim Cossler, CEO. “This is an investment that we have to make if we want to retain – and attract – the best and brightest to downtown Youngstown.”
Barb Ewing, chief operating officer of the YBI, thanked the EDA staff for “turning the application around so quickly. The U.S. EDA has been a big part of our past success, and this investment will allow us to have an even greater impact on the future,” she said.
Construction of the Akron Accelerator’s Bits and Atoms Innovation Center is projected to cost $4.5 million. The remaining $2 million would come from the Ohio Capital Awards program and matching funds provided by the city of Akron.
The Bits and Atoms Innovation Center
"I am proud to support the funding and construction of this cutting edge innovation center in the heart of Akron," Ryan said in a prepared statement. "The Bits and Atoms Innovation Center will create 65 good-paying jobs for the 'Makers' in our community who are paving the way for tomorrow's future."
Ryan said that the Akron center, in addition to Think[Box] in Cleveland and America Makes in Youngstown, indicates that a "new Maker triangle is forming in northeast Ohio that has the potential to be a nationally known destination for businesses seeking areas rich in research and innovation."
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our twice-monthly print edition and to our free daily email headlines.