Phyllis Queen

Thomas Family Center for EntrepreneurshipBusiness Consultant

Business Incubator (National Business Association)

Business incubators are instrumental in accelerating the success of entrepreneurs with the start-up of new or fledgling companies.

Types of ServicesBusiness Basics AssistanceMarketing AssistanceTechnology AssistanceNetworking Activities AssistanceFinancial Management Assistance

Regulatory Compliance Assistance

Types of Services (cont.)Assist with Access to CapitalAccess to Internet ServicesAccess to Higher Education Resources

Assist with Presentation AbilitiesAccess to Business Training Programs

Assistance with Intellectual Property

Loss of Jobs (N.C.)(Bureau of Economic Analysis)

Manufacturing jobs lost between July 2007 – July 2008 totaled approx. 18,000.

Construction jobs increased from July 2007 – July 2008, creating approx. 1,900 jobs.

What happened to the other 16,100 people who lost their jobs?

“ Quite simply, the state’s rural economies are not creating enough high- and middle income jobs to meet all of their local employment needs. For some workers, the option is to settle forunderemployment or no employment.”

Unemployment(U.S. Bureau of Labor)

June, 2009

United States ____9.7%

North Carolina _______11.2%

Robeson County

____________12.3%

2007 N.C. Statistics (Department of Commerce)

New business start-ups – 45,620Business failures – 38,6916,929 difference84.8% - failure15.2% - success

https://edis.commerce.state.nc.us/docs/stateComparison/NC_NC.pdf

Business Incubation SuccessHistorically 87% Success Rate (Nationally)

(National Business Incubation Association)

Every 50 jobs created by an incubator client generate another 25 jobs in the community.(National Business Incubation Association)

88% of NC incubator graduates remain in close proximity of the incubator and continue to contribute to the community economy.(NC Technological Development Authority, Inc.)

Effectiveness of an Incubator as an Economic Development Tool

Stimulates entrepreneurship Heightens Potential to build community wealth

Creates new jobsIncreases community tax baseAssists in community revitalization

FundingBuilding Reuse and Restoration Grants

ProgramN.C. Rural Center

Rural Economic Development Loans and Grants

USDA

In SummaryIn light of the information provided, we see that a business incubation program has proven to be a successful tool in improving the economic status of a community.

There “ARE” grants available and our area displays all the eligibility requirements needed to apply for such grants.

So, considering the facts presented, we should do all we can to see new businesses succeed in order to sustain/improve the economy?

Plans of TFCEAcademic institutionsLocal organizations Lending institutionsSeek funding

Thank You