Incubators in the News

During the last eight weeks, communities across the U.S. have witnessed the rise or fall of small business incubators. Here are some of the developments:



Albany, N.Y. — A major expansion of the Albany College of Pharmacy will include incubator space for drug discovery enterprises related to research at the new Center for Medical Science to be built nearby. Plans for the incubator fall under the college's $10 million capital campaign launched in 2000 to increase faculty research, gain new space and offer scholarships to students.



Augusta, Ga. — The Georgia Medical Center Authority is partnering with the Medical College of Georgia to create an incubator designed to grow life sciences companies. The 15,000-square-foot Life Sciences Business Development Center will enable MCG to recruit investigators looking to develop their discoveries and secure patents.



Cheyenne, Wyo. — Among the $36 million being cut from Gov. Jim Geringer's 2003-04 budget 

recommendations is $5.6 million (all funding) for an incubator to be located at the University of Wyoming. The Joint Appropriations Interim Committee made the budget cuts in early February.



Greensboro, N.C. — Approximately $425,000 of the $2.3 million Action Greensboro intends to invest in small business growth and entrepreneurialism is being dedicated toward expanding the Nussbaum Center for Entrepreneurship. Action Greensboro, a non-profit organization created in 2001 by several charitable foundations, is giving another $1 million for the Triad Entrepreneurial Initiative, which seeks to cultivate high-growth companies.



Mesa, Ariz. — The Arizona Technology Incubator no longer provides office space but continues to offer advice to start-up companies, having moved out of its 23,000-square-foot space in late January. Sources say ATI's supporters wanted to ensure that money provided by financial backers was going toward technical services to the companies, and not rent. Six of ATI's eight companies have graduated.



North Brunswick, N.J. — Thanks to a loan from the AFL-CIO Building Investment Trust and a $4 million state grant, the new Commercialization Center at the Technology Centre of New Jersey will provide businesses with 20,000 sq. ft. for 17 small laboratories, shared offices and conference rooms. Annual rent for the space will total about $30 per square foot, and leases will be held for up to two years. Each lab is expected to house less than 10 employees.