Plymouth State University, led by Dean Trent Boggess of the College of Business Administration, and the Grafton County Economic Development Council (GCEDC) have been collaborating to develop the Enterprise Center at Plymouth, a business incubator that will assist in the launch of new businesses and provide support to help them to grow into financially viable companies. GCEDC has recently announced funding from the Northern Border Regional Commission to support construction of the center.
With a goal to launch in 2013, the Enterprise Center will serve a variety of businesses, with a focus on “green business,” and will be located in Plymouth adjacent to the roundabout at 149 Main Street. GCEDC will serve as landlord for the incubator tenants while PSU’s College of Business Administration will oversee the programs. PSU’s partnership with GCEDC on the project represents PSU’s ongoing efforts to support economic development in the region. In 2010, the business plan and feasibility study for the Enterprise Center, created by Barbara Robinson (MBA ’09 and now a member of College of Business Administration faculty) and developed through PSU’s Small Business Institute, was recognized with second place at the 2010 National Small Business Institute Project of the Year competition.
Mark Scarano, executive director of the GCEDC, reports promising findings from the National Business Incubation Association (NBIA), including:
- Business incubators reduce the risk of small business failures. Historically, NBIA member incubators have reported that 87 percent of all firms that have graduated from their incubators are still in business.
- NBIA members have reported that 84 percent of incubator graduates stay in their communities.
- Research has shown that for every $1 of estimated public operating subsidy provided the incubator, clients and graduates of NBIA member incubators generate approximately $30 in local tax revenue alone.