Phyllis Queen Thomas Family Center for Entrepreneurship Business 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 Services  Business Basics Assistance  Marketing Assistance  Technology Assistance  Networking Activities Assistance  Financial Management Assistance  Regulatory Compliance Assistance

Types of Services (cont.)  Assist with Access to Capital  Access to Internet Services  Access to Higher Education Resources  Assist with Presentation Abilities  Access 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 for underemployment 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 – 45,620  Business failures – 38,691  6,929 difference  84.8% - failure  15.2% - success

Business Incubation Success  Historically 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 jobs  Increases community tax base  Assists in community revitalization

Funding  Building Reuse and Restoration Grants Program N.C. Rural Center  Rural Economic Development Loans and Grants USDA

In Summary In 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 TFCE  Academic institutions  Local organizations  Lending institutions  Seek funding

Thank You