SUNY FREDONIA TECHNOLOGY INCUBATOR
ON THE CUTTING EDGE
March 1, 2009
Your columnists see the development of the emerging University Incubator as a stimulating long term business potential for the entire region. The growing of successful businesses are their primary focus. Business incubation and assisting developing businesses is the prime scope of the SUNY Fredonia Teleology Incubator. And the mission of the Incubator program is to promote growth in the Western New York Southern Tier by supporting entrepreneurship and the development of new, innovative technology-based companies. For new or prospective entrepreneurs and for all of us, this marks growth with supportive expertise. As we see it, this is a most stimulative development with significant potential on the cutting edge of progress.
The State University of New York is an institution of higher education with exceptional excellence. There is no question, our schools and institutions of higher learning play a most dynamic role in the vitality of every community. SUNY, one of the largest public universities in the world, plays a significant role in the total cultural and economic vibrancy of the State and well beyond. Today, in this column we spot light the nationally recognized State University Fredonia and just one of its many outstanding 21st century ventures. We focus on the SUNY Fredonia Technology Incubator which has taken shape and is on the horizon of business incubation.
From our perspective and based upon its illustrious history, SUNY Fredonia is a broad based community oriented and community connected institution. There is no doubt but that the economic, cultural and social impact of the University is a highly significant and relevant component to the health and vitality of our geographical region and well beyond. As we see it, the possibilities are limitless as the community connected SUNY Fredonia Technology Incubator moves forward with advanced and available business tools. The Incubator is in the professional business of supporting innovators in the start up of businesses. The Incubator will assist entrepreneurs in starting and growing successful businesses based on existing and emerging technologies. It will nurture and accelerate the successful development of start-up and fledgling technology companies. Through the network of supportive resources, technical expertise and shared business services, the incubator empowers new and existing firms with the knowledge and experience needed to become financially viable and freestanding. From all appearances, the SUNY Fredonia Technology Incubator has the capacity to promote economic growth in the Western Southern Tier of New York State and beyond.
The National Business Incubator Association has reveled that 80 percent of new businesses fail within the first year. Fifty-two percent fail because of management-oriented problems and 48 percent fail due to lack of capital. However, research has found that when a start-up is affiliated with an incubator, 87 percent survive. This static is four times higher than the national average for business success. And most encouraging is a recent report from the Federal Economic Development Administration (EDA) in which it states that "investment in incubators generate significantly greater impacts in communities in which they are made than do other project types." To us, that is a most encouraging fact.
The SUNY Fredonia Technology Incubator is directly a part of and affiliated with the University and thus it has access to a vast array university scholarly resources and research. And the totality of the University serves as a vital source of stability economically. In fact, the SUNY Fredonia is a significant economic stimulant to the total region. Thus, the emerging thrust of the technology incubator initiative at SUNY Fredonia is a strategic prime example of economic revitalization and entrepreneurship development. We congratulate those who had the highest level of imagination and strong determination to bring about the realization of this significant technological initiative. And we commend those who are successfully leading this innovation and who have as their goal to reach even beyond the original expectations. But at the top of the list, we extol the virtues and wisdom of those current and potential future entrepreneurs who are in the midst of energetically starting and growing their businesses and who are seeking to fulfill their highest aspirations of business success.
And so, to the imaginative founders and creators of the SUNY Fredonia Technology Incubator, to the executive management of that organization, and to the enterprising business innovators who are seeking to achieve the highest level of successful fulfillment...we say, you are truly worthy of a community's supportive and genuine commendation. That is how we see it FROM OUR PERSPECTIVE.