UMass Amherst and Springfield Technical Community College are joining forces to help support the Scibelli Enterprise Center – a small-business incubator on STCC’s campus.
BusinessWest reports that the center had struggled to keep occupants after losing a $530,000 state subsidy, but school officials say the additional funding will help “rejuvenate” its operations and help entrepreneurs interested in forming a company. The facility offers clients access to conference rooms, a shared receptionist, and close access to organizations such as SCORE and the SBA.
“We want this to be the entrepreneurial hub of Western Mass.,” Marla Michel, executive director of strategic communications and outreach for UMass, told the publication.
As part of the reorganization, officials will transition the facility from a mixed-used incubator – used by entrepreneurs in scattered business sectors – to a center helping startups focused in IT or green technologies.
Research from the National Business Incubator Association says that 87 percent of companies that have graduated from a NBIA program are still running. The NBIA says that North American incubators have helped more than 27,000 startups. Those companies have grown to employ more than 100,000 full-time workers and generate more than $17 billion in annual revenue.
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