Report Finds Incubation Programs To Be A Catalyst for Economic Development, Economic Revitalization, Job Creation
The Washington DC, Economic Partnership (WDCEP) has recently completed a highly anticipated Technology Incubator Feasibility Study commissioned by the Deputy Mayor for Planning and Economic Development. The study found that there is a high demand for the development of a Technology Business Incubation Program in the District of Columbia, a city which already has a framework for an innovative economy. Job creation for District residents would be a direct result from the establishment of an Incubator. Within five years, the Technology Incubation Program is projected to generate direct impacts of 80 jobs, with $6.8 million in salaries and $12.3 million in company revenues with 24,000 square feet of occupied space, based on the IMPLAN economic impact assessment model. The average earnings per job for the companies locating in the incubator are estimated at $84,896. The development of this program would be a key component of the economic development strategy for the District. It could be a direct economic catalyst which brings together policies, programs, and resources from the public and private sectors to establish the basic framework for nurturing innovative, growth-oriented companies in a number of business areas, further stimulating job growth. However, the Technology Business Incubation Program will not only create new jobs; it can also be a platform for delivering services that complement existing entrepreneurial support initiatives in the City, as well as supporting science and technology education and human capital development for all communities in the City. Steve Moore, President & CEO of the WDCEP said, “An incubator in the city would not only spur economic growth – it could also directly impact neighborhood revitalization. An incubator in DC would help bolster the city’s creative capitalism and innovation. It’s the nexus between business and community.” The establishment of a Technology Business Incubation program would fill a gap in the spectrum of business support offerings and facilities and complement existing business incubation initiatives. It would focus on creating viable companies which graduate from the incubation program and locate in the District of Columbia, further strengthening the District’s economic base. The study is available for download here.