Central Tech Opens New Business Incubator
If you could improve the probability your start-up business would be successful, would you want to know more, or take advantage?
Business incubators nurture companies in the start-up or expansion stages, by providing an environment conducive to growth, as well as the support, advice and services to allow business owners to focus on what they know best – their business.
Ideal incubator client businesses have above average potential for revitalizing neighborhoods, creating high-paying jobs in the local area, commercializing new technologies and strengthening local, regional and national economies.
Central Tech is the service provider for the Central Oklahoma Business and Job Development Corporation (COBJDC) incubator program. Central Tech and COBJDC work with the Oklahoma Department of Commerce to certify incubator spaces in other towns within Central Tech’s district, allowing companies to benefit from incubator services and stay in their local community. In 2015, an incubator facility was certified in Stroud, Okla., giving a new business the opportunity to benefit from tenancy in an incubator.
In 2016, construction was completed on a new facility in Drumright, Okla. located within the Drumright Industrial Park. This facility features 600 square feet of office space, adjoining a 1,600 square foot bay with overhead access. Conveniently located, this facility would be great for an entrepreneur who has outgrown their garage or backyard workshop.
“The business incubator program is a way to encourage entrepreneurship and help new business owners succeed,” said Julie Griffin, COBJDC Incubator Manager. “Statewide, there are 37 small business incubators in Oklahoma, with 161 tenants providing 741 full-time jobs. That’s a tremendous impact on Oklahoma.”
Incubator tenant companies benefit from business coaching and a five-year income tax exemption, with an additional five-year exemption for businesses that do a majority of their sales outside of Oklahoma.
According to the National Business Incubator Association, studies show 88 percent of firms that have graduated from incubators are still in business after five years, whereas generally 20 percent of startup businesses survive in the real world.
If you’re interested in learning more about Central Tech and COBJDC’s incubator program, come to Central Tech’s Open House on Sunday, February 19, and visit Julie Griffin in the Seminar Center on the Drumright campus.