Ron Lewis Delivers $100,000 From
SBA For Business Incubator
April 08, 2004
Bowling Green, Ky. - U.S. Rep. Ron Lewis, R-Ky., today delivered $100,000 to help equip the South-central Kentucky Small Business Incubator at Western Kentucky University's Center for
Research and Development.
The funding, which Rep. Lewis helped secure, will allow the incubator to offer its tenants state-of-the-art telephone, security and data servers, according to Ann Mead, WKU's chief financial officer and assistant to the president for economic development.
"These funds will support necessary infrastructure improvements for an important new business resource in Bowling Green," Rep. Lewis said. "This grant will assist the university in its continuing efforts to help generate economic vitality in south central Kentucky."
The incubator is a facility, through affordable leasing, shared services, staff and resources, designed to give the entrepreneurs within the region the competitive edge. Many start-ups are vulnerable and do fail in the first few years, Mead said. Studies show that 87 percent of all businesses that were incubator graduates were still in operation.
Mead said the incubator has three primary objectives: (1) to help stimulate economic, business and community development programs; (2) to improve new enterprise formation and development; and (3) to enhance the level of productivity and human resource development.
Bowling Green Municipal Utilities has committed to creating a network operating center or a data center at WKU's Center for Research and Development, Mead said. This is a critical component for attracting technology-based companies to the Center and specifically to the incubator, she added.
"Small companies in the start-up phase or even emerging growth phase cannot afford to own all of the technology to ensure continuity of their services," Mead said. "The network operating center will allow for companies to lease equipment and have the security of backup and disaster recovery services at affordable rates. BGMU initially demonstrated its support though its commitment to bring fiber to the Center to provide high-speed Internet access to Center tenants."
"Through the collaboration with the Central Region Innovation Center, WKU, and other community resources, the incubator will play an important role in assisting entrepreneurs in south-central Kentucky," Mead said. "The incubator may also serve as a magnet for attracting other companies to Kentucky because of our joint commitment to provide an environment conducive to economic growth and development."
The Center for Research and Development is located in the former Bowling Green Mall. Space for the business incubator, about 24,500 square feet, is being renovated through more than $1.4 million from the U.S. Department of Commerce's Economic Development Administration and the Tennessee Valley Authority.
The incubator will be let for bids this month with anticipated occupancy in fall 2004. The plans call for it to house up to 20 start-up companies, Mead said.
Rick Wilson, chair of the Bowling Green Area Chamber of Commerce, said the business incubator fits well with the chamber's strategic plan of promoting, supporting and encouraging technology initiatives critical for the development of high-tech jobs in the community.
Diversifying the economy is about job creation and building an economy to weather any economic storm, Wilson said, adding this can be accomplished through partnerships among federal/state/local governments, private sector and universities.
"We have strong leadership that encourages an entrepreneurial approach to growth and development," Wilson said. "We are especially fortunate to have Western Kentucky University and President Gary Ransdell who believes in a strong university providing support for entrepreneurs, assisting existing businesses, and encouraging the growth of businesses that will stimulate the economy in our region."
Wilson cited an article in the April issue of Site Selection magazine that named Bowling Green third best small town in the country for new and expanded corporate facilities.
"What places Bowling Green in the top three in the U.S.?" Wilson asked. "It's strong political, civic, and economic development leadership that makes investments now in order for this region to achieve a vision of prosperous growth later."
For more information, contact Ann Mead at (270) 745-2434. More WKU news is available on the World Wide Web at www.wku.edu. If you'd like to receive WKU news via e-mail, send a message to WKUNews@wku.edu.
