Incubator principles and success rates
Business incubation on the principles set forth by the National Business Incubator Association (NBIA) is a proven method of economic development. The NBIA business creation and support process increases entrepreneurial success and individual opportunity, and strengthens communities. Start-up companies in incubators have a higher success rate than those developing without the critical business assistance provided by incubators:
- More than 65 percent of incubator-based early-stage companies are likely to receive third party financing, compared to less than 10 percent of early-stage companies not based in an incubator
- 87 percent of incubator graduate companies remain in business after three years, compared to just half of non-incubator start-ups
- 84 percent of those incubator graduates remain loyal to their incubator and remain in its geographical area
Concentrating the researchers, entrepreneurs and developers of a single industry in one location generates a creative synergy to drive growth. Clients and partners of KETEC will develop complementary processes and products that strengthen, rather than dilute, each other’s marketplace viability. KETEC’s proposed state-of-the-art telecommunications and telepresence systems will unite its occupants with like-minded people around the world.
A clean energy industry cluster
The U.S. Department of Energy has repeatedly called for the development of renewable/clean energy industry clusters as a responsible way to counter global warming and meet the growing global demand for energy. KETEC’s clients and patrons share the goal of a cleaner environment and a reduced human dependency on products and technologies that pollute or diminish our global habitat. The Anthracite Region is ideally suited for the rebirth of energy business in Pennsylvania. Over the 50 years of anthracite’s decline, a suitable replacement industry for it has not appeared – until now. The infrastructure and population densities created by King Coal remain to serve the needs of a new energy economy, and the coal companies themselves have invested in the KETEC effort.