Youngstown Business Incubator Gets $10,000 Grant

The Youngstown Business Incubator was awarded a $10,000 grant Wednesday from the Home Savings Foundation.

The money comes as YBI is trying to raise $2.5 million over the next five years to make improvements to better serve emerging businesses.

“It’s going to be used to build up our technology infrastructure. We’re a little bit behind the times for a technology incubator,” said CEO Jim Cossler, Youngstown Business Incubator. “When we’re finished with technology upgrades, there’s going to be nothing like us, perhaps, in the Midwest.”

Cossler said Home Savings has been a faithful supporter of YBI since its start in 2000. The foundation made a $10,000 contribution in October.

The YBI launched a fundraising campaign on Jan. 31 to raise money for the center’s operating expenses. The incubator’s most notable startup, Turning Technologies, was called the fastest growing software company in the country five years ago, and YBI directors said more money is needed to help other companies grow in a similar manner.

Seven years ago, the YBI received 70 to 80 percent of its funding from  the state, but government sources now account for only half of the incubator’s $1 million operating budget. Directors hope the campaign will help make the incubator self-sufficient.

According to an economic impact study released in January, YBI supports 610 jobs, which in turn creates $24 million in wages and income. And the companies associated with it generate $76 million in sales.

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s