Springfield Business Incubator - Economic Impact
Incubation is a proven method to accelerate business growth and success. In order to measure our progress, we collect financial data on a quarterly basis from all of our tenants. Here is a summary of our results:
- 8 incubating businesses and 6 support organizations currently reside in the Springfield Business Incubator
- Since the Incubator’s inception in October of 1999, there have been a total of 27 incubating business tenants
- During 2008 our 11 incubating tenants produced $7,079,541 in revenue
- Annual payroll and subcontract wages generated by our incubating tenants during 2008 was $2,011,929
- The combined yearly revenue of all of our incubated tenants is $20,000,000
- 250 jobs have been created by our incubator tenants
- The SBA reports that only 40% of business startups are still in business after 6 years. The Springfield Business Incubator’s success rate is 90%.