EDA Reauthorization Could Provide More Flexible Incubator Funding
The U.S. Department of Commerce Economic Development Administration is a longtime funder of incubator facilities in the United States, but no federal funding currently is available for incubator operations. However, proposed new legislation could provide more flexible federal incubator funding.
The House version of the EDA reauthorization legislation includes some principles of the Business Incubator Promotion Act –groundbreaking incubation legislation introduced by Rep. Tim Ryan, D-Ohio, and Sen. Sherrod Brown, D-Ohio. (To read more about the Business Incubator Promotion Act, visit www.nbia.org/works.)
Under the House EDA reauthorization plan, the agency could provide operating support for incubation programs and allow infrastructure funding to be used to support the initial soft costs of a business incubator. However, the Senate EDA reauthorization legislation does not include these provisions. Also, in its FY2011 budget recommendations, the House has increased funding for EDA, while the Senate has proposed cuts in EDA’s budget.
The National Business Incubation Association (NBIA) is the world’s leading organization advancing business incubation and entrepreneurship. Each year, it provides thousands of professionals with information, education, advocacy and networking resources to bring excellence to the process of assisting early-stage companies. An elected, voting board of directors representing the world's leading incubators governs the association.
The New Jersey Business Incubation Network (NJBIN) is a collaborative state-wide community of business experts, resources and facilities dedicated to enhancing the commercial success of early-stage entrepreneurial companies, growing higher paying jobs in New Jersey and supporting the Economic Growth Strategy for the State.
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