South Texas Small Business Incubator Receives Federal Designation
CORPUS CHRISTI, Texas, Nov. 14, 2013 /PRNewswire-USNewswire/ -- The Coastal Bend Business Innovation Center at Texas A&M University-Corpus Christi has been designated as a U.S. Economic Development Administration (EDA) University Center for the second time.
"The Innovation Center has provided value to our community by enabling clients to produce more than $4.6 million in gross revenues just in 2012," said Dr. John Gamble, Dean of the College of Business. "The center includes cutting-edge companies like 'Hydro Enviro Clean,' that recycles fracking water; 'InnerGeo,' which generates renewable energy; and 'Scorgolf,' a business that has engineered and patented a new type of golf club."
As part of this federal designation, the Innovation Center will receive $102,590 per year over the next five years. Seventy percent of this grant will be used to focus on cultivating innovation, while 30 percent will go to support regional commercialization efforts. Bill Cone, Director of the Innovation Center, says this grant will allow the center to help this region grow household incomes to close the gap between our area and the rest of Texas and the nation.
"We are committed to activities that will concentrate much of our efforts on the creation of high-paying jobs and economic diversification," said Cone. "Creating better jobs helps us to keep some of our young, highly-educated talent in this region as opposed to losing them to larger metro centers."
Texas A&M University-Corpus Christi established the Innovation Center in 2009 to promote higher education, research, commercialization, and economic development. Supported by the University's College of Business, the Innovation Center supports the successful development of innovative companies through an array of support resources and services. Research shows that by participating in this type of program, new businesses are twice as likely to succeed.
Since its inception the Center has created more than 400 full and part-time jobs, generates over $2.7 million in annual salaries, and has helped to build over 50 new companies.
"All of this supports higher household incomes for our future," said Cone. "A more diverse economy better prepares us for inevitable cyclical swings in energy, tourism, and agriculture."
Texas A&M University-Corpus Christi and the Innovation Center have many assets, such as faculty, staff, research laboratories, and computer systems, which can help to address and expand upon local economic opportunities. With funding from EDA, the CBBIC can provide continued assistance to innovative entrepreneurs with the goal of enhancing local economic development.
"We have assisted over 100 businesses in 14 different industries and more than 50 of those continue on their path to success," said David Fonseca, Innovation Center Manager. "Helping entrepreneurs make their dreams come true, while they create jobs and wealth in our community, makes what we are doing really matter."
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
About Texas A&M University-Corpus Christi: Offering more than 60 of the most popular degree programs in the state, Texas A&M-Corpus Christi has proudly provided a solid academic reputation, renowned faculty, and highly-rated degree programs since 1947. The Island University has earned its spot as a premier doctoral-granting institution, supporting two research institutes and 10 research centers and labs. Discover your island at tamucc.edu.
About the College of Business: The College of Business is the driving force behind some of the brightest minds and biggest ideas in the Coastal Bend business community. Our alumni include Theresa Barrera, a retired Vice President for Walmart, Jessica Jara, External Auditor for Deloitte and Touche's New York Office, and Entrepreneur Anthony Ciccarelli, inventor of "High Pheels." The College of Business is also recognized for its many business partnerships with companies like HEB, Citgo, and Frost Bank. Entrepreneurial spirit and innovation are cultivated by the College through its Coastal Bend Business Innovation Center. This small business incubator offers undergraduate students the opportunity for professional business internships with up-and-coming companies and allows graduate students to hone their specialties in the field. Degrees from the College of Business come with the added distinction of accreditation by the AACSB. This distinguished recognition is achieved by less than one-third of universities in the United States.
SOURCE Texas A&M University-Corpus Christi