ADRIAN, Mich. – During the annual State of the College Address, Adrian College President Dr. Jeffrey R. Docking announced the addition of a dedicated space for business incubators in its new plant facility on campus. ‘The Adrian Innovation Center’ will provide office spaces with tailored resources and support services to several startups launched by students and the greater community.
Docking believes that Adrian College can play a significant role in Michigan’s economic recovery through The Adrian Innovation Center. “By providing space and support for creative entrepreneurs, we are encouraging them not only to begin their businesses here, but also to remain here as they grow,” Docking stated.
Dr. Oded Gur-Arie, Adrian College professor of business and director of the Institute for Entrepreneurial Studies, agrees. “Incubators are designed to nurture the development of entrepreneurial startups. These new ventures need help to grow during the startup period where they are most vulnerable.”
Gur-Arie went on to note that statistics support the success rates of businesses launched through business incubators. A startling 87 percent of startups that graduate from an incubator setting stay in business, while nearly 84 percent will remain within the community of its origin. Further support for economic development of new business is shown that for every dollar invested in an incubator, clients and graduates generate approximately $30 in local tax revenues.
“Creating jobs in the community and enhancing the entrepreneurial climate through unique opportunities are our main objectives,” Gur-Arie noted. He went on to indicate that while the Center will launch officially this summer, it currently hosts its first tenants—Adrian College students Mitch Barnard and Drake Dailey-Chwalibog. Barnard and Dailey-Chwalibog have developed Pro Block Nutrition, an all-natural nutrition bar that is a grain-free alternative to other nutrient bars on the market.
“The Adrian Innovation Center has the potential for being an extraordinary addition to the campus and the community,” said Docking. “We believe it will be a place where young entrepreneurs can grow their creative ideas into flourishing businesses.”
For more information, please contact Dr. Oded Gur-Arie, email@example.com.