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For Immediate Release:
Anne Arundel County Launches Chesapeake
Innovation Center
First Incubator in the U.S. to Focus on Homeland Security
Technology Firms
Annapolis (April 5, 2003) – Anne Arundel County Executive
Janet S. Owens today announced the creation of the County's
first business incubator, the Chesapeake Innovation Center (CIC).
One of the primary focuses of the CIC will be the development of
firms specializing in homeland security technology, the first in
the nation with this focus. The CIC is in the process of developing
partnerships with federal agencies, universities and key corporations
as it seeks to develop new companies in the communications and information
technology sectors.
“By developing partnerships
in the region, our incubator will be a powerful tool in developing
security-based technology businesses,” said Anne Arundel County
Executive Janet S. Owens. “I am certain that the Chesapeake
Innovation Center will solidify Anne Arundel County and Maryland's
leadership in this fast-growing technology sector.”
Anne Arundel County has designated the Anne Arundel Economic Development
Corporation (AAEDC) as the lead agency on the CIC initiative. Bill
Badger, President and CEO of AAEDC, stated, “I am delighted
that Anne Arundel County has made the commitment to encourage the
development of emerging technology-based businesses. The Anne Arundel
County economy is a leader in Maryland's job growth, and the
creation of the CIC sends a strong message to the technology community
that we value the creation and growth of technology-based companies.”
The CIC will provide business start-up services and flexible facilities
to accelerate the formation and growth of early stage technology
ventures, which increases the likelihood of success. The CIC is
projected to open in June 2003, in a 24,000 square-foot facility
at 175 Admiral Cochrane Drive, in Annapolis, Maryland. All entrepreneurs
are encouraged to apply for a business presence at CIC, particularly
if their focus is in the security, information technology, or communications
sectors. Interested parties are welcome to contact Mr. John Elstner,
CIC Director, at jelstner@cic-tech.org
or by phone at 410-224-2030. During the first year of operation,
AAEDC expects approximately 15 start-up companies to take up residence
at the CIC.
Beyond the commercialization of new technology in homeland security,
the CIC will produce many benefits on behalf of Anne Arundel County.
Incubators are proven engines for economic growth, including job
creation, tax generation and economic diversification. According
to the National Business Incubation Association, 87% of start-up
companies graduating from incubators remain in business today.
The
Business Cluster Development (BCD) group, based in Silicon Valley,
California, has provided incubator consulting assistance through
a contract with AAEDC. BCD has a nationally recognized model for
the successful creation and launch of incubators. BCD has participated
in the development of 15 technology and sector-focused incubators
over the past decade.
Anne Arundel Economic Development Corporation (AAEDC) is a not-for-profit
corporation that provides economic development services for Anne
Arundel County, Maryland. AAEDC manages local revitalization
projects, supports existing employers, recruits new employers, provides
and facilitates loans to new and expanding businesses and provides
advice, information and services related to business and economic
development in Anne Arundel County. Additional information about
the CIC or AAEDC can be obtained by contacting AAEDC at 410-222-7410
or on the Internet at www.aaedc.org.
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