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Full Committee Hearing on Business Incubators and Their Role in Job Creation: Hearing Before the Committee on Small Business

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Full Committee Hearing on Business Incubators and Their Role in Job Creation: Hearing Before the Committee on Small Business

by United States Congressional House, United States Congress House

About this title: Original publisher: Washington: U.S. G.P.O., 2010. LC Number: KF27 .S6 2010a OCLC Number: (OCoLC)613344985 Subject: Business incubators -- United States. Excerpt: ... 9 cost per job created in investment in a business incubator, roughly between $ 144 per job to 11,000. Relative to the State of New Jer-sey, their industrial recruitment and retention program was costing about $ 44,000 per job that was created. This was work that I did with my colleague Sea DiGiovanna. EVA research was already mentioned. We mentioned how these business incubators anchored their businesses in their local com-munities. This means a really high return on investment for the local community in terms of the taxes paid by the firms, by the cli-ent firms, and their employees. It ranges from about one dollar to 1.2 returned in tax investment to one dollar to seven dollars re-turned in tax payments. I would also say that based on the limited research, and this is one of the gaps in our knowledge, they do compare quite favorably to other economic development investments that we have made. Still we do have some gaps in our knowledge which I will be more than happy to talk about in the question and answer period, and the one piece of policy that I would like to also mention is that any kind of public support needs to be linked to the implementa-tion of best practices as well as the collection of outcome data, which has been a gap in our knowledge. Thank you for your time. [ The prepared statement of Dr. Lewis is included in the appen-dix. ] Chairwoman V. Thank you, Dr. Lewis. ELAZQUEZ Our next witness is Mr. Timothy Early. He is the President and CEO of Hampton Roads Technology Council in Hampton, Virginia. Hampton Roads Technology Council is the technology center for the Southeastern Region of Virginia in Hampton Roads. This not-for-profit is dedicated to fostering growth, education and communica-tion within the region's high tech community. Welcome. STATEMENT OF TIMOTHY J. EARLY, PRESIDE...

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