County to Create Business Incubator
Using seed money from the Maryland Technology Development Corporation, the St. Mary’s County commissioners are taking the first step toward creating a business incubator in the county.
A business incubator leases office space to small businesses and entrepreneurs, but it’s not just leasing. The firms that take advantage of the incubator also have access to management training, mentoring, access to capital resources, and marketing support.
TEDCO is allocating the county $1.9 million from the Technology Transfer Office of the Naval Air Warfare Center Aircraft Division (NAWCAD). The county will use the seed money to establish and operate the incubator. The Technology Transfer Office allocated the funding to TEDCO because of it has expertise in establishing incubators and helping small firms and entrepreneurs. The focus of the incubator will be on commercialization of Navy technology and unmanned autonomous systems work.
The incubator will be located at the St. Mary’s County Regional Airport. This site offers close proximity to the University of Maryland’s UAS Test Site, its runway access and the neighboring Southern Maryland Higher Education Center, which plans to construct a new building. A primary focus of the new building will be research and development of UAS.
“This is an exciting development for the county as we continue to diversify our economy,” said Commissioner President Randy Guy. “St. Mary’s County is pleased to stand up the incubator and assist small businesses get their footing and grow into profitable ventures.”
The county has accepted a land donation and agreed to a three-year lease of a soon-to-be constructed building at the airport for $90,000 which will house the incubator.
“Having a business incubator is a vital part of our economic development strategy to diversify the economy by creating an ecosystem of innovation and technology,” said Chris Kaselemis, county economic development director. “Helping aspiring entrepreneurs create new businesses will help diversify our economy and over time, reduce our reliance on military spending.”
Once established, the incubator is expected to create between six and a dozen businesses and will become a program of the county’s Department of Economic Development. No St. Mary’s County funds will be used to start the incubator.
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