International incubator to support Baltimore County business growth
TOWSON, Md. (June 16, 2006)—Robert L. Caret, president of Towson University and Baltimore County Executive Jim Smith (pictured, right to left) today unveiled plans for the university’s new international business incubator, to be called the Towson University Business Globalization Center. The project was announced at a press conference at which Baltimore County Executive Jim Smith and Aris Melissaratos, Maryland Secretary of Business and Economic Development described benefits to the county and to the state.
“Towson University is a logical setting for an international business incubator,” said Caret. “We have a strong international studies program as well as a globally focused college of business; our Division of Economic and Community Outreach unit offers expertise in business development and support; we’ve recently been named as an NSA center of excellence in information assurance; our enrollment growth includes a commitment to diversity and to the creation of internationally relevant academic courses. These are excellent resources to leverage as we strive to foster new business growth that impacts Baltimore County as well as the global marketplace.”
Baltimore County Executive Jim Smith said, “The investments that Baltimore County and Towson University are making to create this center are good business for us, and good business for Baltimore County’s increasingly global economy.”
A feasibility study, funded by TEDCO and private contributions, indicated that for every $1 spent, the County could receive $30 in private capital investment. The study also showed that 84% of all incubator companies stay in the community where they are incubated. “Most communities and states develop jobs at a cost of $10,000 per job. An incubator does it for $1,100 per job,” Dr. Caret said.