Entrepreneurs creating technology, products and services through small businesses are receiving help from one of the best facilities in the nation, which is located on the University’s campus.
The National Business Incubation Association ranked the Louisiana Business and Technology Center as a “top-performing technology incubator” out of nearly 80 national incubators. The finding is based on a year-long analysis funded by a grant from the U.S. Department of Commerce’s Office of Technology Policy.
Business incubators aid growing companies by providing entrepreneurs with the expertise, networks and tools needed to venture.
The programs also help emerging businesses survive the risky start-up phase by providing business support services, such as flexible leases and on-site business counseling. The goal is to graduate successful firms that create jobs and boost the economy in their communities.
“This ranking validates the hard work of the LBTC staff and the support of Louisiana State University and establishes Louisiana as a benchmark for other incubator programs in the United States,” said Charles D’Agostino, LBTC executive director.
The center’s rank is attributed to the success of the LBTC’s tenants and clients, who have in turn created thousands of jobs in Louisiana.
“We feel that we have made a difference in the economy of Baton Rouge and the state,” D’Agostino said.
Bob Parsons, Waxworx Productions owner, runs his business at the LBTC. He said the University community is mutually beneficial because University departments provide a customer base, which the small businesses can serve for a cheaper price than an outside source.
The University setting has additional benefits, such as providing a safe, inexpensive location to develop a business with readily available help. Also, MBA students help business owners conduct simple research, such as finding the best location to place the business, Parsons said.
“[Small businesses] take less of our own resources because we are under the umbrella of the incubator,” Parsons said.
He said it is difficult for new businesses to get respect in the beginning, but the incubator system allows them to enter the business enterprise slowly with a strong, solid foundation. The incubator also provides free phone and fax service, reasonable rent and valuable advice, he said.
The NBIA industry research team examined the technology incubators’ makeup and performance to determine the characteristics of high-performing programs.
“The ultimate goal of an incubation program is to facilitate the business success of its client companies,” said Dinah Adkins, NBIA president and chief executive officer.
The Louisiana Business and Technology Center has created a program that provides technology entrepreneurs with the resources they need to create high-growth enterprises, which has benefitted both the entrepreneurs and the Baton Rouge community, she said.