Highlight & Impact Study 2001

2001 Highlights a Year of Continued Momentum

Click here to view the full report in PDF format (95kb)

Despite the multiple traumas of a weakening economy and the events of 9/11, the Ceramics Corridor Innovation Centers' business incubation facilities at Alfred and Painted Post, NY continued to turn out positive numbers last year. The final tallies for the year are included in the "Highlight & Impact Study" for 2001, just released by parent organization Alfred Technology Resources, Inc.

At the end of last year, the tenants of the two facilities reported an employee total of 116, a net gain of 36 jobs from one year earlier. Ceramics Corridor Innovation Centers' graduate firms, up through three years post-graduation, reported an employee total of 1,177.

"While that net gain of 36 jobs might seem relatively modest, it comes against a backdrop of events beyond our control," according to Ceramics Corridor Innovation Centers' executive director, Jon M. Wilder. "I believe it clearly indicates that we were able to maintain our momentum through some difficult times, and we are optimistic that with a strengthening economy we will indeed continue to move forward in our mission to create technology-related jobs in the Ceramics Corridor region."

Altogether, there are currently 19 incubating businesses in the program. In the decade since the program was founded, a total of 11 firms have "graduated" from the program, moving on to their own facilities. The two facilities stood at a combined 96% occupancy at the end of last year, and haven’t been below 88% occupancy for a reporting period in the last four years.

"We've proven that business incubation works," according to Wilder. "Our 94% success rate is seven points higher than the national average as determined by the National Business Incubation Association."

Also for the year, incubating businesses reported wages paid to employees of $3.6 million. Graduates, through the three-year post-graduation period, paid out $38 million in wages. In the sales category, incubating businesses reported domestic sales in excess of $2.6 million and international sales of $133,000. Graduated businesses reported sales totals of $400 million and $500,000 respectively. To date, three graduate firms built or bought nearly 600,000 square feet of space in New York State, carrying a total capital investment of about $225 million.

Easily the most impressive figure to emerge from the "Highlight & Impact" study is direct return on investment. From an initial investment of $10 million, a total of 2,470 direct jobs have been created by the program, or $4,049 per job. To date, the total economic reward enjoyed from that investment has been $527 million, or $213,360 per job. That factors out to nearly a 5,200% return on investment.

"That is an impressive number," Wilder states. "I think that clearly indicates the value of business incubation in general, and the Ceramics Corridor Innovation Centers program in particular."

For the year ahead, "we will be focusing on letting CEOs of major technology-based companies know about the benefits of growing their ideas in the business incubation setting," Wilder concludes. "We will also be focusing on strengthening the already-solid academic ties we can offer, as well as the various business-government-institutional networking opportunities that set us apart. We are very optimistic."