Hazleton, Luzerne County, PA -
Entrepreneurs who are taking their first steps toward starting their own business recognize that it's a very exciting time. They have a great idea for a product or service that they believe can turn into a profitable business venture.
However, once they are armed with their idea, the first question business owners often ask themselves is, “Now what?”
There are a lot of factors that determine business success and having a viable product or service is only one part of that equation. So, it comes as no surprise that 66% of businesses fail within the first five years when the owner tries to launch the company alone. But, statistics also show that 87% of companies that start in a business incubator are still operating after that same five-year period.
One of the key reasons for that success rate is the partnerships that entrepreneurs find when they launch their business in an incubator. Business incubators, like the CAN BE Innovation Center in the Valmont Industrial Park in West Hazleton, are designed to nurture new businesses and help them grow during their initial start-up period, a time when a business is most vulnerable and needs the most support. Incubator programs provide business advice, access to financing and exposure to business and technical support services as well as networking opportunities.
CAN BE is one of 15 partners in the Ben Franklin Incubator Network, which is overseen by Ben Franklin Technology Partners of Northeastern Pennsylvania. The Ben Franklin Incubator Network is one of the largest business incubator networks in the country and includes the Allan P. Kirby Center for Free Enterprise and Entrepreneurship at Wilkes University.
CAN BE Coordinator of Entrepreneurial Services Jocelyn Sterenchock said, “The support network and partnerships we have with organizations throughout Northeastern Pennsylvania is a vital part of building entrepreneurship in the region. Once a business interacts with one organization, they are connected to the larger path of partnering organizations that we have in the area and can find the business resources that they need to succeed.”
In addition to its partnerships with Ben Franklin Technology Partners and the Allan P. Kirby Center, CAN BE also collaborates with Penn State Hazleton, the Downtown Hazleton Alliance for Progress (DHAP), the Greater Hazleton Chamber of Commerce, the Small Business Development Center at Wilkes University and SCORE to help businesses throughout Greater Hazleton.
It is with a sense of collaboration in mind that CAN BE joined Penn State Hazleton, DHAP and the Chamber to form the Hazleton Innovation Collaborative (THInC). Last year, Penn State Hazleton was awarded a $150,000 Invent Penn State seed grant that is being used to help fund the cost of renovating a building at 13-15 West Broad Street in Hazleton, which will be the home of the Hazleton LaunchBox.
The Hazleton LaunchBox will become part of the University's Invent Penn State program, which is a Commonwealth-wide initiative to spur economic development, job creation and student career success. A key strategy of Invent Penn State is the establishment of innovation hubs, commonly known as business incubators, to blend entrepreneurship-focused academic programs, business startup training, mentoring, funding for commercialization and university-community collaborations to facilitate the challenging process of turning research discoveries into valuable products and services that can benefit Pennsylvanians and others.
Since CAN BE's goal is to foster entrepreneurship and new venture development throughout the Hazleton area, the organization can help businesses even if they aren't located inside the CAN BE Innovation Center.
Sterenchock said, “Our innovation center provides affordable space in a supportive environment that fosters business growth and success. But, we also provide consulting services to help small businesses start and grow to the next level - even without a physical presence in the incubator - through the affiliate member program. Ultimately, our goal is to provide entrepreneurial support to all members of Greater Hazleton so that we can foster new businesses, create jobs and build wealth in the community.”
The Community Association for New Business Entrepreneurship, or CAN BE, is the entrepreneurial division of CAN DO, Greater Hazleton's economic development organization. In the early 2000s, CAN DO and Penn State Hazleton officials recognized the need of offering support for start-up companies through targeted resources and services and the need for new business assistance in Greater Hazleton. After more than a year of planning, the CAN BE Innovation Center opened in Valmont in 2005. Since its founding, nearly 50 jobs have been created by 16 incubator clients. For more information on CAN BE, visit www.canbe.biz or email Sterenchock at jsterenchock@canbe.biz.
