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FOR IMMEDIATE RELEASE
Alan Fogg,
Director of Communications
afogg@fceda.org, 703/790-0600
First-of-its-kind investment will help fund technology growth in emerging part of the County
Fairfax County, Virginia, June 28, 2000 — The Fairfax County Economic Development Authority today announced that it has joined forces with eIncubator Inc., an innovative for-profit technology incubation company, to develop a center to advance the growth of local technology companies.
Creation of the Fairfax County/eIncubator Technology Center is part of the county's plan to extend the booming high-tech entrepreneurial growth in Tysons Corner and the Dulles Corridor to other parts of the county, to create more jobs and spread economic development momentum. The FCEDA selected eIncubator based on the company's expertise in launching and growing high-tech start-up companies and its track record of success with clients in its Baltimore incubator.
In exchange for equity in a start-up venture, eIncubator offers a comprehensive technology incubation program to its clients including free rent, free strategic management/advisory services, access to funding, office space/technical infrastructure, and access to a network of accomplished advisors, executives, investors and technology experts. In addition, the company will soon launch the first virtual incubation platform, offering a host of unique and innovative services to high-tech start-ups.
"Helping make local companies successful - and attracting new companies and workers in high-growth areas such as technology - is a vital part of helping ensure our future economic development," said Gerald L. Gordon, president of the Fairfax County Economic Development Authority. "By working with eIncubator, we can help bring the technology economy to designated revitalization areas such as Baileys Crossroads."
"eIncubator is excited to leverage its skills as a leading technology incubator to assist Fairfax County in developing this unique private/public industry partnership," said Eric W. Dahler, founder/president of eIncubator. "We are unique among incubators. Our cutting-edge training program and top-tier strategic service providers dramatically accelerate the growth of early stage technology companies into market leaders."
Incubators can play a key role in a company's success. According to the National Business Incubation Association, 85 percent of new companies that graduate from a business incubator survive at least five years, versus a 90 percent first-year failure rate among other business start-ups.
eIncubator is currently interviewing a variety of technology companies to be a part of their program, and its current roster includes:
- RBS Network, a Web-based software program and e-marketplace for facilitating the home-building process
- Mobile Coyote, a wireless data services provider whose Wireless Web Kit will be available in retail outlets in the Maryland/DC area starting this week.
Candidates for the Fairfax County/eIncubator Technology Center are seed and early-stage technology companies with leading-edge products or services in the areas of e-commerce/Internet, software and related Web-based services, information technology, telecommunications and wireless/wireless data services and technologies. eIncubator will be responsible for selecting qualified incubator candidates and all other day-to-day operations of the incubation program.
As part of the venture, eIncubator will dedicate a portion of the new facility to the development of the Center for Nonprofit Innovation. CNI will promote charitable giving by the tech community and help train non-profit companies on how to more effectively use technology to modify and streamline their businesses.
"Often nonprofit companies are behind the for-profit world when it comes to obtaining expertise in technology — expertise that could help them run their operations more effectively," says Nelson Cooney, founder/chief operating officer. "We intend to increase the incubator's already significant contribution to the Fairfax County community by helping nonprofit organizations in the region to more effectively use technology."
About eIncubator
eIncubator is a technology incubation company that provides a unique selection of services to high-tech start-up companies, helping them successfully grow from idea stage through the culmination of their business strategies. eIncubator operates for-profit incubator facilities that provide advisory services and management assistance, angel/early stage venture funding, and access to a network of accomplished executives, advisors, investors and technologies in exchange for equity positions in its incubator clients. eIncubator is currently selecting companies to be incubated in the Falls Church facility. For more information, call eIncubator at 703-845-8500.
About FCEDA
The Fairfax County Economic Development Authority provides a wide array of services and information designed to promote Fairfax County as a leading technology hub and a world-class center of commerce and trade.
Domestic and international marketing staffs work with U.S. and foreign companies interested in expanding operations to the East Coast. A market research and real estate division help clients learn more about opportunities in the county. The FCEDA also runs an aggressive capital attraction program to link entrepreneurs and start-up firms with venture capitalists and angel investors. Another program assists small, minority- and women-owned businesses. The FCEDA has marketing offices in London, Frankfurt and Tokyo. Information about the FCEDA's programs and services is available at www.FairfaxCountyEDA.org.
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