The Small Business Development Center of Hampton Roads (SBDC) is partnering with the Economic Development Authorities to operate and manage the Triangle Business and Innovation Center (TBIC). TBIC, which has been in operation since 2007 but expanded to a regional scope in 2012, is a small business incubator, that specializes in servicing both resident and virtual incubator clients as they work to bring their business concept to reality. Various levels of service are provided based on the client’s needs and stage of growth, from office space and back office support to counseling and mentoring.
The facility, located at 5300 Palmer Lane in James City County serves the localities of James City County, York County and the City of Williamsburg. The agreement includes oversight of the incubator management services contract from the TBIC Board of Directors, which is comprised of representatives from the three localities EDAs and Economic Development Offices.
The agreement went into effect on November 26, 2014 after a vote by the three EDAs and the TBIC Board of Directors. This partnership combines the resources of these organizations in an effort to maximize efficiencies and capitalize on mutually beneficial relationships. For example, some new SBDC clients may be well-suited to locate in the TBIC while those businesses currently located in TBIC may benefit from the services and tools that the SBDC offers its clients.
The SBDC is part of a state and nationwide network of service providers and specializes in providing advice, counseling and training to both start-up and existing businesses. The TBIC Manager will work under contract with the SBDC and will also serve as an SBDC business counselor. A search for TBIC management services was recently completed and Tim Ryan, President of Arcphor, a technology-based York County business, was selected to manage the TBIC. Ryan, who will report to the TBIC Board of Directors, will also serve SBDC clients in the Historic Triangle.
“This partnership is a huge win and step forward for entrepreneurs and small businesses in the Historic Triangle. The TBIC community will now be able to leverage the full support of all three localities and the entire SBDC support system,” said Ryan. He continued, “Additionally, with our expanded footprint, our entrepreneurs and businesses will be able to take advantage of the area’s best mentors, workshops and other educational activities to further their success. There hasn’t been a better time for an aspiring entrepreneur or for an existing small business in the area. We encourage everyone to get connected and join us as we move the community forward.”
TBIC’s immediate goals will be locating new space that will be more conducive to attracting and growing its client base. Priorities include expanding the client base and assisting existing clients move to the next stage of their business’s growth.
According to Jim Carroll, the Director of the Small Business Development Center of Hampton Roads, “The partnership is a logical fit. The Incubator clients will benefit from access to a wide array of services, counseling and training provided by the SBDC while, at the same time, the SBDC will benefit by being able to use the funds to support the incubator as cash match for its grant from the SBA.”
For more information, contact Jim Carroll at (757) 664-2595.