DearColleague.us

Letter

Tim Ryan

From the office of:

Tim Ryan

Sending Office: Honorable Tim Ryan
Sent By:
Kevin.Jurrens@mail.house.gov

        Request for Cosponsor(s)

Incubator Act of 2019, H.R. 4931
Seeking Co-Sponsors!

To support the growth and success of business incubators throughout the country and stimulate widespread business development and economic growth

Endorsed by: International Business Innovation Association (InBIA); American Small Manufacturers Coalition (ASMC); Manufacturing Alliance of Communities (MAC); Small Business Majority (SBM); National Center for
Defense Manufacturing and Machining (NCDMM); AMT – The Association for Manufacturing Technology; Information Technology and Innovation Foundation (ITIF)

Dear Colleague,
The Incubator Act of 2019, H.R. 4931 establishes a business incubator grant program within the U.S. Department of Commerce to stimulate business development and economic growth throughout the United States. This competitive grant program assists existing nonprofit
business incubators to grow their capabilities, influence, and impacts so that they can transition larger numbers of early-stage start-ups into viable companies capable of operating independently.

What is a business incubator?

Business incubators provide critical shared resources, opportunities, and support services that help start-up companies and early-stage businesses to develop and grow. Similar to accelerators and co-working spaces, these organizations
help entrepreneurs to transform their ideas into high-performing companies. The assistance provided may include physical workspace and facility resources; technical, financial, and business expertise; opportunities for education, networking, and mentorship;
and contacts leading to potential capital, funding sources, and strategic partnerships.

Why are business incubators important to your district?

Approximately 1400 business incubators are located throughout the United States. They serve to foster business innovation, create local jobs, and strengthen local economies by nurturing the development and growth of new businesses
through their vulnerable early years. Business incubators are a catalyst for local and regional economic development and can be influential drivers for regional economic competitiveness. To find business  incubators in your district, multiple directories can
be found online (including at
http://www.gaebler.com/small-business-incubators.htm
or
http://www.innovatorsguide.org/incubators/state_business_incubators.htm
).

The Small Business Association reports that 30% of new businesses fail during the first two years, and 50% of new businesses fail within the first five years. These failures are caused largely by issues with the company’s market
research, cash flow, management expertise, or business model – all areas where business incubators can help early-stage companies! Research shows that new companies launched through business incubators tend to locate near the incubator, bringing jobs, innovation,
and economic growth to the local community.

How can you help?

Please support and co-sponsor the Incubator Act of 2019 to ensure that we give early-stage businesses throughout the country the best chance for success.

For more information or to become a co-sponsor, please contact Kevin Jurrens in my office at
kevin.jurrens@mail.house.gov.

Sincerely,

Tim Ryan
Member of Congress

Related Legislative Issues

Selected legislative information: Economy, Small Business, Technology, Trade

icon eDC logo e-Dear Colleague version 2.0
 
e-Dear Colleagues are intended for internal House use only.