In a significant boost to Towson University’s economic outreach efforts, the federal government has allotted nearly $300,000 for the development of an international business incubator.
The fiscal year 2005 Omnibus Appropriations bill allots $297,600 for Towson’s efforts. “This funding will help small and mid sized businesses move to the international market and provide job creation and economic development,” a press release from Sen. Barbara Mikulski’s office said Saturday evening.
The state of Maryland will conduct a feasibility study for the project. The Maryland Development Corporation plans to provide $25,000 for the assessment; an official announcement is expected later this week. The Baltimore County Office of Economic Development is also expected to contribute to the effort.
The incubator would help overseas companies establish a presence in the region, and assist local companies with international expansion efforts.
“This is great news for Towson University,” James Clements, the acting vice president for economic and community outreach, said. “We have been working hard on this project and it looks like it could be paying off.”
Clements said the incubator would assist with economic development and benefit the University.
“An international incubator would be a great place for student internships as well as faculty research and consulting projects,” he said.
Developing an international business incubator is one of President Robert Caret's Towson 2010 action items.
During his tenure as president of San Jose State University, Caret established several incubators, including one for international businesses in the heart of Silicon Valley.
“That incubator is considered to be one of the very best in the country,” Clements said. “The executive director of that incubator has also offered to help us with the project.”
Dyan Brasington, Towson's new director for economic and workforce development, will help develop and manage the incubator. She was the former president of the Rockville-based Technology Council of Maryland.
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