In the incubator model, newly-formed companies are provided with office space, financial advice and guidance as they develop and grow.
The University hopes to "create a market niche that is most appropriate for Towson and for this region of the state," Brasington said.
As the companies grow and create jobs, they move out of the incubator and become full-fledged members of the business community.
"For the county, this really would build their business base," Brasington said.
When the University first pitched the idea to Maryland Technology Development Corporation, it had suggested the incubator would focus on international companies and be located in the northwestern part of Baltimore County.
The study will examine a targeted area in the northwest part of the county, between Interstate 83 to the west and Route 40 to the east.
The incubator is a key element of the University's efforts to expand its partnerships with businesses and corporations.
"As a focal point for the University we are very interested in outreach to the private sector, and we want to show support," Brasington said. "This is a way we can do that." She said the incubator would offer faculty members and students the opportunity to learn more about become entrepreneurs, and perhaps become involved in the companies. Students could land internships at the companies and faculty members could contribute their expertise.
"Towson University brings significant academic strengths in technology fields, business and international affairs, all of which would provide important resources for a prospective business incubator," President Robert Caret said in a statement. "The incubator would be an ideal partnership situation -- for us, for Baltimore County, and for start-up companies."
The feasibility study will take four months. The ANGLE Technology Group will interview Caret, deans, faculty members, alums, private sector individuals, county officials, and other stakeholders to determine if an incubator would be feasible, and if so, what form it should take.
Major funding for the feasibility study comes from a $25,000 matching grant from the TEDCO. Funds have also been contributed by Comcast, Whiteford, Taylor, and Preston, Baltimore County Department of Economic Development, Susquehanna Bank, 1st Mariner Bank, Provident Bank of Maryland and Bay National Bank.
"Over the past four years, Maryland has developed one of the most sophisticated business incubator networks in the nation," TEDCO president Phillip Singerman said. "We're delighted that Towson and Baltimore County have taken the initiative to analyze the feasibility of a technology business incubator on the eastern side of the county." Last fall, the federal government allotted $297,600 for Towson's incubator development. "This funding will help small and mid-sized businesses move to the international market and provide job creation and economic development," a statement from Sen. Barbara Mikulski's office said at the time.
Seventeen incubators exist statewide, including one at the University of Maryland Baltimore County.
Walter Schulz, director of the techcenter@UMBC, said UMBC's efforts, which launched in 1989, focus on technology companies that complement the University.
"It's about economic development and technology transfers," Schulz said. "We foster collaboration with business and our University professors and researchers."
Schulz listed the rewards the University has reaped from the incubators.
"We have four companies that were started by University professors that are here," he said. "We have 27 companies with relationships to the University, 23 student employees work at the companies, 35 UMBC graduates work at the companies."
The techcenter@UMBC helps companies prepare business plans, assess strengths and weaknesses, and recruit and organize professional mentors.
Developing an international business incubator at Towson University is one of 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.
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