Business incubator has potential to grow region's economy
10/30/2003
By:

With the official grand opening of the Holston Business Development Center today, a critical goal of Kingsport's 1999 economic summit has been realized.

Indeed, like the proverbial pebble thrown into a pond, the ripples from that summit keep expanding.

Just as the Regional Center for Applied Technology in downtown Kingsport is intended to address workforce development, the Holston Business Development Center at BAE Systems is intended to address business incubation and entrepreneurship. The 135,000-square-foot facility is capable of growing up to 24 small businesses at a time, a tribute to the power of the regional partnerships between Kingsport, Hawkins County and the private sector.

Business incubation is a dynamic process of business enterprise development. Incubators nurture young firms, helping them to survive and grow during the start-up phase when they are most vulnerable. Incubators also provide hands-on management assistance, access to financing and orchestrated exposure to critical business or technical support services.

Officials from the City of Kingsport, Hawkins County, BAE Systems - as well as a host of dignitaries including Gov. Phil Bredesen, Rep. Bill Jenkins and representatives from the offices of Sen. Bill Frist and Sen. Lamar Alexander - will be on hand to witness the culmination of that extraordinary local partnership in a ribbon-cutting ceremony this morning.

In these days of limited government resources, such partnerships make good sense.

The $1 million project has been jointly funded with federal, state and local dollars. The U.S. Economic Development Administration put up $546,000 for the project, while the Tennessee Infrastructure Improvement Program under former Gov. Don Sundquist pledged $164,000. Some $200,000 came from the Armament Retooling and Manufacturing Support Program. And Kingsport and Hawkins County each contributed $180,000 to the effort.

The Holston Business Development Center is only a building. But with the addition of those human elements like motivation, leadership and vision, it's a facility that has the potential to change the face of our collective economic future and contribute greatly to an enhanced quality of life.