In today’s uncertain economy, innovative small businesses can hold the key to improvement and success. Organizations that facilitate public-private partnerships, such as the Chesapeake Innovation Center (CIC), in partnership with county, state and federal agencies, support small businesses and facilitate economic growth.
The Annapolis-based CIC is an initiative of the Anne Arundel Economic Development Corp. (AAEDC) and serves as a unique business incubator and accelerator. It is its direct connection between major users of technology and early-stage technology companies that are leading the way in innovation.
Whether we’re scouting for breakthroughs or vetting and supporting the companies behind them, we make it our business to stay in-the-know. That’s why we’re able to bring expert guidance, tangible value and increased efficiencies that accelerate progress within the innovation equation.
Boosting Businesses
The CIC has developed a comprehensive plan to accelerate the growth of technology companies via unique programs in Anne Arundel County and in the region. Hands-on assistance and support, in addition to access to government and funding opportunities, are paramount in building a successful ecosystem where new innovative technologies, services and methods are born, supported and eventually deployed.
The CIC program selectively admits startups. During a typical three-year acceleration and incubation period, it applies a rigorous company-building process to help advance the growth of the emerging technology companies into viable, well-managed, properly funded ventures.
It mentors and marshals resources in partnership with the AAEDC, Anne Arundel County, the educational institutions, venture capitalists and other resources from around the region to assist its member companies with business planning and market analysis, capital formation, access to government opportunities and business development, marketing and PR.
CIC has developed a number of programs to foster the entrepreneurship culture in the region. One of these programs is the Business-to-Government (B2G) CEO Roundtable, which is presented every other month. This program is designed to bring CEOs and company founders of emerging technology companies that serve the federal government (or those that would like to expand their business to the public sector) together to exchange information and dialogue on the issues that face small businesses.
The CIC’s leadership, know-how, unique set of business assistance offerings and connections have provided a great attraction tool in bringing best-of breed technology companies to Maryland. On that note, the CIC’s proprietary and established attraction screening program, TechBridge, has screened and vetted viable emerging technology businesses to Maryland.
Through TechBridge, hundreds of companies have been screened, and more than 200 companies have located in Anne Arundel County to showcase their capabilities to the defense system integrators and federal agencies. To date, 48% of the companies participating in TechBridge came to the CIC from other states.
Getting Results
Today, the CIC has an 11-member portfolio. These companies are working to grow their firms, produce unique products and services, and create jobs.
For example, in the first three quarters of 2011, CIC companies were awarded a total of 32 contracts valued at approximately $6.1 million; 24 new full-time and 12 part-time employees were hired and a total of $5.55 million was raised in private capital (from angel and Series A financing). Of recent note is the CIC’s key role in member company SemaConnect’s recent venture capital financing.
Proof of the CIC’s effectiveness is in the numbers: Since 2003, more than 40 companies have been successfully accelerated and incubated; more than $300 million in government contracts have been secured by CIC firms; and more than $100 million in private capital has flowed into its companies.
In addition, the incubator has brought more than 190 small high tech firms to the region and has showcased their technologies to government agencies and system integrators; one company, PharmAthene, went public.
The CIC’s progress is made possible by the support of its partners and sponsors, such as Venable LLP and Tower Federal Credit Union.
Sarah Djamshidi is the executive director of the Chesapeake Innovation Center in Annapolis. She can be contacted at 410-224-2030 and via www.cic-tech.org.
