AROUND THE RECESSION IN 100 DAYS  -  DAY 7

How do you grow high-tech companies in the Rust Belt, especially during a recession? Incubate them. That’s what Youngstown, Ohio is doing by turning a dilapidated downtown building into a home for 300 high-tech workers and a cluster of fledgling software companies.

What makes a good business incubator?

• State funded rent and utilities allows young businesses to concentrate on problem solving and growth instead of paying the bills.

• Specializing in one business type (in this case, B2B software) promotes collaboration between companies, improving their success rate.

• High concentration of tech businesses attracts talent and improves the odds that a few will grow large and attract supporting industries.

Innovative companies and entrepreneurs in the new economy can come out of anywhere, and the Youngstown Business Incubator is increasing the odds that more will come from northeastern Ohio.

Listen to an NPR report on the YBI.

How is your area fostering economic growth? Send us a comment below.