NEWS AND EVENTS Becky Mann,
Director of Public Relations
864.250.8305
------------------------
Get to know Greenville Tech
Greenville Tech Facts
------------------------
Campus Locations

December 13, 2007
University of South Carolina, Greenville Technical College sign agreementto establish student technology incubator at Greenville Tech’s Northwest campus

The University of South Carolina and Greenville Technical College are teaming up to create an incubator at Greenville Tech that will stimulate and support economic development in the Upstate and be a valuable learning tool for aspiring entrepreneurs.
Under an agreement signed Thursday, Dec. 13, by University of South Carolina President Dr. Andrew Sorensen and Greenville Technical College President Dr. Thomas E. Barton, the incubator will be located at Greenville Tech’s new Northwest Campus on White Horse Road and link students at each institution with Carolina’s research capabilities and Greenville Tech’s technical expertise.

Dr. Chuck Morton, director of the Northwest Campus, estimates that 1,500-square-foot of space in the new facility will be devoted to the project, which will be similar to the successful student technology incubator that links the university and Midlands Technical College.

Barton said the incubator has enormous economic potential for the Upstate.
“It is always a pleasure to work in partnership with the University of South Carolina,” Barton said.  “Becoming part of the technology incubator means that Upstate businesses can be nurtured, and our economy can benefit. I see enormous potential in what promises to become a national model for business development and innovation.”

Sorensen said the partnership will enhance the education of Greenville Technical College students as they work to create and develop new businesses for the 21st-century economy.

“The incubator is a valuable resource for aspiring young entrepreneurs who want to develop their ideas into goods and services for the marketplace,” Sorensen said.  “The resources and the intellectual capital of both institutions, coupled with the students’ creativity, energy and enthusiasm, can be a powerful economic force for this part of the state.”  

The agreement calls for Greenville Tech to select two companies every other year. Students must compete to receive funding and support for their businesses. Each company that is selected will be awarded $1,000, free office space for two years, a telephone line, parking, computers, office furniture and the opportunity to work with faculty to develop their ideas.

The university will provide administrative and technical support, access to the university’s libraries and support from faculty and staff.  The university also will link students with professional services, such as legal and accounting when necessary.

The program will get under way immediately.
           
The student technology incubator is the second agreement announced by the university and Greenville Technical College this year. In May, the two institutions announced a bridge program to make the transfer process to the university’s Columbia campus seamless. That program recently was expanded to all the state’s technical colleges.

The university and the City of Columbia launched the USC/Columbia Technology Incubator in 1998 and added a student component in 2000. It was expanded to Midlands Technical College in 2003. Fifty percent of the Midlands Tech companies were still in business two years after start-up. Joel Stevenson, executive director of the incubator, said that rate is significantly higher than in the general business arena, where the success rate for new businesses is only 10 percent.