Indian Capital Technology Center

PROJECT PURPOSE

ICTC plans to build a small business and economic development incubator at the Sallisaw Campus. The incubator will provide office space, meeting rooms, computer labs, IT support, and administrative support for entrepreneurs and small business owners as they try to get their businesses started or expand the services they already provide. By providing affordable lease space and the wide array of support services needed for these start-up businesses the possibility of having success greatly increases. Each incubator participant is expected to only remain in the program for 2-3 years before hatching and moving to their own facility. The ICTC incubators will be between 7,200 and 8,000 square feet and cost approximately 1,800,000. Each incubator will be managed by ICTC which will include a shared secretary, access to small business management support, and other support services needed by start-up businesses.

EVIDENCE

The Oklahoma CareerTech system has 15 certified business incubators strategically located around the state to provide an avenue for individuals to cultivate ideas, while also providing economic vitality to their communities. According to the National Business Incubation Association, 80% of businesses that begin in an incubator succeed. By providing affordable lease space and a wide array of on-site managerial , administrative and financial services, our incubators help entrepreneurs and small business owners overcome the challenges they face in the marketplace.

POPULATION DESCRIPTION

The two primary counties being served by the incubator buildings are Adair and Sequoyah. The vulnerable populations being served are a high proportion of minority population with 47% and 49% respectively. On a national level the minorities make up 32% of our population yet only 18% of the business owners are minorities. Additionally, a report by the Minority business Development Agency noted that even though the number of minority-owned firms has grown by 35%, the average gross loss for those firms dropped by 16%. In addition to the number of minorities in our service areas, there is also a large proportion of poverty. For example, Adair County is ranked 4th of 77 and Seqyoyah County is 26th of 77 counties in the incidence of poverty. Of the seven counties served by ICTC the poverty ranking is Adair 4/77, McIntosh 7/77, Okmulgee 13/77, Cherokee 16/77, Sequoyah 26/77, Muskogee 43/77, and Wagoner 72/77. (Note Wagoner County includes portions of Broken Arrow which is not in the ICTC service area) 167 Small Business Incubators would help ensure that small businesses have access to federal contracts, financial and technical assistance, and reduced fees for facilities needed to start up or expand operations.

PERFORMANCE MEASURING

ICTC has established a Levels of Excellence performance-based incentive process for all departments across the district. Performance measures will be created in the areas of enrollment capacity, completion/retention, and placement in industry. These performance measures will be the responsibility of the ICTC Business and Industry Department. Additionally, the ICTC Business and Industry Services Department will work with the Oklahoma Department of Career and Technology Education to establish and maintain certification as a business incubator. Any programmatic data needed as a requirement for receiving ARPA funding will also be the responsibility of the BIS Department.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

Able to continue operation without additional funding from the State of Oklahoma