Goals

The Cumberland Business Incubator recognizes that small businesses employ 50% of the American workforce, 78% of these small businesses have fewer than 10 employees, and over half of those businesses have fewer than 5 employees. With a significant portion of the American labor force dependent on the success of small businesses, it is important to note that only 20% of all small businesses survive through the fifth year of operation. Most close within the first three years after opening.

The success of the business incubator brings to light some startling differences between “going it alone” start-up companies and those companies that have numerous levels of resources to support the business. The incubator provides the latter, and 80% of the businesses that graduate from an incubator program are self-sustaining through the fifth year of operation.

It is for this reason the Cumberland Business Incubator project began, and why its target goal is to help small business and to assist start-up companies during their early development years.

The goals of the CBI are to:

• Provide affordable office and industrial space with flexible lease options for start-up businesses.
• Provide access to financial counseling and resources that specialize in the funding of start-up businesses.
• Provide classroom training and educational programs for program participants and the general business community in both traditional and virtual formats.
• Facilitate program participants’ access to a volunteer network of business and corporate executives who can mentor and help find solutions to challenges facing start-up businesses.
• Provide pre-and post-secondary students with valuable educational experiences and access to internships with CBI clients and business partners.
• Establish a culture of entrepreneurism
• Assist counties in the surrounding region to understand how incubator programs benefit the local economy.
• Increase new company survival rates by growing and graduating successful companies