SOURCE: South Main Square/Project for Innovation, Energy & Sustainability press release

In Davidson, a local property owner and economic development consultant has conceived a Public – Private Partnership to create a unique business incubator that may serve as a model for other communities.

The initiative is called “Project for innovation, Energy and Sustainability (acronym “PiES”). Founder Kathleen Rose has formed an advisory board for PiES which includes local academic advisers for technical assistance and a local venture fund for financial assistance to member companies.

Advisory Board Members include Ian Ferguson, PhD Professor and Chair of Electrical and Computer Engineering at the University of North Carolina at Charlotte (UNCC); William McCoy, PhD retired Director of the UNC Charlotte Urban Institute, Professor Emeritus of Political Science, and former Associate Vice Chancellor for Extended Academic Programs at UNCC; Rick Sabath, Partner at Quantarus Capital Partners; Robert Haupt, CCIM, MBA, Advisor at commercial real estate firm Sperry Van Ness; and Leamon Brice, Davidson’s Town Manager.

PiES has partnered with the Town of Davidson and the Lake Norman Economic Development Corporation as well as the Lake Norman Chamber of Commerce to provide business assistance.

“Given the trend toward Green Jobs, a focus on the energy industry in the Charlotte area and our community’s commitment to sustainability, this seemed like a good fit to provide a way for us to create jobs and demonstrate our business friendly environment,” Mr. Brice said.

A recent study conducted by Grant-Thorton for the U.S. Department of Commerce’s Economic Development Administration found that federal dollars invested in business incubators are more effective at creating jobs than roads and bridges, industrial parks, commercial buildings, and sewer and water projects. According to the study, incubators provide up to 20 times more jobs than community infrastructure projects like water and sewer projects at a cost of $144 to $216 per job compared with $2,920 to $6,872 for the latter. The American Recovery and Reinvestment Act provides tax cuts and funds for alternative energy and public infrastructure projects. President Obama’s FY 2010 budget proposal includes $50 million for business incubation programs in distressed communities.

“The nation’s existing network of nearly 1,000 incubators – including many best-practice programs with excellent track records – is prepared to expand services to new populations and geographic areas. New investments in these programs can garner results immediately,” said Jerry Broadway, Executive Director of the Lake Norman Economic Development Corporation, who will partner with PiES in marketing the project in the Lake Norman Region.

Ms. Rose said PiES is built upon three key elements:

• Education ~ Leading by example with sustainable practices for existing buildings such as Energy Star and LEED, and offering educational seminars for building owners and managers. Unlike other incubators which are often focused on high tech or bio-medical industries, PiES will focus on companies that provide “Green Jobs” as outlined in North Carolina’s overall economic plan.
• Incubation ~ A three-stage business incubator model which provides multiple access points with affordable space in existing buildings, thus partnering with local property owners. The first stage incubator will be located at The Business Center @ South Main Square, an existing small office business center located in Downtown Davidson. Second and third stage locations are still in discussion with property owners, who would also become PiES program sponsors.
• Economic Gardening ~ Encourages start up and early stage companies to grow and stay in the community, while helping to improve occupancy and stabilize the local real estate market with its multi-stage approach.

The Partnership will include locally based incentives and grants including state and federal funding from the stimulus and other programs focused on small business development and green jobs. “Everyone involved is making a contribution to ensure its success” according to Brice. For further information visit: www.pies-northcarolina.org