Orange County”™s new million-dollar business incubator has been added to the economic toolbox to try to drum up new business: all the trimmings of a working business in a clean, well-lighted space, ready to go for 11 cost-conscious entrepreneurs.
The idea is to create careers. Those seeking to employ at the minimum wage need not apply.
Former Pattern for Progress CEO Michael DiTullo was named executive director of the new Orange County Business Accelerator, which will be housed in 10,000 square feet of space the county has leased at International Plaza in New Windsor, adjacent to Stewart Airport.
DiTullo, Orange County Industrial Development Chairman James Petro and Orange County Partnership all hope the new accelerator will bring in needed new business to the region. The county”™s coffers have been decimated by lack of revenue from stagnant home sales; that, coupled with reluctance on the part of consumers to spend, has been a significant jolt to the county”™s revenue stream.
DiTullo was doing consulting work for the Solar Energy Consortium when tapped for the incubator job and will earn $85,000 a year in his new role. DiTullo, who also led the Orange County Partnership, the county”™s business development arm, is someone executive Ed Diana is counting on to get the job done.
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“We”™re doing all we can to bring business into the county,” said Diana at an event in Tuxedo Aug. 13. “The county is in critical condition; .we are going to do whatever we can to jumpstart business here.”
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Di Tullo will be the “doctor,” officially taking charge of the new accelerator on Monday, August 17.
The county expects to invest $1 million in the project over the next three years.
Orange County Industrial Development Agency Chairman Jim Petro said he hopes it will “create some meaningful jobs at the end of the day. This is not a real estate venture. We”™re trying to create a place for small businesses to use at a reduced rate; they will share a common conference space and an administrative assistant. We”™re not looking for minimum-wage type success here; we want to see something at the higher end of the pay scale. When kids come out of college, we want them to have a good job to go to.”
There are 11 spaces in the 10,000 square foot space which can be rearranged to accommodate more business if need be, said Petro. “Under the IDA, the county will spend $1 million on this endeavor; the lease at the First Columbia space is for three years. Hopefully, some good will come out of it. If it works out well, the IDA will take more space. We need to do something. This is Orange County”™s stimulus package for job creation. We are trying to something, which is better than doing nothing.”
