October 26, 2006: Ryan Commends Youngstown Business Incubator for Receiving Top Rankings in New Report
State of Ohio Says Youngstown Business Incubator is Tops in Every Category Measured
Washington, D.C.) -Congressman Tim Ryan (D-Niles) commended the Youngstown Business Incubator (YBI) today for receiving top rankings in three of the most important incubator performance categories measured by the Ohio Department of Development. The Department reported yesterday that in the most recent fiscal year (July 1, 2005 - June 30, 2006), the YBI led the state in total sales revenue, total payroll, and total outside investment. There are 11 incubators funded by the Ohio Department of Development's Edison Technology Incubator Program.
The report also highlights the tremendous success and growth the incubator continues to experience. Over the past fiscal year, the Youngstown Business Incubator's sales have increased by $10,300,000 and payroll has increased by $5,344,000. Significantly, a large investment by a Columbus-based venture investment group helped boost the YBI's total outside investment by $32,750,000 over the last fiscal year.
"The State of Ohio's findings confirm what we in Northeast Ohio already knew: the Youngstown Business Incubator is the premier home in Ohio for innovative companies poised for success," said Congressman Ryan. "I could not be prouder of the Youngstown Business Incubator and extend my congratulations to the Incubator's director, Jim Cossler, and to the pioneering companies doing business there. This accomplishment proves that the Mahoning Valley can be a center for innovation and research if we are willing to commit the time, energy, and resources necessary for building a new economy.