What is a business incubator?
A business incubator is a carefully crafted program with a mission to help start-up companies grow and scale their business. They provide many benefits to start-ups including rent savings, educational opportunities, capital access, network growth, and increased focus on goals and strategy. Studies show that business incubators reduce the risk of start-up failures and can reduce start up costs by 40%.
The IGNITE program is the entrepreneurship and business incubation program of The Greater Scranton Chamber of Commerce. IGNITE nurtures young companies by helping them to thrive and grow during the start-up period, when they are most vulnerable.
The program provides a number of resources to enhance the development of young firms including access to high quality office space in two convenient locations, hands-on management assistance, financial resources, intensive mentoring programs, networking opportunities, social events, publicity, and more.
Thus far, our program has created 75 jobs, raised $5 million in capital, and graduated 10 companies.
Watch: About IGNITE
Watch: Inside the Incubators
Watch: Success Stories
The Greater Scranton Chamber of Commerce began their business incubation and entrepreneurial journey back in 2001. It all started when a study showed that Scranton could support a program that provided additional resources and space for entrepreneurs to grow their start-up ventures.
The Chamber opened the doors to The Scranton Enterprise Center in 2003, providing Class A office space to established businesses on the first and third floors, while also creating a business incubation space on the second floor. Since then, the program has transformed and branded as IGNITE in 2018. The IGNITE Program has a proven track record of success as it has supported dozens of entrepreneurs in growing their businesses at their desired pace and scale.
Recently, IGNITE underwent a strategic planning session that will allow it to continue to better itself and serve local entrepreneurs with their needs for many years to come.