From Basics to Specifics: A Guide to IGNITE Program Terminology

When giving tours to prospective clients, the IGNITE team often needs to define several unconventional phrases and words to first-time entrepreneurs. This can be even more confusing when the tour is being given to people in the community who are not entrepreneurs at all, such as students.

These terms range from the very basics to more IGNITE-specific terminology, both of which are important to know in order to get the most out of the program’s services.

Below is a guide to some of these unconventional phrases and their meanings.

Accelerator program — A multi-week course that is meant to guide entrepreneurs through the earliest stages of their business journey. IGNITE has helped operate two such courses in the past: TechCelerator for technology companies, and FoodCelerator for food companies.

Anchor tenants — The more established companies that coexist with the incubator clients in a facility. These companies can offer invaluable insights to the less experienced entrepreneurs, as several of them were once start-up businesses themselves.

Attract, sustain, and grow — The Greater Scranton Chamber of Commerce’s mission as it relates to businesses and jobs in Northeast Pennsylvania.

Ben Franklin Technology Partners — An investment network that offers early-stage funding and guidance to start-up technology and manufacturing businesses. Their presence in the Northeast Pennsylvania region is located at the Scranton Enterprise Center.

Best practices — The ideal guidelines that make an incubator run smoothly. For IGNITE, these are based on lessons learned both within the program and from other incubators.

Beyond the Walls — An alternative option for businesses to join the IGNITE program. This is for businesses that would not be able to operate in one of the three incubator buildings, but still fit in with IGNITE’s other entrepreneurs.

Buildout — The process of expanding the infrastructure of any building, including the incubators.

Business incubator — A facility where start-up businesses can expand at a reduced rent cost and in a communal environment, which allows them to grow alongside other entrepreneurs. IGNITE operates in three business incubators: the Scranton Enterprise Center, the TekRidge Enterprise Center, and the Carbondale Enterprise Center.

Chamber members — The over 1,400 businesses in Lackawanna County and the surrounding area that buy into the benefits offered by the Greater Scranton Chamber of Commerce. These businesses are vital resources for IGNITE clients.

Client — The term used to describe the businesses that are members of the IGNITE program.

Cohort — The class of participants who participate in an Accelerator program.

Collaboration space — A designated shared space where IGNITE clients can come together for networking or educational events. Both the Scranton Enterprise Center and TekRidge Enterprise Center have dedicated areas for collaboration amongst the entrepreneurs.

Commercial kitchen — A food production space that is used for preparing meals. IGNITE clients in the food industry can use the kitchen at the Carbondale Enterprise Center.

Entrepreneur — A person who brings their ideas to life in the form of a business venture.

Entrepreneur in residence — One of the most experienced entrepreneurs in the business incubator, who serves as a guiding force for all of the other entrepreneurs.

Graduate — A business that has completed its time in the business incubator. There are multiple forms of graduation, including a move to a larger space or selling the business.

Greater Scranton Chamber of Commerce — The largest business association in Northeast Pennsylvania, with more than 1,400 member companies that represent various industries. Its mission is to attract, sustain, and grow businesses and jobs throughout Northeast Pennsylvania.

Idea stage — The earliest step in an entrepreneur’s process to becoming a business owner.

IGNITE Advisory Committee — The nine-person group of business and industry experts that oversees the IGNITE program’s applications. They decide whether an applicant is prepared to join IGNITE.

KIZ — The acronym for Keystone Innovation Zone, an incentive program that provides tax credits to companies that are less than eight years old and operating within specific targeted industries. All three of the incubator facilities operated by IGNITE are located in a Keystone Innovation Zone.

Leadership Lackawanna — The Greater Scranton Chamber of Commerce’s community leadership and professional development affiliate, and a frequent collaborator of IGNITE for programming opportunities.

Light manufacturing — The production and assembly of goods suited to smaller-scale manufacturing operations. This is one of the industries served by the Carbondale Enterprise Center.

Phone booth — A small room that can be used for private conversations and confidential phone calls for the IGNITE clients.

Pitch — A business presentation in which a representative from that business sells their product or service and explains their goals.

Product design — An industry that relates to developing the form, function, and features of a physical product. All three of the incubators served by IGNITE can comfortably accommodate businesses in this sector.

Revenue-generating — The term used for businesses that have started making money.

SBDC — The acronym for Small Business Development Center, a place where entrepreneurs can begin developing their concepts into a formal business plan. In the context of IGNITE, this typically refers to the Small Business Development Center at the University of Scranton.

Skills in Scranton — The Greater Scranton Chamber of Commerce’s workforce development affiliate, and a frequent collaborator of IGNITE for programming opportunities.

SLIBCO — The acronym for the Scranton Lackawanna Industrial Building Company, the business development affiliate of the Greater Scranton Chamber of Commerce. IGNITE’s operations ultimately fall under this affiliate’s control.

SPARK Session — A monthly internal networking event that encourages IGNITE clients to come together in a relaxed environment and share ideas.