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The Dan River Business Development Center (DRBDC) in Danville, Va., has been named a finalist for the National Business Incubation Association's 2008 Incubator of the Year award in the nontechnology category.
This category captures mixed use-incubators who may host both technology and nontechnology companies. The winner of the prestigious award will be announced May 6 at NBIA’s 22nd International Conference on Business Incubation in San Antonio before registrants from 47 U.S. states and 52 countries. DRBDC Board Chair and Danville Mayor Sherman Saunders stated that it was fitting that the center’s success was rewarded simultaneously with recognition of One-Stop Cellular and DVF FoodService as Tenant and Graduate companies in the international finalist categories for NBIA awards. “DRBDC’s success is directly attributable to the strong performance of entrepreneurs in our region who show that the best in the nation are operating in Danville and Pittsylvania County. They are wonderful examples of the forty companies that we have supported in this center.” Coy Harville, Chairman of the Pittsylvania County Board of Supervisors and DRBDC founding board member, echoed Saunder’s sentiments. “The county and city are pleased to participate in the growth of entrepreneurial businesses in our region. We celebrate the success of DVF FoodService and One-Stop Cellular and are pleased that the DRBDC is being recognized along with these fine companies.”
The Business Development Center offers business development services and technical expertise to small businesses in the Danville and Pittsylvania County area. Some of these client companies reside in the incubator itself, while others reside elsewhere and receive services as affiliate or virtual clients. The incubator makes a significant impact on the community. After the first six years of operations, 15 of 18 or 83% of DRBDC “graduates” are now operational in the region employing 1748 persons, 108 of which are from small business start-ups. Currently at 84% occupancy, DRBDC houses 14 tenant businesses, creating 172 jobs in our region.
A joint economic development initiative of the City of Danville and Pittsylvania County, the center was opened as an incubator facility in April of 2001. The DRBDC has developed the framework necessary to sustain the development of a diverse mixture of new entrepreneurs in the region, inclusive of technology businesses, research labs, distribution headquarters, professional service firms, and temporary support for transitional companies.
Since opening the DRBDC in April 2001, 40 businesses have been hosted in the facility. Over the past three years, small business tenants have made over $129M in revenues, returning income in the form of a growing tax base in our community, and employing area citizens. An additional $48.6M in equity funding was generated by center tenants, and an additional $44.9M in grants and contracts were obtained.
Business incubation programs like the Dan River Business Development Center catalyze the process of starting and growing companies by providing entrepreneurs with the expertise, networks and tools they need to make their ventures successful. NBIA estimates that in 2005 alone, North American incubators assisted more than 27,000 start-up companies that provided full-time employment for more than 100,000 workers and generated annual revenue of more than $17 billion. Approximately 5,000 business incubators operate worldwide.
The National Business Incubation Association is the world's leading organization advancing business incubation and entrepreneurship. Each year, the NBIA Incubation Awards honor the business incubation programs, graduates and client companies that exemplify the best of the industry.
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