Pine Innovation Center ribbon cutting ceremony set
Pine Technical College’s business incubator, Pine Innovation Center, will officially open its 7,500 square-foot facility with a ribbon cutting ceremony at 3 p.m. on Friday, April 18. The Pine Innovation Center is located at 585 Hillside Avenue Southeast in Pine City.Following a welcome from PTC President Robert Musgrove, the ceremony will include special remarks from Minnesota District 8 Congressman Rick Nolan, Minnesota District 11 Senator Tony Lourey, Minnesota District 11B Representative Tim Faust, Jerry Fallos, representing U.S. Senator Amy Klobuchar and Pine City Economic Development Authority member Frank Christopherson. Refreshments and tours will also be available after the ceremony.
The incubator will house and support hi-tech and light manufacturing entrepreneurs in the community, and, at the same time, the incubator will provide PTC students access to internships and practical experience in cutting-edge, hi-tech industry. The Pine Innovation Center holds the potential to become an effective tool to foster an environment where manufacturing and high-tech jobs can grow and develop and to create wealth within the region. The incubator will house light manufacturing and technology-based businesses working toward producing innovative products or services, and it has been designed to house two start-up companies simultaneously, as well as comfortable meeting space.PTC and a body of experts from the Pine Area will provide consulting services, technical expertise, product evaluation, assistance with marketing and business planning, and much more to start-ups and growing businesses choosing to reside in the incubator while putting down roots. New companies will stay in the incubator for 3-4 years, while they are solidifying their businesses. Then they will be required to move out, and the College will bring in another fledgling business and repeat the process.
According to Musgrove, it is a job creation strategy which improves the success rate of new companies. “Around 50% of new companies don’t survive five years,” he explained. “However, research shows that an incubation program boosts that success rate to around 84%. And 87% of companies who are incubated remain in the community where they started.”