Brunswick-based Go2s’ founder Mehdi Tehranchi recently joined a panel of experienced CEOs to discuss how to avoid pitfalls when raising capital for your business. Called Funded and Brews, this free, moderated talk took place Wednesday, March 14th at Flying Dog Brewery. The program was hosted by The Frederick Innovative Technology Center, Inc. (FITCI), Frederick’s first and only business incubator and a valuable resource for start-ups focusing on Biotechnology, Information Technology, and Renewable Energy.
“Go2s’ pilot launch in Brunswick has provided us with a unique opportunity to experience FITCI and local innovation in action,” said Mehdi Tehranchi, CEO of iyotee inc., creators of Go2s. “We are excited to be the first Brunswick app start-up and looking forward to a more active role in the Fredrick County technology scene.”
Business incubators are non-profit organizations usually sponsored by private companies, municipalities, or public institutions like colleges and universities. Their goal is to foster an innovative local economy and to accelerate the success of start-ups by providing direct support and services.
FITCI has served over 35 Frederick-based businesses that today generate 268 direct jobs, $16.6 million in annual payroll, and a $395,110 annual contribution to the county tax base. In addition, these companies support an estimated $74.7 million annually in downstream purchasing.
Nor is FITCI unique. Data from the National Business Incubator Association shows that companies who benefited from participation in technology incubators generated an average revenue of $19.4 million and employed an average of 217 full-time employees and 93 part-time employees. This is a clear sign that investment at the start-up level is an investment in long-term economic growth.