PEABODY, MA – Today, U.S. Congressmen John F. Tierney (D-Salem) announced the introduction of the bipartisan LEADERS Act (Linking Educators and Developing Entrepreneurs for Reaching Success) of 2006, which can invigorate the local economies by bringing together entrepreneurs and higher education institutions to create business incubators to foster new small businesses. Rep. John Shimkus (R-Illinois) is the co-author of this bill, which has 65 co-sponsors.

“To keep the Massachusetts economy strong, we need to foster the growth of small businesses. The LEADERS Act will bring the best that entrepreneurs and academia have to offer by encouraging colleges and universities to become incubators for small, start-up businesses,” explained Congressman Tierney.

A business incubator is an economic development tool that accelerates the growth of entrepreneurial, start-up companies through various business support resources and services. The incubator’s goal is to produce successful firms that will complete the program financially viable and freestanding. “Incubated” businesses tend to survive longer, create more jobs and remain in their communities; and, despite their early stage, most incubator firms provide employee benefits. According to a New Jersey incubator manager, “in the final analysis, we are an economic engine.”

“The Enterprise Center at Salem State College is a model of entrepreneurial cooperation between the college, the incubator and the small business community. It and other incubators have a proven track record of providing facilities and support that enable new businesses to grow and prosper while the businesses provide adjunct faculty, employment and other benefits to the colleges and universities,” added Congressman Tierney.

“At the Enterprise Center, we are able to support the growth and development of small businesses by providing resources to help small business owners and employees learn how to develop and manage a successful business at every state of business development. We are empowering entrepreneurs while also helping to grow the local economy,” said Christine Sullivan, Executive Director of the Enterprise Center at Salem State College.

The Enterprise Center at Salem State College is a business incubator where start-up small businesses may lease space in the Center’s building and a virtual Center for programs and resources for North Shore entrepreneurs at every state of business development.

The LEADERS Act authorizes $20 million for grants for each of the next three fiscal years. The nonprofit organizations that receive funding under the bill will match federal contributions dollar for dollar, and their proposals must have the support of local community leaders.

“Small businesses are incredibly important to our local – as well as national – economy. It is critical that we support business incubators and pass the LEADERS Act,” concluded Congressman Tierney.

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