News Release — KSE Partners
September 17, 2013
Kevin Ellis, KSE Partners, LLP
Burlington, Vt. – The Stockholm-based University Business Incubator Index (UBI) has ranked the Vermont Center for Emerging Technologies (VCET) as the 11th best university and college-orientated business incubator in the world, and ranked VCET as 5th in the U.S.
The University Business Incubator (UBI) Index contacted 500 incubators and surveyed 150 incubators in depth. Out of those 500 international incubators, VCET tied for 11th globally and 5th in the U.S.
According to the UBI Index report, top incubators in the list see the following results versus their average counterparts:
Generate a 2.4 times higher number of jobs per client per year.
Incubator graduates earn 3.3 times higher revenue per year.
More than twice the number of clients that remain in the region post-graduation.
On average, top ranked incubators also have a higher number of active coaches and mentors, 70 percent more hours of coaching and twice the number of clients that receive venture capital or angel funding.
“Whether the focus is on local or global markets, VCET has shown time and again that they have the resources and know-how to help Vermont’s entrepreneurs succeed,” said U.S. Senator Patrick Leahy (D-Vt.), who has secured more than $5 million in federal funds to establish and grow VCET. “Today’s recognition affirms what I have long believed: VCET’s role as a cutting-edge business incubator is both an asset for growing Vermont’s economy and a model for global business development.”
Over the last six years, VCET has advised over 700 entrepreneurs, launched a $5 million seed capital fund, and curated a world-class network of over 100 mentors and investors for the emerging businesses it serves. It has also seen its portfolio companies attract over $55 million in capital, and exceed $39 million in payroll and earn over $53 million in revenues.
Founded in 2005, VCET is a technology firm incubation and mentoring organization with a mission to accelerate next generation job growth in Vermont. VCET provides startups with flexible office spaces, capital, networking and direct expert assistance.
During 2013, VCET opened up space in its Middlebury location as a coworking resource for Middlebury College students and area entrepreneurs. The space is now fully occupied by seven start-ups and there is a waiting list.
“VCET’s presence in Middlebury is an incredible resource for the college community as well as the larger community of Addison County,” said Middlebury College President Ronald Liebowitz. “VCET offers invaluable mentoring and support for student and area entrepreneurs. We see students who participate in the VCET program not just ready to face the world, but often already owning and running a business before they graduate.”
The key to VCET’s success has been its business mentor program where startups are connected with seasoned and successful entrepreneurs.
“Our ranking on the UBI Index is a testament to how we are supporting entrepreneurs in Vermont,” said VCET Board Chair Frank Cioffi. “The VCET team has done a phenomenal job leveraging 10 Vermont college and university partners and supporting a contemporary and vibrant entrepreneurial ecosystem.”
The center also manages the Vermont Seed Capital Fund, which invests into a select number of high opportunity businesses including some of VCET’s incubation program participants such as BuysideFX in Burlington and Rapid Focus Security in Berlin.
VCET’s blend of expert mentoring, facilities in Burlington and Middlebury in addition to a syndicate of accredited capital providers is helping emerging businesses and founders to create and grow companies here in Vermont
One of Vermont’s major success stories for 2013, Berlin, Vt.-based Pwnie Express, just closed on $5.1 million in Series A funding – partially from the Vermont Seed Capital Fund.
“When I started Pwnie, I was working out of my basement,” said Pwnie Express Founder Dave Porcello. “VCET’s mentoring and incubation programs helped us prepare for growth; we are now rapidly expanding and taking the Cyber Security market by storm.”
The Vermont Center for Emerging Technologies (VCET) is a non-profit serving technology entrepreneurs across Vermont with incubation programs, business mentoring, networking and early stage venture capital. Visit: www.VermontTechnologies.com