Philadelphia, June 1 - Today Mayor Michael A. Nutter, GoodCompany Ventures, and the Philadelphia Industrial Development Corporation (PIDC) launched a new green business incubator at the Navy Yard. The incubator program will run for several weeks this summer, culminating in funding day where companies have the opportunity to make their freshly honed pitch to investors. The program hopes to give fledgling green business the skills and funding opportunities to grow.
Small businesses are where the economic recovery starts and encouraging those small businesses - particularly small, green, businesses - is vital to the sustained growth of our regional economy, said Mayor Nutter.
The incubator will provide invaluable guidance and support to a group of participating entrepreneurs through group sessions, one-on-one mentoring and pro bono services. All mentors and speakers are experienced members of the early-stage community and include successful entrepreneurs, early-stage attorneys, technologists, venture capitalists, angel investors and early-stage service providers. The incubator hopes to provide the participating businesses with access to infrastructure, advisors, and capital the three keys to successfully growing a small business.
Considering the current economic climate, including the fall of iconic companies like GM, there is no question that it is time to start doing business differently, said Jacob Gray, co-founder of GoodCompany Ventures. Truly sustainable economic development creates both growth and addresses the environment, education, healthcare and other big unsolved issues of our time. Our immodest goal at GoodCompany Ventures is to launch Philadelphia into the lead as a center for sustainable business. Because of the mayor's commitment to making Philadelphia the greenest city in the nation, and the support of PIDC, we consider the mayor's office a perfect partner.
The ten participating companies were selected from an applicant pool of 50. While most of the businesses are from the Philadelphia region, some have come from as far as India.
About GoodCompany Ventures
GoodCompany Ventures catalyzes start-ups with innovative solutions to big, unmet social needs. GoodCompany entrepreneurs are offered a great place to work in Philadelphia, a community of like-minded entrepreneurs and access to a network of capital sources and expert advisors. We champion models that offer investors financial return and social impact. More information is available on the Web or via email at info@goodcompanyventures.org.
The Philadelphia Industrial Development Corporation (PIDC), a private, not-for-profit corporation, was created in 1958 by the Greater Philadelphia Chamber of Commerce and the Commerce Department of the City of Philadelphia to promote economic development and job creation throughout the City. PIDC provides financing programs and real estate products to business and developer client groups in all neighborhoods of Philadelphia.
For further information on PIDC's role in The Navy Yard, contact Peter S. Longstreth, President, Philadelphia Industrial Development Corporation, 2600 Centre Square West, 1500 Market St., Philadelphia, PA 19102-2126, phone (215) 496-8181.
