YBI launches fundraising effort
YOUNGSTOWN — The Youngstown Business Incubator launched a five-year, $2.5 million fundraising campaign today aimed at growing the organization and reducing its reliance on state dollars.
The effort is the YBI’s most ambitious financing goal since it was established in 1995, but more importantly, it will be a key component of its future work to help develop the Mahoning Valley’s economy as it seeks to transform its revenue model into one that no longer leans on dwindling allocations from state and local government, incubator officials said.
Currently, the incubator receives between 45 percent and 50 percent of its annual budget of $1 million from the state, said chief operating officer Barb Ewing. Most of the rest is generated from lease agreements with the incubator’s portfolio companies that operate at its campus on West Federal Street.
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