Global Companies Of the Year 2024
Youngstown, Ohio, boasts a rich history of industry and a spirit of ingenuity. Today, a new generation of entrepreneurs is emerging, fueled by a desire to create and a hunger for success. Enter the Youngstown Business Incubator (YBI), a dynamic hub designed to spark innovative ideas, ignite entrepreneurial journeys, and empower businesses to thrive in the modern landscape.
The History Behind YBI
In the late 1980s, community leaders initiated the development of an incubator to address the significant employment loss in the Mahoning Valley, a region historically reliant on manufacturing, particularly steel mills. Donating a downtown Youngstown facility and an opportunity to join the Edison Technology Incubator Program marked the beginning of this concept. Throughout the 1990s, YBI emphasized fostering technology-based businesses, starting with the software industry, to encourage entrepreneurship and diversify the economy. Early on, the mission included advancing women, minorities, and veteran entrepreneurs to cultivate a more inclusive business community.
As manufacturing sectors evolved, the focus expanded to support additive manufacturing and other advanced technologies. By 2000, the emphasis shifted to information technology entrepreneurs, especially in B2B software applications. Further expansions included advanced materials and manufacturing by 2010 and by 2012, becoming the site for America Makes, led by the National Center for Defense Manufacturing and Machining. Initiatives like the Women in Entrepreneurship program in 2015 and the Minority Business Assistance Center in 2017 underscored its commitment to diverse entrepreneurship. In 2021, it launched the Youth Entrepreneurship Program to engage local youth in entrepreneurship and STEM.
Helping Businesses Succeed in the Modern Era
Through the Ohio Department of Development, YBI hosts the Minority Business Assistance Center, which provides counseling, loans, and certification assistance and helps connect minority-owned businesses to contracting opportunities. The company’s overarching goal is elevating every entrepreneurial capacity in the community. It redevelops older buildings and creates affordable spaces for businesses to locate and grow, contributing to urban revitalization. The jobs and wealth created by the companies we assist recirculate into the regional economy.
YBI offers various services to help businesses succeed in the modern business landscape. Its five buildings in downtown Youngstown have been renovated and reimagined to inspire a new generation of innovative tech and additive manufacturing businesses. With an understanding that tech startups require various resources to succeed, especially in the early stages, YBI fosters a team of Entrepreneurs in Residence (EIRs) who can support startups at any stage of their journey.YBI is a one-stop shop for tech startups in Youngstown, Ohio. It offers:
- Renovated workspaces: Modern and inspiring office spaces to fuel creativity.
- Experienced mentors: Entrepreneurs in Residence (EIRs) with industry expertise to guide you on product development, fundraising, and more.
- Comprehensive resources: Access to legal, financial, and marketing professionals to overcome common challenges.
- Minority business support: YBI’s MBAC helps minority-owned businesses with certification, funding, and procurement at all stages.
- Manufacturing expertise: A team of engineers can assist with integrating technology and using additive manufacturing (3D printing) in your production.
Supporting Diversity of Ideas
YBI’s mission is to support the diversity of ideas, technologies, and leaders who will create opportunities for the future. YBI’s vision is to leverage entrepreneurship, technology, and global resources to impact our communities’ wealth. To stay relevant for the modern generation of youth, YBI adheres to three guiding principles: longevity, innovation, and engagement. The company leverages its entrepreneurial expertise and resource network to effectively impact the youth and empower them to create a better future. “We want to be a beacon for ingenuity that generates economic opportunities,” remarks Barb Ewing (CEO at YBI). At the helm, she sets strategy, collaborates with program directors, and secures support from partners and the community to achieve YBI’s mission.
As an organization, YBI takes several initiatives to support diversity. For instance, it attracts companies from diverse backgrounds, like Droxi AI from Israel, which launched its innovative healthcare software product here in Youngstown. Additionally, it actively assists companies in becoming certified as women, veterans, and minority-owned businesses, enabling them to access opportunities and resources they might not have otherwise. YBI’s focus on diversity extends to technology and industry as well, and the company has helped several local manufacturers adopt Industrial IoT technologies, making them more competitive in today’s market. Additionally, it has worked on projects like the XJet ceramic printer, collaborating with commercial partners to push the boundaries of innovation.
Inspiring Young Entrepreneurial Mindsets
YBI inspires young people through Entrepreneurship Education, Career Exploration, Access to Technology, and One-on-one Counseling initiatives. By providing practical, hands-on learning opportunities through programs like “Lemonade Day,” “Launchpad Accelerator Program,” and various workshops, the company equips students with essential business skills and experiences necessary for a future of entrepreneurship and innovation. Additionally, its career exploration offerings prioritize self-discovery, preparation, and initiative before students engage with industry professionals, and its access to technology offerings like “The Xperience” and TBB5 Tours provide engaging, hands-on experiences for students. YBI offers one-on-one counseling sessions with experienced entrepreneurs, business mentors, and subject matter experts to support aspiring students with unique ideas. “The impact YBI aims to achieve with these initiatives is to equip students with the knowledge and skills needed for success in the entrepreneurial world, ensure that all students have access to virtual reality and STEM education, and support aspiring students with unique ideas,” remarks Barb.
In addition to the above, YBI also provides comprehensive mentorship, assistance with business planning, product development, prototyping resources, access to capital through investment funds and loans, pilot manufacturing spaces, and connections to customers, whether corporate partners or the Department of Defense. Barb adds that the company’s network helps entrepreneurs validate markets and generate revenue.
Ensuring Effectiveness and Efficiency
YBI employs a detailed strategy to gauge the effectiveness of its initiatives, focusing on tangible outcomes like job creation and investment growth among supported startups. In 2023, it was pivotal in enabling technology startups to secure significant funding and generate numerous job opportunities. Beyond quantitative measures, the organization assesses its impact on the broader community, aiming to foster economic development, industry diversification, and a more inclusive business environment. It actively involves the community through educational programs, thereby cultivating future leaders. Additionally, the company emphasizes collaboration with various partners to enhance its offerings and amplify its impact.
The Future Vision
Looking ahead, Barb envisions YBI will continue leveraging Youngstown’s legacy strengths in materials innovation and digital capabilities to support companies creating value in high-growth sectors like hypersonic aerospace, artificial intelligence, additive manufacturing, and more. Meanwhile, the company will be focused on generating community wealth through entrepreneurship while developing a diverse workforce pipeline.
Lastly, for aspiring entrepreneurs, Barb advises and encourages: “Take that first step and engage with our team at YBI. We can help validate your idea through market research and customer discovery. Don’t be afraid to iterate – successful entrepreneurship is continually adapting based on evidence and feedback. Leverage the mentorship, funding, facilities, and partnership connections we provide to de-risk your path to market. Be bold, but be willing to pivot your approach based on your learning. We’re here as guides on that journey.”
Quote: “At YBI, we strongly believe in the power of diversity to drive innovation and foster a thriving community.”
