YBI continues fundraising efforts

Staff report

YOUNGSTOWN

It seems that a lot of people want to get involved with the city’s comeback.

The Youngstown Business Incubator — the No. 1 university-affiliated incubator in the world — shows this with the numerous companies coming to join the organization and by the $1.9 million raised so far in the first year of its $2.5 million fundraising campaign.

YBI launched the campaign’s second phase Thursday morning in an effort to continue the support of the current portfolio companies and attract future ones.

“We think there is a lot of goodwill in the organization,” YBI CEO Jim Cossler said. “One of the things we want to make sure is that we attract high-quality firms to move to Youngstown.”

YBI has an annual operating budget of $1.2 million. In addition to reaching out to local residents for a one-time, a month-to-month or year-to-year donation, YBI reaches out to Youngstown natives living around the world.

“One of the first things they say is, ‘How can we help you?’,” Cossler said. “We are targeting more on this campaign individuals rather than corporations.”

The campaign’s first phase focused on foundations and corporations.

YBI’s campus primarily encompasses business-to-business software companies, and with the first additive manufacturing hub in the U.S., America Makes, based in Youngstown, the YBI started to add additive manufacturing startups.

In total, YBI works with 10 commercial companies and another 24 that work out of the inspire lab — a lab open 24/7 for virtual portfolio companies.

YBI now has two entrepreneurs in residence to help companies understand additive manufacturing to see if it can be used in those companies.

“We probably field a dozen inquires a week,” Cossler said. “We are really highly selective with the firms we are going to work with.”

Those turned away are often passed on to groups such as SCORE in Youngstown or the Oakhill Collaborative.

In September, YBI grew closer to expanding its campus downtown when it received $3 million from the U.S. Economic Development Administration to renovate the Vindicator newspaper office building at West Boardman Street and Vindicator Square to expand its focus on additive manufacturing and business-to-business software.

The cost to renovate the building is $5 million. The organization received $1.5 million from the Ohio Capital Appropriations budget and $500,000 from the city for renovations.

The space will be used for startup space for additive manufacturing companies and graduate space for startup firms that have entered the market.

To donate to the YBI fundrasing campaign, go to ybi.org/donate-now/.