This month, our Partner Spotlight highlights a resource aimed at opening the door for start-ups and entrepreneurs in early stage Biotechnology, Information Technology, and Renewable Energy companies by offering office and wet lab space, business services, and strategic support to local entrepreneurs.
“The Frederick Innovative Technology Center, Inc. (FITCI) is Frederick’s first and only business incubator, and one of about 1,400 across the United States.
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We heard from Kathie Callahan-Brady, FITCI's CEO who shared some history and future plans for the incubator.
1. What is the mission of your organization?
FITCI is a business incubator and accelerator created to encourage innovation and accelerate the development of businesses in Frederick. We know how critical it is to be supported by other CEO's and how hard it is to start and run a business. Which is why FITCI is led by a CEO as well as advised, guided and governed by seasoned CEO's. Our promise is to provide scientists and entrepreneurs who need direction to grow their business, tough love from proven growth fanatics so you can confidently take the next step to graduate. We have created a place where we want to grow our own businesses.
2. What are your top priorities?
Our priorities focus on programs that directly affect our clients' growth and their bottom line. From the strategic growth and advisory boards to the investment committee, all are designed to scale businesses. Focus is taken to capture Lessons Learned and then made available to FITCI members. We are in the process of revitalizing our Metropolitan Court location with new technology, equipment and new labs. A second FITCI location in Downtown Frederick at 118 N. Market Street is already underway.
3. How did the organization get started/tell us some history about your organization? FITCI has a great history beginning 12 years ago at Hood College with a goal in mind to grown businesses in the local community. FITCI moved to Metropolitan Court 10 years ago and have served over 100 companies producing over 230 jobs for Frederick and generating over $26M annual revenues. FITCI remains connected to the local community and colleges.
4. Can you share any upcoming events or news about your organization? Our Promotions committee is working hard to put together an exciting array of events. Our recent quarterly "Celebration Friday" kicked off with success stories from past FITCI companies including:
RoosterBio raising $5.1M in capital along with their announcement to graduate.
Trideum Bioscience's Dr. Mina Izadjoo won the first-place award for "Innovation inNorth America" Award for the company's contributions for improving treatment of antibiotic resistant pathogens.
NEO's Technology, an application development and solutions provider of web-based enterprise solutions will also be graduating from FITCI in 2017.
TimberRock Energy Solutions graduated last August into beautiful Downtown Frederick and recently won the "Bright Lights Award for Innovation and Entrepreneurship" for their work towards more accessible energy solutions.
“We’ve received strong support from both Frederick City and Frederick County as we launched and expanded our clean energy services across the Mid-Atlantic. Specifically, in our early-days, FITCI provided us the top-notch, professional facilities we needed as we met with some of the largest companies in the Fortune 500 and worked to earn their business. Now that we’re in Downtown Frederick, we enjoy being able to host those same customers in a vibrant and dynamic business center.”
FITCI's Investment committee recently launched "Reality Check", modeled after the popular ABC program, Shark Tank. Reality Check is a friendlier version of the program designed to help startups get ready to pitch for funding. Like its name, the FITCI program provides entrepreneurs with a Reality Check before they take their pitch on the road to prospective investors. The Reality Check panel is composed of experienced professionals from the regions venture capital ecosystem.
Lastly, stay tuned for the:
Ft. Detrick Tech Showcase planned for September 9th.
The celebration and opening of our revitalized biotech incubator along with additional lab space.
The grand opening of the 2nd location of FITCI in beautiful Downtown Frederick
5. What type of companies are best positioned to take advantage of your services?
FITCI is designed exclusivley for startups and businesses who are looking to drastically scale their business. Our members are performance based, looking to drive better decisions and looking for results.
“FITCI offers fully furnished office space, wet labs with ample work space and a shared Common Lab to help get your company up and running quickly”