A business incubator program at Rogers State University’s Bartlesville campus has received official certification from the Oklahoma Department of Commerce, which will allow its clients to be eligible for state income tax exemptions for up to 10 years.
RSU’s business incubator program is located on the eighth floor of its campus, located at 4th and Dewey in downtown Bartlesville. The program is operated by the Innovation Center at RSU, which is charged with fostering economic development and addressing the educational needs of area business and industry in northeastern Oklahoma.
The purpose of the business incubator program is to provide resources and services that enable new or expanding companies to become more successful, said Dr. Ray Brown, RSU vice president for economic and community development and director of the Innovation Center. The program seeks to assist companies become independent, growing and financially viable entities within three years. Studies have shown that businesses that emerge from an incubator program have a much higher success rate than those with traditional beginnings.
In addition to the business resources provided by the incubator program, client companies will be eligible for state income tax relief provided by Oklahoma’s Small Business Incubator Tax Exemption law. Under those provisions, companies at state-certified incubators may be eligible for state income tax exemption for up to 10 years, even if the company has left the incubator.
The Bartlesville business incubator program will be open to enterprises from a variety of business categories, but university officials are focusing on companies working in sectors closely aligned with RSU’s academic strengths, including information technology, biosciences and environmental conservation, Brown said. By creating close links with RSU’s existing academic programs, incubator clients will be better able to fully utilize the university’s academic resources to grow their enterprises.
Client companies also will have access to entrepreneurial training, individualized mentoring, and instruction and assistance provided by RSU staff and faculty. The Bartlesville incubator facility also will provide companies with access to broadband telecommunications, central phone system, conference facilities and back-office support systems.
For more information about RSU’s Bartlesville business incubator program, call (918) 338-8076 or (918) 343-7533.