RCI Services for Entrepreneurship and Economic Development

Over the years, Riverside Center for Innovation has developed programs that mix effective leadership with financial support from public and private communities which have had a substantial economic impact to the southwestern Pennsylvania region. Through the creation of the Services for Entrepreneurship and Economic Development (SEED) program, preliminary projections over the long term period of five(5) years includes an estimated 600 new jobs and generate $20 million in gross revenues, private investments of $5 million throughout the 10 county region.

So what is SEED? RCI has partnered with Wellspring Worldwide. Wellspring Worldwide, a global leader in technology commercialization: transforming research and creative endeavors into successful products. The purpose of the SEED program is to support entrepreneurial projects in Southwestern Pennsylvania that will lead to job creation and economic growth for the region. Projects can be with start-ups, emerging small companies, or non-profits, and each SEED project must clearly demonstrate:

1. Opportunity for job creation and growth of the firm or sponsoring organization in the region
2. Need for assistance in developing the business strategy, product design, and/or technology architecture
3. Economic growth through the application of new technology to an identified demand

The SEED program engages in development projects lasting 6-8 months. The goal is to pursue a focused prototype and business plan development process that enables the entrepreneur to make a highly informed decision on the feasibility (strategic and technical) of their business. Successful projects are those that sufficiently advance the strategy and technology to enable the entrepreneur to develop commercial-scale products or seek additional funding with a more defined market focus.

With this opportunity through RCI's business incubation program, - more entrepreneurs can get the assistance needed to launch successful businesses - businesses that create household sustainable jobs, revitalize neighborhoods and commercialize new technologies, thus strengthening local, regional and even national economies. This initiative falls within the primary focus of the Economic Development Investment Strategies of the Southwestern Pennsylvania Commission's 2007 Comprehensive Economic Development Strategy.