WARREN, Ohio – Ribbon-cutting ceremonies are ubiquitous across the Mahoning Valley.
But a ribbon-tying ceremony is something a little different.
Such a ceremony was perfectly appropriate as the Youngstown Business Incubator and Brite Energy Innovators in Warren celebrated the launch of a true partnership that stands to expand economic development across the region.
“We’re combining two powerhouse organizations,” Mayor Doug Franklin said during the event held at Brite’s offices in downtown Warren. “This is a celebration of a new era of collaboration and growth for our region. It’s a great day for the city of Warren.”
Elected officials, business leaders, development specialists, board members and guests joined staff members of YBI and Brite to mark the occasion Tuesday.
“We call it a true partnership,” said Barb Ewing, CEO of the YBI. “We’re able to leverage our facility’s expertise and the diversity of our programs.”
Brite has traditionally focused on research, development and securing funding for early stage companies in the energy space, Ewing said. With this partnership, YBI will now be able to introduce new programs at Brite that can diversify its service portfolio.
Under the new arrangement, YBI will manage Brite’s downtown offices, Ewing said, where it could provide additional expertise in entrepreneurship, minority business assistance and advanced manufacturing; additional office space; and help in attracting new tenants.
“We’re going to try to have a presence here every day,” Ewing said.
Brite also has innovative programs that could help the YBI, whose headquarters are in Youngstown, Ewing said.
The energy incubator’s CXO program could greatly benefit clients of the YBI, she said. The CXO program essentially embeds business advisers that work alongside the managers and founders of startup companies to help execute their growth.
The YBI is under a short-term contract to manage the facility and will work toward a longer-term agreement with Brite’s board of directors, Ewing noted. Brite’s portfolio companies will still continue to enjoy its full service of programs, she added.
Jing Lyon, interim CEO of Brite, said the energy incubator supports more than 150 companies across Ohio that range from the development of new material chemistries to those building electric-powered aviation products.
“I’m so excited for this partnership with YBI to bring even more activity to this space,” Lyon told guests.
Immediate future plans call for expanding the office space at Brite and adding new restrooms.
The addition of Brite would create a seventh building under the management of YBI. Most recently, the YBI entered into an agreement to redevelop the Vindicator Printing Co. building along Front Street in Youngstown and transform it into the Youngstown Innovation Hub for Aerospace and Defense. This project is intended to house companies engaged in advanced manufacturing.
“I get to see how critical supporting these industries of tomorrow are,” said Sam Huston, market president of Huntington Bank, Youngstown, and a board member of both YBI and Brite. “It’s also critical that we support traditional businesses and encourage more people to take the leap of entrepreneurship.”
Both YBI and Brite have the resources to encourage entrepreneurial growth across the region, he said. “Together, I believe that we’ll be able to take full advantage of both organizations,” Huston said. “It will position both organizations to be more successful and, most importantly, provide critical services throughout the Mahoning Valley.”
Franklin added that the partnership and YBI’s management of the building opens the opportunity for new tenants downtown, as both organizations share the same goals.
“It’s truly a testament to what we can achieve when we work together toward a common goal,” he said. “It highlights our shared commitment to build a stronger, more vibrant, more prosperous future for all of us.”
Pictured at top: Jing Lyon, left, interim CEO of Brite Energy Innovators; and Barb Ewing, CEO of the Youngstown Business Incubator.