It also provided $907,000 of its own funds for land and a new building. The city secured $500,000 from the federal Economic Development Agency. ![]() A legislative inquiry by Washington State concluded:Īfter conducting an extensive review of the literature and visiting incubators in Washington State, we found no analysis that answers the key question: ‘if not for the incubator, what would have happened to the firms using its services?’ ĭespite the fact that the economic effect of “business incubators” is questionable, City of Raleigh officials moved ahead with their project. Of course, there is very little evidence that business incubators actually serve their intended purpose. The Raleigh Business and Technology Center (RBTC) opened in 2000, when the City of Raleigh committed to establishing a “small business incubator.” “Business incubators” try to shelter start-up small businesses from failure by providing rent space, technical equipment like computers and phones, and logistical support – all at a steeply reduced rate. Today, we’ve got the whole story: It is a disturbing glimpse inside one of the many “economic development” nonprofits that have proliferated across the state in recent decades. While mainstream media outlets like the Raleigh News and Observer and WRAL reported on the scandal, their information was based on only a brief summary of the audit. ![]() Last week, Civitas wrote about how a city audit uncovered widespread cronyism and financial misconduct at the Raleigh Business and Technology Center. The second part will describe the growth of “economic development” in government, and its dangerous consequences. The first part will detail the audit of the Raleigh Business and Technology Center.
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