HUDSON: TECHudson has enough operating funds to see it through January, Director George Buzzy said as he made his quarterly report to City Council on Tuesday.
The future beyond that remains uncertain, Buzzy said, as he seeks the financing to keep the city-sponsored business incubator alive.
“We need about $150,000 per year,” he said.
That amount would enable the nonprofit to do more than provide a low-cost business location to start-up companies. With more funding, TECHudson could conduct training classes and provide marketing support, which Buzzy sees as vital to the survival of its new businesses.
TECHudson recently instituted one change, with its financial uncertainty in mind, that will take effect in September: It will begin leasing its space on Executive Parkway on a month-to-month basis.
A company, whose names will be announced when it moves in next month, will leave TECHudson with vacancy in only one office, Buzzy said.
He told the council the look of TECHudson must change. When questioned about that statement, he said the nonprofit must involve not only Hudson, but must move beyond the city limits to include Summit and Portage counties in order to attract outside funding.
He said he is in discussions with Kent State University and a Youngstown business incubator about developing partnerships or becoming a satellite of these organizations.
Council member Alex Kelemen quizzed Buzzy as to whether the original business model, the idea of Hudson “going it alone” with its incubator, no longer was viable.
Buzzy said that absent forming alliances with an academic institution, he did not think outside funding would be obtainable and agreed with Kelemen’s conclusion that the original model might no longer be viable.