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PSBA Year-End Report: Major Successes in 2008

The Portland State Business Accelerator had its best year yet in 2008, with full build-out, a steady stream of new tenants, and a significant increase in graduates as we passed our four-year mark of operations.

A Few Highlights
  • In December 2008, the PSBA had 22 companies (including three strategic partners) in residence, the highest number to date at any one time. Maximum capacity is 25 companies. [See Quick Links sidebar for new companies and partners.]
  • Our new target industry clusters of Green Technology and Bioscience saw significant growth, with 10 companies in residence by December 2008 in those two areas.
  • Graduations shifted into high gear in 2008, with eight companies moving out. The majority located in downtown Portland. [See list of graduates in the Quick Links sidebar.]
  • PSBA company success continued to be strong in 2008. To date, 84% of companies accepted into the PSBA have been successful. This exceeds industry standards of 80% for companies graduating from business incubators, and far exceeds the success rate of 20% to 40% for start-ups that do not spend early years in business incubators.
Industry Cluster Diversification
 
During 2008 we branched out from our Information Technology roots. We added Green Technology and Bioscience due to University expertise and regional economic development needs. By December we had eight companies in these new clusters. In addition, the Oregon Bioscience Association and a collaborative technology commercialization venture of the University of Portland and Oregon Health Sciences University joined us as strategic partners in residence.

industry cluster graph

Full Build-Out & Increased Occupancy
  
In February we completed the final 3,000 square feet (SF) of renovations so that we now have 30,000 usable SF. Leasable space includes 24 offices and four labs.

Occupancy averaged 80% during the year, which met industry standards for technology incubators. We accepted eight new companies and graduated out the same number. [See Quick Links sidebar for companies accepted and graduated.]

Other Service & Success Statistics 
  • Companies served
    • Number of companies hosted since August 2004: 38
    • Total number hosted December 2008:  22
    • Number of new companies in 2008: 8
    • Number of companies graduated in 2008: 8
    • Number of 2008 failures: 1
  • Percent of graduates remaining in Portland: 75%
    • Percentage remaining in Oregon: 80%
  • University Linkages participation (connecting resident companies with university resources):
    • Percentage of companies working with students: 100%
    • Percentage of companies working with faculty: 12%
    • Number of academic programs providing student project teams: 6
    • Number of companies founded by PSU faculty members: 2
Part II of this story, PSBA Company Successes in 2008, will appear in our next issue.