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Media Contact: Brenda Jones, APR
405.516.9686
Brenda@JonesPRGroup.com
FRED JONES HATCHES DOWNTOWN'S FIRST PRIVATE BUSINESS INCUBATION MODEL
Applications Available For Emerging Oklahoma Businesses Positioned For Growth
OKLAHOMA CITY, Okla. (July 12, 2002) -- Fred Jones Enterprises is accepting applications from emerging Oklahoma companies for downtown's first private business incubation venture. The new Fred Jones Business Development Center, located in the historic 900 W. Main facility, will incubate Oklahoma-based companies ready to advance to the next growth level by providing access to management expertise, business networks and office tools. Business incubation is an innovative entrepreneurial concept that has nurtured thousands of firms nationwide to becoming successful ventures.
"The business incubation model is today's most dynamic free enterprise idea. It is perfectly suited for Oklahoma's entrepreneurial heritage," said Fred Jones Hall, chairman of Fred Jones Enterprises. "The most efficient course for growing Oklahoma's economy and creating new jobs is to invest in Oklahoma companies."
Fred Jones Enterprises has a legacy of launching Oklahoma companies. Beginning in 1938, the family-owned company started remanufacturing engines and later on distributing Ford automotive parts. The company grew to become the nation's largest Ford Authorized Remanufacturer and one of the largest distributors of Ford Powertrain Parts in the U.S.
"We are broadening an idea of innovation that essentially incubated a remanufacturing industry and made Fred Jones successful for more than 75 years," said Hall.
"By applying our expertise as market innovators to modern-day industries, our goal is to assist Oklahoma companies grow market shares through creative ideas and practices," said Hall.
More recently, Fred Jones Enterprises established Autocraft Industries, a manufacturing and logistics business purchased by Aftermarket Technology Corp. in Feb. 1998; East Wharf Development, a commercial development firm; and ABS Consulting Services, a human resources firm.
"The ideal candidate for the Fred Jones Business Development Center is currently manufacturing or selling a product at a small site and needs larger space or more staff to meet growing demand," said Scott Weaver, president of Fred Jones Enterprises. The downtown four-story structure has approximately 156,000 sq. ft available to several incubating businesses. The Oklahoma Department of Commerce recently designated Fred Jones Business Development Center as an Oklahoma certified business incubator.
Businesses selected to participate in the Fred Jones Business Development Center will have access to customized office space, hands-on management expertise, critical business network, human resources, conference room, parking, office support services, reception, security, and assistance in accessing capital resources. Services available on a cafeteria-type plan include purchasing, information technology, central office equipment, professional development training, finance and tax assistance.
In addition, selected participating companies will have certain state tax advantages exclusively available to incubating enterprises.
"The Fred Jones Business Development Center is one of the most novel incubation programs in the nation," said Dinah Adkins, president and chief executive officer of National Business Incubation Association (NBIA). "Most business incubators are non-profit and associated with academia. Of the few private incubators, about 40 percent are in the high-tech area. The Fred Jones Business Development Center's prime downtown location and large production facilities will make it attractive to a wide range of businesses."
According to the NBIA, 87 percent of all firms that graduate from an incubating program remain in business. The incubation period is typically two to three years. In comparison, the Small Business Administration reports 66 percent of new businesses are still in business after two years; 49.6 percent after four years; and 39.5 percent after six years.
Dr. Randy Goldsmith, executive director of Oklahoma Technology Commercialization Center, is excited about the Fred Jones Business Development Center and what it means for economic development in Oklahoma City.
"The Fred Jones name is synonymous with business growth in Oklahoma and has been for decades. It is exciting to see them applying their business know-how, contacts and resources to a new arena for business development. They have invested a lot of time and energy in exploring the right business model and best practices to make this operation a success. We look forward to working with them," said Goldsmith. The Oklahoma Technology Commercialization Center is a state-funded incubation program through the Oklahoma Center for the Advancement of Technology that assists entrepreneurs in turning innovative technologies into business enterprises.
An application, guidelines and criteria information for the new Fred Jones Business Development Center are available at www.fjbdc.com