A desire to develop small businesses and spur innovation has led the Midland Development Corporation and University of Texas Permian Basin to create an incubator located at the university's Midland campus.
The CEED incubator will be located at the Center of Energy and Economic Diversification building.
Entrepreneurs can expect free business consulting and support, education seminars, networking events and access to the university's technology and tools, the Midland Development Corporation said in a release about the partnership.
The Midland Development Corporation committed $2 million to remodel the building for the CEED incubator.
The development corporation will invest an additional $5 million for staffing costs, with $200,000 set aside annually for payroll for 25 years, the release said.
"The MDC is tasked with diversifying and growing Midland's economy," development corporation Executive Director John Trischitti said in the release. "We know that by supporting entrepreneurs and investing in initiatives like UTPB's CEED incubator and the Spaceport Business Park, we can create a more robust economy in Midland."
The investment is not about guaranteed returns based on the track record of the Small Business Development Corporation, which supported 811 different businesses between 2019-2020, resulting in $28 million in capital formation and the creation of 263 new jobs, the release said.
"Imagine getting help with your business plan, securing funding, and also being able to use the technologies at the Advanced Manufacturing Center or Biomedical Research Center at UTPB," Trischitti said in the release. "When combined with the incubator's office space, networking and mentoring opportunities, Midland's entrepreneurs will have everything they need to launch their ideas and grow their businesses."
The incubator, located near the Midland Industrial Hub and airport, will be housed in a 30,000-square-foot facility, the release said.
The incubator's additional services include fabrication and testing of prototypes, computational modeling, design, simulation, and analysis of various systems, evaluation of produced water treatment technologies, data analysis, material testing and characterization, advanced manufacturing certification, and produced water management Certification, the release said.