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4539 Metropolitan Court
Frederick, MD 21704
The Frederick Innovative Technology Center, Inc (FITCI) has experienced numerous accomplishments over the years. We have grown from a small facility at Hood College serving 6 - 10 clients, to a facility with over 17,000 square feet of space at the Monocacy Technology Campus, that can support close to 40 clients.
Small business drives the growth of the economy, and Frederick is a prime example of thatstatement. The number of small, biotechnology companies in Frederick has grown from less than 40 five years ago to over 75 today. FITCI clients and graduates now represent over 26% of all biotechnology companies operating in Frederick!
- 268 direct jobs
- $16.6 million in annual payroll
- 76,500 square feet of leased space in Frederick County
- $27.6 million in annual revenues
- Annual direct tax base (real estate and county income tax) contributing over $395,110 annually to Frederick County
- Multi-million dollar downstream economic impact that includes indirect jobs, sales tax, rent, and local purchases from other businesses for supplies, materials, etc. totaling $74.7 million annually
Even in a period of economic recession and record unemployment, FITCI Clients andGraduates have succeeded in growing both jobs and annual revenues. They have favorably contributed to the tax base in the City of Frederick & Frederick County. Every dollar generated by these businesses helps reduce the tax burden of local residents.
Business incubators and accelerators drastically reduce the risk of small business failures. Presently, there are over 1,400 business incubators throughout the United States with all indications showing continued growth. Incubators report that 87 % of all firms that graduated from theirincubators are still in business.
News & Events
News & Events
FITCI PROGRESS REPORT