The City of Bowie and Bowie State University (BSU) signed a Memorandum of Understanding to establish the Bowie Business Innovation Center (Bowie BIC) as a business incubation program at the Center for Business at Bowie State University. BSU is part of the 13-member University System of Maryland and the Bowie BIC is the first Maryland incubator to be established at a historically black college. The Bowie BIC set up as a nonprofit organization with its own independent board of directors.
Business incubation is the process of nurturing entrepreneurial companies by providing business support services and facilities that help companies survive and grow during their start-up period. A business incubator’s main goal is to produce successful firms that will leave the program as financially viable and freestanding companies. These incubator graduates have the potential to strengthen local economies, create jobs, revitalize neighborhoods, and commercialize new technologies. They also need to lease commercial space for their operations.