The Frederick Innovative Technology Center will leave its original location to consolidate at its second site on Metropolitan Court.The move is part of a strategic plan to eventually relocate to the Riverside Research Park, said Mike Dailey, FITCI executive director.
"We do expect to lease a larger facility that will provide not only incubator space, but also mezzanine space," he said.
FITCI, which nurtures start-up businesses until they can go out on their own, was opened on the third floor of Rosenstock Hall at Hood College in 2004. The organization currently has 28 clients.
Moving to Metropolitan Court will reopen 10,000 square feet of space for the college. The college and FITCI will maintain a long-term, strategic partnership to include faculty entrepreneurship, student internships and technology transfer initiatives.
"Hood College's support of the FITCI program from its very inception has been terrific," Dailey said. "With Hood's support, FITCI has accomplished an outstanding return on investment in terms of business, job creation, and funding in a short timeframe."
Although FITCI won't be on campus, the organization will continue it's partnership with Hood, particularly to maintain Hood student intern placement with FITCI client companies. Hood will still have representation on the FITCI Board of Directors, and collaboration among Hood College professors and FITCI client companies will continue, Dailey said.
Hood College has grown in the past five years and demand for space has increased, said Hood President Ron Volpe.
"So the timing is right for Hood College to also benefit from the move," he said.
Richard Cox, chairman of FITCI's Board of Directors, said the area continues to develop with the expansion of the National Cancer Institute-Frederick and Fort Detrick.
"FITCI needs to be able to handle the increased research and development needs of the community," Cox said.
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