The Scranton LaunchBox opened on Tuesday, Oct. 2nd at 611 Cedar Avenue, it’s temporary home until design and construction are completed on its future permanent location inside the adjacent People’s Security Bank building.
The Scranton LaunchBox is a no-cost startup accelerator and co-working space designed to provide early-stage startup companies with the support and resources needed to build a sustainable business and a viable plan for growth. It is open to community members and those affiliated with Penn State.
“The LaunchBox will provide access to Penn State Resources, including but not limited to: labs and equipment at Penn State Scranton, faculty consultants, students as entrepreneurs, students as interns for product or market development support, research capacity, intellectual property guidance, technical assistance, and technology transfer support for commercializing and licensing,” Penn State Scranton Chancellor Marwan Wafa said “We will also provide access to comprehensive one-on-one business development and support services.”
Among the program’s partners are People’s Security Bank and the foundation Women in Philanthropy who have devised a progressive loan program for women-owned businesses that returns loan interest to the entrepreneur when the loan is paid off. Currently, the group plans for women-owned businesses to have dedicated co-working space in the new facility when it opens. LaunchBox is a signature program of Invent Penn State, a commonwealth-wide initiative to spur economic development, job creation, and student career success.