As part of the Invent Penn State Initiative, Penn State is introducing a new incubator located in the old Verizon Building in downtown State College. Through community collaboration, the incubator will help entrepreneurs transform their business concepts into early stage startup companies. By helping startups thrive, Happy Valley LaunchBox drive economic development throughout the area and help State College attract and retain entrepreneurs.

Applications for locating in LaunchBox are being accepted now through December 1. On December 16, the five entrepreneurial teams selected will be announced.

Those teams will have co-working space and take part in a 10-week startup training program that includes consultation with business professionals, mentorship from local entrepreneurs and Penn State alumni, and accessibility to research resources. The program requires that teams participate in three hours of class per week and commit five hours out of class per week.

Once they’ve completed the training program, teams have the option to stay at LaunchBox and continue to develop their business plan for an additional nine months.

While LaunchBox won’t provide funding to entrepreneurs, they’ll connect each team with investors.

LaunchBox will officially open in February and will also serve as a walk-in information desk for local entrepreneurs looking for resources.

As Happy Valley welcomes a new era of economic development and becomes a true hub of innovation and entrepreneurship, the incubator will serve as a critical resource for the community.

To learn more about LaunchBox, visit www.launchbox.psu.edu.