Maschhoff to Lead Business Incubator Initiative

Central Illinois business leader Larry Maschhoff has been selected to help launch the first operational phase of the McLean County Business Incubator, a joint initiative of the Economic Development Council of the Bloomington-Normal Area (EDC) and Illinois State University.   Maschoff, who currently serves as chair of the EDC Board of Directors, will work part-time through the University's department of Research and Sponsored Programs.  The department has received $845,000 in federal funding for the incubator project.

"Our research indicates there is a strong market demand for a McLean County area incubator," said EDC Chief Executive Officer Marty Vanags.  "McLean County has fewer micro-businesses than average, and they are smaller than their equivalents elsewhere in the state or nation.  In addition, the presence of two universities and community colleges is a strong asset, both as a potential source of expertise as well as a possible source of entrepreneurs."

Once operational, the business incubator will serve as part of a network of business assistance programs, which will include Illinois State University-affiliated campus organizations that have economic development or research interests. Other regional and local organizations offering business services may assist clients through the incubator. The mission of the incubator is to assist aspiring entrepreneurs, existing small to medium-sized business owners and researchers with the potential to develop commercial enterprises.

Initially, Maschhoff will work as the incubator's Business Incubator outreach manager, conducting a range of recruitment, marketing and course development activities toward a target date of delivering services beginning in September. If initial efforts confirm the need for a higher level of activity, Illinois State and the EDC will seek a facility for the incubator to provide more extensive services.

"We are very pleased that Mr. Maschhoff will join the University and work with the EDC to further develop the McLean County Business Incubator," said Rodney Custer, associate vice president for Research, Graduate & International Studies. "His talent and long-standing knowledge of the Central Illinois business community will be a big asset as this project moves forward."

Maschhoff currently works as a consultant, helping private businesses arrange financing and increase sales and profits. He also served as president and chief executive officer of the Bank of Illinois for 23 years.