The City’s Department of Economic Development is involved in many programs and initiatives to support, grow and strengthen our vibrant business community.
DED Projects and Initiatives
In addition to commercial tax credits, downtown revitalization and Carroll Creek Park, DED is involved in many other projects and initiatives, including:
Business Incubation
Business incubation has long been viewed as an opportunity to grow small businesses within a community. Generally, 80% of new businesses will fail within the first 5 years of operations. In contrast, the survival rate of incubated companies is 90%. Additionally, 84% of incubator companies tend to reside locally after graduating from the incubator.
Frederick’s first business incubator – the Frederick Innovative Technology Center, Inc (FITCI) – is jointly supported by the City of Frederick, Frederick County, TEDCO and many other partners and sponsors. Focused on technology businesses, FITCI first opened its doors on the campus of Hood College in January of 2005. Since then, a second location opened on Metropolitan Court. In total, 35 offices and 16 labs are available through FITCI in 21,000 square feet of space. Two hundred jobs have been created by the 30 existing clients and two graduate companies. For more information visit www.fitci.org.
Economic Impact of the Arts
Downtown Frederick, an Arts and Entertainment District, is the hub of arts and culture in Frederick County. But what impact do the arts have on the area’s economy? To answer that question the City has contracted with Americans for the Arts to conduct an Arts Impact Study. In partnership with the Frederick Arts Council and Downtown Frederick Partnership, the study will evaluate the impact of the arts through direct spending as well as the trickle-down effect, or multiplier effect, of arts organizations into the local economy. A 12-month process, the final report can be expected in the fall of 2008.
Entrepreneur Support Network
Frederick offers a business-friendly environment with a responsive and proactive network of service providers working together for small business success. There’s no wrong door, no matter where you first make contact within our network. We will direct you to the resources that can best help you with your current business challenge or opportunity. We communicate and collaborate to provide the best service we can to our clients, the Frederick business community.
The Entrepreneur Support Network is a hands-on support network for entrepreneurs, with members supporting entrepreneurs and businesses in all stages of growth. Services include one-on-one counseling and access to financial resources; assistance with management techniques, strategic and financial planning; direct access to local, state and national support; and presents certification and educational programs.
Network Partners include City and County Economic Development, Small Business Development Center, Frederick Innovative Technology Center, the Entrepreneur Council of Frederick County, Maryland’s Department of Business and Economic Development, Maryland Technology Development Corporation, Fort Detrick Business Development Office, Downtown Frederick Partnership, and area Chambers of Commerce. For more information visit www.enjoyfrederick.com/esn. The website features profiles of network members and links, downloadable statistics, resource guides and other tools to help your business achieve peak performance.
It all adds up to a wonderful and welcoming environment for entrepreneurs.
Filming in Frederick
Frederick offers many opportunities for premier film locations. Gods and Generals was filmed in the heart of downtown, just outside the front doors of City Hall. The City’s Department of Economic Development and the Tourism Council of Frederick County collaborate to assist film makers in identifying film locations.
In the event that filming for commercial purpose is to take place on City property - such as Baker Park or along streets and sidewalks within the historic district - a film application would be required. DED is the contact for this process, so please feel free to contact us with any questions at 301-600-6360. Download the Commercial Filming Application here.
Frederick Market Analysis - Retail, Office, Flex/R&D and Industrial
DED contracted with Basile Baumann Prost Cole and Associates to conduct an in-depth market analysis across all sectors in the Frederick Market. The analysis, completed in two phases, examines both supply and demand forecasts through 2020 and provides recommendations regarding future supply needs and opportunities to generate additional demand. Phase I: Retail Market Analysis is complete and can be viewed by clicking here. Phase II: Office, Flex/R&D and Industrial Market Analysis, will be completed at the end of February.
