Peninsula Technology Incubator
- Assets
- $25.4k
- Revenue
- $247.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Hampton, VA
- Founding
- 05/2014
- Data as of
- 09/2021
- EIN
- 45-5282723
Organization Overview
Peninsula Technology Incubator, operating under the name Reaktor Business Technology Innovation Center, is located in Hampton, VA. The organization was established in 2014. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Reaktor Business Technology Innovation Center is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2021, Reaktor Business Technology Innovation Center generated $247.5k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.1%) each year. All expenses for the organization totaled $250.7k during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
DEDICATION TO NOURISHING IDEAS INTO SMALL BUSINESS THAT ARE PREPARED TO CHANGE THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HAMPTON IDA GRANT: PTI PROVIDES CLIENTS WITH OFFICE ACCOMMODATIONS, ACCESS TO LABORATORIES, AND BUSINESS CONSULTING SERVICES. PTI ASSISTS CLIENTS WITH BUSINESS PLANS, MARKETING DEVELOPMENT AND CAPITALIZATION. IT HAS CATALYZED THE ORGANIZATION AND MANAGEMENT OF A REGIONAL ACCELERATOR, 757 ACCELERATE, PROVIDING ADDITIONAL BUSINESS AND ENTREPRENEURIAL SERVICES IN CONJUNCTION WITH PTI. PART OF THIS RELATIONSHIP PROVIDES FIRST STAGE INVESTORS TO PROVIDE SEED FUNDING AND EARLY STAGE FUNDING OF COMPANIES IN THE REGION THUS ENSURING THAT NASCENT BUSINESSES HAVE NEEDED CAPITAL TO FACILITATE THE DELICATE EARLY STAGES OF COMPANY GROWTH AND DEVELOPMENT. PTI ALSO SUPPORTS ENTREPRENEURIAL EDUCATION AND OUTREACH IN THE HAMPTON ROADS AREA. PTI ENGAGES WITH NIA'S RESEARCHERS AND GRADUATE STUDENTS, AS WELL AS UNDERGRADUATE AND K-12 STUDENTS TO ADVANCE THE TECHNOLOGY COMMERCIALIZATION OBJECTIVES OF BOTH NIA AND THE CITY OF HAMPTON. PTI DEVELOPS, ORGANIZES AND IMPLEMENTS BUSINESS TECHNOLOGY SHOWCASE EVENTS, BUSINESS PLAN COMPETITIONS AT FIVE LOCAL UNIVERSITIES AND COLLEGES, AND IS WORKING IN COLLABORATION WITH A NUMBER OF STEM PROGRAMS IN THE REGION.
SBA GROWTH ACCELERATOR FUNDS: THE U.S. SMALL BUSINESS ADMINISTRATION LAUNCHED A COMPETITION FOR ACCELERATORS AND OTHER ENTREPRENEURIAL ECOSYSTEM MODELS TO COMPETE FOR MONETARY PRIZES OF $50,000 EACH TO FUND OPERATING BUDGETS. TO AWARD THE PRIZES, APPLICANTS ARE JUDGED BY AN EXPERT PANEL THAT CONSIDERS EACH APPLICANT'S STATED MISSION, FOUNDING TEAM MEMBERS AND BUSINESS GOALS AMONG OTHER CORE COMPONENTS.THIS CONTEST WAS DESIGNED TO PROVIDE WINNERS WITH SUPPLEMENTAL AND CRITICAL CAPITAL TO THE OPERATING BUDGETS OF ENTREPRENEURIAL ECOSYSTEMS ACROSS THE UNITED STATES. WITH ACCESS TO CAPITAL VIA THIS HIGHLY COMPETITIVE PROCESS, APPLICANTS WILL HAVE GREATER OPPORTUNITY TO SCALE UP (IF ALREADY EXISTING) OR TO LAUNCH SOMETHING COMPLETELY NEW. THE BASIC TENET IS SIMPLE: THE STARTUP WORLD AND A PORTFOLIO'S SURVIVAL IS DRIVEN BY A GAME OF NUMBERS. MORE QUALITY STARTUPS SUPPORTED BY MORE WELL-FUNDED ENTREPRENEURIAL ECOSYSTEMS LEADS TO SUCCESSFUL STARTUPS GROWING INTO COMPETITIVE, EXCITING AND HIGH-VALUE JOB CREATORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Douglas O Stanley Director & President | OfficerTrustee | 1 | $0 |
Karl L Drews Director & Secretary | OfficerTrustee | 1 | $0 |
Kerry L Christian Treasurer | Officer | 1 | $0 |
Dr Barry L Burks Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $200,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $27,310 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $227,310 |
| Total Program Service Revenue | $20,178 |
| Investment income | $3 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $247,491 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $188,572 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,625 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,198 |
| Information technology | $259 |
| Royalties | $0 |
| Occupancy | $55,586 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $501 |
| Total functional expenses | $250,741 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $19,766 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,625 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $25,391 |
| Accounts payable and accrued expenses | $25,307 |
| Grants payable | $0 |
| Deferred revenue | $3,334 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $28,641 |
| Net assets without donor restrictions | -$3,250 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $25,391 |
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Memphis Convention And Visitors Bureau Memphis, TN | $38,589,779 | $17,172,027 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Tennessee Technology Development Corporation Nashville, TN | $18,062,853 | $12,109,273 |
Riverfront Development Corporation Memphis, TN | $39,591,502 | $20,233,137 |
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN | $6,892,228 | $12,124,566 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Nash-Edgecombe Economic Development Inc Rocky Mount, NC | $2,214,551 | $9,450,498 |
Alexandria Economic Development Partnership Inc Alexandria, VA | $1,919,174 | $9,268,061 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |