Partnership extensions valued at $2 million between company and non-profit to support entrepreneurship programming at downtown Burlington, Vt. hub
BURLINGTON, Vt. – March 28, 2024 – Consolidated Communications and the Vermont Center for Emerging Technologies (VCET) are celebrating a decade of support for Vermont entrepreneurs and start-up businesses through the extension of their co-working and accelerator facility partnership, valued at more than $2 million.
Consolidated Communications forged a partnership a decade ago, providing workspace and internet service to power VCET’s mission of offering no-cost and low-cost coworking memberships to entrepreneurs and support remote professionals. The non-profit has since operated out of the Consolidated Communications Technology Hub on Main Street in downtown Burlington, serving entrepreneurs, innovation leaders, and start-up businesses from start to scale, offering business consulting, mentorship, coworking, and venture capital investment.
“Over the next 10 years, this is a $2 million donation which is an incredible amount of support,” shared VCET Board Chair, Frank Cioffi. “This is among the highest support to the technology innovation ecosystem by a private company in Vermont. We are so very grateful.”
In extending this partnership, Consolidated will continue to provide VCET with workspace and fiber-optic gig-speed internet service for two additional five-year terms. All told from 2014 through the contract extensions, the partnership provides VCET with more than $4 million of total in-kind value.
“Through our work to expand fiber-optic internet service across the state, we know the value that connection brings to Vermonters,” said Scott Brooks, director of government affairs at Consolidated. “Connection brings with it opportunity. This is what VCET has provided for entrepreneurs and our community for the last decade: connection to resources, collaboration and so much more. Consolidated looks forward to supporting VCET in its mission for years to come.”
More than 2,000 coworkers have been served by VCET from the Consolidated Communications Technology Hub since 2014, which at more than 11,000 square feet, offers everything from workspace and meeting rooms to ping pong tables. VCET offers community memberships to students and partners at no charge, and offers teams and individuals memberships starting at $150 per month. More than 300 start-up teams and founders are served annually through VCET’s trusted and expert business advisory service, which comes at no cost to Vermonters.
"One of the standout features of VCET is its vibrant and growing community of black and brown innovators and entrepreneurs”, said Tinotenda Rutanhira, co-founder and executive director of the Vermont Professionals of Color Network. “VCET has played a significant role in supporting the growth of Vermont's BIPOC start-up ecosystem and for that, I will always be a proud member and vocal supporter."
VCET also invests $15 million across two evergreen venture capital funds into technology enabled Vermont companies; produces the Start Here Podcast and the Female Founder Series; and supports entrepreneurship programs and courses with its long-time partners at Middlebury College and the University of Vermont (UVM). Located a short walk from UVM and Champlain College, the space also provides an ideal setting for students to host club meetings and events.
To learn more about VCET and its memberships, programming and more, please visit www.vcet.co.
About VCET
Accelerating innovation and entrepreneurship since 2005, the non-profit Vermont Center for Emerging Technologies (VCET) provides expert business mentoring, technology professional networking, co-working and accelerator facilities in Burlington, innovation programs, and early-stage venture capital. VCET manages $15 million across two evergreen venture capital funds. Visit www.vcet.co to learn more.
About Consolidated Communications
Consolidated Communications Holdings, Inc. (NASDAQ: CNSL) is dedicated to moving people, businesses and communities forward by delivering the most reliable fiber communications solutions. Consumers, businesses and wireless and wireline carriers depend on Consolidated for a wide range of high-speed internet, data, phone, security, cloud and wholesale carrier solutions. With a network spanning more than 60,000 fiber route miles, Consolidated is a top 10 U.S. fiber provider, turning technology into solutions that are backed by exceptional customer support. Learn more at consolidated.com. Connect with us on social media.