Incubator, Accelerators, Tech Parks, and Other Hubs for Innovation & Entrepreneurship

1. Incubator, Accelerators, Tech Parks, and Other Hubs for Innovation & Entrepreneurship Regional Economic Impact Workshop LaPorte, Indiana October 6, 2011

2. Workshop Objectives • Five asset networks of an effective innovation & entrepreneurship system • Four stages of entrepreneurship and innovation network development • The role of the incubator/accelerator as a network hub • Qualities & responsibilities of a network leader • How to move an innovation & entrepreneurship network to the next level in its development

3. Innovation and Entrepreneurship is like…

4. Entrepreneurship & Innovation Is Like a Horse Race

5. A Horse Race • The Horse – The Innovation

6. A Horse Race • The Horse – The Innovation • The Jockey – The Entrepreneur

7. A Horse Race • The Horse – The Innovation • The Jockey – The Entrepreneur • The Track – The Community

8. Five Asset Networks that Make for a Great “Track” K-12 Workforce Training Community Colleges Universities Technology Pipeline Economic Gardening Capital Mentoring Partnerships w Strategic Alliances w New Models Broadband Physical Space Network Development Marketing Advertising Social Media Buzz

9. Five Asset Networks • Build world-class brainpower • Channel some of that brainpower toward innovation and entrepreneurship • Create quality, connected places where “hot spots” develop • Create a buzz with new narratives (both internal & external) • Get creative with new ways to collaborate

10. How Does Your Community or Region Currently Invest Its Economic Development Resources to Support Innovation & Entrepreneurship?

11. Brainpower: Purdue Research Park

12. Innovation & Entrepreneurship Support: Austin’s (TX) Capital Factory 20 Mentors 10 Weeks Cash Free Stuff Demo Day

13. New Narratives: Charleston (SC) Flagship2

14. Quality Connected Places: Entrepreneurs Hall @ RIT

15. Collaboration: Georgia Research Alliance Clark Atlanta University Emory University Georgia Institute of Technology Georgia State University Georgia Health Sciences University University of Georgia

16. Case Study: North Central Indiana Regional Innovation & Entrepreneurship Network • Entrepreneurship Peer Networks • Energizing Entrepreneurship • Companies to Watch • Eureka Winning Ways • Zoning for Home-Based Businesses • Business Plan Competitions • STEM Entrepreneurship Camp • K-12 Teacher Training • Economic Gardening • Entrepreneurship Certificate Program • Technology Showcases • Angel Network Events • Skunkworks

17. Case Study: Skunkworks @ Kokomo’s (IN) Inventrek • How was innovation & entrepreneurship talent developed? • What sort of support was offered? • What new narrative was developing? • How was Inventrek a quality, connected “Hot Spot?” • What sort of collaborations were developed?

18. Case Study: North Central Indiana Regional Innovation & Entrepreneurship Network • 227 K-12 teachers trained to teach entrepreneurship • 1,536 students (future entrepreneurs) enrolled in entrepreneurship programs • 1,851 existing and emerging adult entrepreneurs trained • 654 new products, services, and top-line growth ideas created • 102 business plans developed • 13 new start-up business launched • 361 jobs created • $3.5 million in industry cost savings realized • $1.6 million in industry sales growth • $4 million in industry sales retained

19. Case Study: How ACEnet Built a Rural Entrepreneurship & Innovation Network ACEnet provides a wide range of assistance to food, wood, and technology entrepreneurs in 29 counties of Appalachian Ohio

20. ACEnet Assessed the Existing Network Had a hunch that there was the potential for a network of tomato producers. Mapped the network by asking existing and emerging food professionals three questions: • From whom do you get new ideas that benefit your work? • From whom do you access expertise that improves your operations? • With whom do you collaborate?

21. They Found it Was a Network of “Scattered Fragments”

22. Decided to Invest in a Kitchen Incubator as a Network “Hub” Kitchen Incubator became a hub for restaurateurs and farmers

23. Mapped the Network Again and Found that a “Hub & Spokes” Network Had Emerged

24. Additional Activity Began to Emerge • Farmers Market • Outdoor Café • Restaurant Association

25. Mapped the Network Again and Found a “Multi-Hub” Pattern Had Emerged

26. Network Began to Make Connections Outside the Region Resulting in a “Core & Periphery” Network

27. Case Study: How ACEnet Built a Rural Entrepreneurship & Innovation Network • 20-plus boutique salsa businesses in the region • $700 annual sales among new businesses • Trains over 200 existing and emerging entrepreneurs annually • 350 gallons and 445 lbs of fresh and preserved foods delivered to the region’s food pantries each year

28. Yeah, But I Don’t Have a Kitchen Incubator! OK, fair enough, but… • What hubs or potential hubs to you have? • In what ways are these hubs different? • In what ways are these hubs similar? • What lessons can you learn from this case study? 

29. Qualities & Responsibilities of a“Network Leader”

30. Exercise

31. If You Could, Would You Change How Your Community Invests Its Economic Development Resources to Support Innovation & Entrepreneurship?

32. For More Information • ACENet - http://www.acenetworks.org/ • Capital Factory - http://www.capitalfactory.com/ • Entrepreneurship Hall @ RIT - http://www.rit.edu/research/simonecenter/ • Flagship2 - http://www.charlestonflagship.com • Georgia Research Alliance - http://www.gra.org/ • Kokomo Innovates - http://www.youtube.com/watch?v=vI9LpKVQEs4 • Purdue Research Park - http://www.purdueresearchpark.com/

33. Scott Hutcheson Purdue University Purdue Extension & Purdue Center for Regional Development Burton D. Morgan Center for Entrepreneurship 1201 W. State Street, Room 227 765-479-7704 (mobile) hutcheson@purdue.edu www.pcrd.purdue.edu www.pcrd.typepad.com www.facebook.com/PurdueCRD www.twitter.com/pcrd