Alternative Avenues to Incubating High Wage/High Growth Companies Mike Mathews, Principal Grant Thornton LLP (608) 257-676...
Outcomes <ul><li>Help assess what is  distinct  about your community,your natural  entrepreneurial resources  and your  po...
Background Questions <ul><li>Your roles and responsibilities? </li></ul><ul><li>Your tenure in your current role? </li></u...
Outline <ul><li>Wisconsin Background </li></ul><ul><li>Community Profiles </li></ul><ul><li>Common Areas of Consideration ...
Wisconsin Trivia (round 1)
Wisconsin Trivia (round 2) <ul><li>a &quot;hog&quot; on wheels… </li></ul><ul><li>Harley-Davidson </li></ul><ul><li>childr...
Other Major Employers <ul><li>S.C. Johnson </li></ul><ul><li>Miller Brewing </li></ul><ul><li>Lands' End </li></ul><ul><li...
Statewide Challenges <ul><li>Per Capita Income  - slipped to 95% of the national average in the last 10 years </li></ul><u...
Statewide Opportunities <ul><li>Fortune 500 Companies  - Milwaukee ranked first in nation with eight per 100,000 residents...
Wisconsin Business Incubator Locations
Wisconsin Incubator Trends <ul><li>Approximately 35 existing incubators </li></ul><ul><li>More than 1 million square feet ...
Community Profiles
Communities of Interest River Falls Wausau Oshkosh Madison
Community Comparison by MSA Source:  Woods & Poole Economics, 2004 *  River Falls is not a MSA.  Data is wt.avg. of St. Cr...
Madison Community Profile <ul><li>#2  Medium Metro Area for Doing Business in America  </li></ul><ul><ul><li>Inc. Magazine...
Madison Community Profile <ul><li>City of Madison population – 215,000 </li></ul><ul><li>First-rate educational institutio...
The Importance of UW-Madison <ul><li>#2  U.S. university for research funding ($554M) </li></ul><ul><li>#1  in endowments ...
Oshkosh Community Profile <ul><li>Located on the western shore of Lake Winnebago, Oshkosh is known for its lumber mills, m...
Oshkosh Community Profile <ul><li>City of Oshkosh population – 65,000  </li></ul><ul><li>Located in Fox Valley region – gr...
Oshkosh's Entrepreneurial Resources <ul><li>University of Wisconsin-Oshkosh </li></ul><ul><li>Fox Valley Technical College...
Wausau Community Profile <ul><li>&quot;Surrounded by woods, lakes and hills, Wausau has become the regional center for Nor...
Wausau Community Profile <ul><li>Major  industries </li></ul><ul><ul><li>lumber </li></ul></ul><ul><ul><li>paper & food pa...
Wausau Area Employers <ul><li>Wausau Hospital </li></ul><ul><li>Wausau Insurance </li></ul><ul><li>Eastbay </li></ul><ul><...
River Falls Community Profile <ul><li>&quot;Growing community located 35 minutes from the Twin Cities metro area.  Communi...
River Falls Community Profile <ul><li>City of River Falls population – 13,000 </li></ul><ul><li>More than 8,000 people lea...
River Falls Area Employers <ul><li>QMR Plastics </li></ul><ul><li>Best Maid Cookie Company </li></ul><ul><li>O'Keefe Co.  ...
Which community is most similar to yours?
Common Areas of Consideration and Assessment Common Questions Common Approach Assessment Categories Management Financing
Common Questions <ul><li>Can an incubator encourage high growth, high wage jobs? </li></ul><ul><li>Should we be more activ...
Common Approach <ul><li>Conduct interviews </li></ul><ul><li>Gather relevant data and research </li></ul><ul><li>Assess lo...
Assessment Categories <ul><li>Market   </li></ul><ul><ul><li>conditions and opportunities </li></ul></ul><ul><li>Facilitie...
Management <ul><li>Policy and procedure oversight (board of directors) </li></ul><ul><li>On-site management </li></ul><ul>...
Financing <ul><li>Needs </li></ul><ul><ul><li>Development costs </li></ul></ul><ul><ul><li>Holding costs for start-up peri...
Sir Winston Churchill <ul><li>&quot;A pessimist sees the difficulty in every  opportunity, an optimist sees the opportunit...
Case Summaries <ul><li>Wausau </li></ul><ul><li>River Falls </li></ul><ul><li>Oshkosh </li></ul><ul><li>Madison </li></ul>
Wausau - Market Summary <ul><li>History of successfully supporting  entrepreneurs </li></ul><ul><li>Community support for ...
Wausau - Facilities Summary <ul><li>Existing facility has ongoing issues </li></ul><ul><li>Lack of defined market need for...
Wausau - Current Status   <ul><li>Planning 36,000-40,000 square foot facility </li></ul><ul><li>Flexible design for health...
River Falls - Market Summary <ul><ul><li>Demonstrated ability to incubate start-up technology companies </li></ul></ul><ul...
River Falls - Facilities Summary <ul><ul><li>Existing commercial real estate is limited </li></ul></ul><ul><ul><li>Existin...
River Falls – Current Status <ul><li>Incubating an incubator  </li></ul><ul><li>Initial facility 6000 square feet  </li></...
Oshkosh - Market Summary <ul><li>Broad interest in high-growth, high-wage jobs  </li></ul><ul><li>Both public and private ...
Oshkosh - Facilities Summary <ul><li>Approximately 340,000 square feet of existing commercial space available </li></ul><u...
Oshkosh – Current Status <ul><li>Pursuing &quot;managed incubator network&quot; </li></ul><ul><li>Working with private sec...
Dane County Incubators Existing 41
Drivers for Incubators in Madison <ul><li>UW-Madison Research </li></ul><ul><li>Wisconsin Alumni Research Foundation (WARF...
Madison - Market Summary <ul><li>Existing public/private partnerships </li></ul><ul><li>Under-utilization of MATC students...
Market Research Results <ul><li>Challenges </li></ul><ul><ul><li>Attracting UW researchers to T.E.C. Incubator </li></ul><...
Madison - Facilities Summary <ul><li>Additional need for non-life science incubator space in Madison </li></ul><ul><li>Gro...
T.E.C. Incubator Center
Madison – Current Status <ul><li>34,000 square foot building </li></ul><ul><li>13,000 square foot incubator space </li></u...
Conclusion
Key Questions to Address & Confirm <ul><li>Do we have: </li></ul><ul><li>the right market? </li></ul><ul><li>the right man...
As you proceed… <ul><li>work hard </li></ul><ul><li>be flexible </li></ul><ul><li>expect success </li></ul>Secure support ...
<ul><li>&quot;Not everything that can be counted counts, not everything that counts can be counted&quot; </li></ul><ul><li...
<ul><li>Thank You </li></ul>
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  • Alternative Avenues To Incubating

    1. 1. Alternative Avenues to Incubating High Wage/High Growth Companies Mike Mathews, Principal Grant Thornton LLP (608) 257-6761 [email_address] National Business Incubator Association (NBIA) April 27, 2004
    2. 2. Outcomes <ul><li>Help assess what is distinct about your community,your natural entrepreneurial resources and your potential to successfully compete for high-growth/high-wage jobs </li></ul><ul><li>Identify potential obstacles </li></ul><ul><li>Discuss options available to start and grow a local or regional incubation program </li></ul>
    3. 3. Background Questions <ul><li>Your roles and responsibilities? </li></ul><ul><li>Your tenure in your current role? </li></ul><ul><li>Your incubators stage of development? </li></ul><ul><ul><li>planning/design </li></ul></ul><ul><ul><li>start-up (less than 18 months of operation) </li></ul></ul><ul><ul><li>established (18 months to 5 years) </li></ul></ul><ul><ul><li>mature (more than 5 years) </li></ul></ul>
    4. 4. Outline <ul><li>Wisconsin Background </li></ul><ul><li>Community Profiles </li></ul><ul><li>Common Areas of Consideration & Assessment </li></ul><ul><li>Case Summaries </li></ul><ul><li>Conclusion </li></ul>
    5. 5. Wisconsin Trivia (round 1)
    6. 6. Wisconsin Trivia (round 2) <ul><li>a &quot;hog&quot; on wheels… </li></ul><ul><li>Harley-Davidson </li></ul><ul><li>children's apparel manufacturer </li></ul><ul><li>Oshkosh B'Gosh </li></ul><ul><li>battery manufacturer (Michael Jordan) </li></ul><ul><li>Rayovac </li></ul><ul><li>world's leading manufacturer of marine propulsion systems </li></ul><ul><li>Mercury Marine </li></ul><ul><li>&quot;Oh- I wish I had an…..&quot; </li></ul><ul><li>Oscar-Mayer </li></ul>
    7. 7. Other Major Employers <ul><li>S.C. Johnson </li></ul><ul><li>Miller Brewing </li></ul><ul><li>Lands' End </li></ul><ul><li>Kimberly-Clark </li></ul><ul><li>American Family Insurance </li></ul><ul><li>Brigg's and Stratton </li></ul><ul><li>GE Medical </li></ul><ul><li>Quad Graphics </li></ul><ul><li>Kohler Corp. </li></ul><ul><li>Aurora Health Care </li></ul>
    8. 8. Statewide Challenges <ul><li>Per Capita Income - slipped to 95% of the national average in the last 10 years </li></ul><ul><li>Brain Drain - ranked 37 th in Population with 4-Year Degree </li></ul><ul><li>Venture Capital - ranked 29 th in venture capital investments </li></ul><ul><li>Loss of Manufacturing Jobs - 80,000 jobs lost in the last four years </li></ul>
    9. 9. Statewide Opportunities <ul><li>Fortune 500 Companies - Milwaukee ranked first in nation with eight per 100,000 residents </li></ul><ul><li>Education – ACT scores the highest in the nation for the 7 th straight year </li></ul><ul><li>Manufacturing Concentration – State ranked 2 nd nationally in % of total jobs in manufacturing (18%) </li></ul><ul><li>International Trade – Growing almost twice as fast as the U.S. as a whole </li></ul><ul><li>Incubator Development – State has the most incubators per 10,000 businesses in the nation </li></ul>
    10. 10. Wisconsin Business Incubator Locations
    11. 11. Wisconsin Incubator Trends <ul><li>Approximately 35 existing incubators </li></ul><ul><li>More than 1 million square feet of incubator space </li></ul><ul><li>Rental rates of $1.50 to $28.00 per square foot </li></ul><ul><li>78% occupancy rate - highest level since 1993 </li></ul><ul><li>Approximately 2,500 jobs were created in 2002 by Wisconsin incubator clients </li></ul>Source: Wisconsin Department of Commerce/Dr. Tom Lyons
    12. 12. Community Profiles
    13. 13. Communities of Interest River Falls Wausau Oshkosh Madison
    14. 14. Community Comparison by MSA Source: Woods & Poole Economics, 2004 * River Falls is not a MSA. Data is wt.avg. of St. Croix and Pierce Counties 130 $96.00 2.17% 90,400 0.62% 128,620 Wausau N.A. 133 31 Income Per Capita Rank (362 MSA's) $103.3 $97.94 $117.23 Wealth Index (US=$100) 2.72% 2.13% 2.54% Employment Growth Rate 54,000 108,490 418,000 Employment 1.54% 0.88% 1.32% Population Growth Rate 108,670 161,250 534,000 Population River Falls * Oshkosh Madison
    15. 15. Madison Community Profile <ul><li>#2 Medium Metro Area for Doing Business in America </li></ul><ul><ul><li>Inc. Magazine, March 2004 </li></ul></ul><ul><li>#1 Midsize City in the Midwest for Entrepreneurs </li></ul><ul><li>Entrepreneur Magazine, October, 2003 </li></ul><ul><li>#1 Small-Size City for Creativity </li></ul><ul><li>Rise of the Creative Class , Richard Florida </li></ul><ul><li>#5 Best Places for Business and Careers </li></ul><ul><li>Forbes, May 2003 </li></ul><ul><li>#2 Among America's Best Places to Live and Work </li></ul><ul><li>Employment Review, June 2003 </li></ul>&quot; A progressive, cosmopolitan city of over 200,000. Madison offers both small town charm and a range of cultural and recreational opportunities usually found in much larger cities.&quot;
    16. 16. Madison Community Profile <ul><li>City of Madison population – 215,000 </li></ul><ul><li>First-rate educational institutions </li></ul><ul><ul><ul><li>University of Wisconsin – Madison </li></ul></ul></ul><ul><ul><ul><li>Edgewood College </li></ul></ul></ul><ul><ul><ul><li>Madison Area Technical College </li></ul></ul></ul><ul><li>Strong healthcare – </li></ul><ul><ul><ul><li>5 general hospitals, 20+ major medical clinics </li></ul></ul></ul><ul><li>One of the lowest unemployment rates in the nation </li></ul>
    17. 17. The Importance of UW-Madison <ul><li>#2 U.S. university for research funding ($554M) </li></ul><ul><li>#1 in endowments for a public US educational institution </li></ul><ul><li>#6 in universities receiving most annual patents (81) </li></ul><ul><li>#1 in intellectual property rights by a public US educational institution </li></ul>
    18. 18. Oshkosh Community Profile <ul><li>Located on the western shore of Lake Winnebago, Oshkosh is known for its lumber mills, manufacturing firms, a variety of recreational activities and educational systems </li></ul><ul><li>Home to the EAA and the annual EAA AirVenture </li></ul>
    19. 19. Oshkosh Community Profile <ul><li>City of Oshkosh population – 65,000 </li></ul><ul><li>Located in Fox Valley region – growing population and employment center </li></ul><ul><li>Over 22% of the workforce is employed in manufacturing </li></ul><ul><li>Major employers: </li></ul><ul><ul><li>Curwood/Bemis (packaging tape/plastic film) </li></ul></ul><ul><ul><li>Affinity Medical Group (health care) </li></ul></ul><ul><ul><li>Oshkosh Truck Corp (specialized trucks) </li></ul></ul><ul><ul><li>Fonda Group (paper specialties) </li></ul></ul><ul><ul><li>Aurora Medical Group (health care) </li></ul></ul>
    20. 20. Oshkosh's Entrepreneurial Resources <ul><li>University of Wisconsin-Oshkosh </li></ul><ul><li>Fox Valley Technical College </li></ul><ul><li>Competitive Manufacturing through Technology Management </li></ul><ul><li>Collaborative Aviation Program </li></ul><ul><li>Collaborative Marina Management Program </li></ul><ul><li>Northeast Wisconsin Educational Resource Alliance (NEW ERA) </li></ul>
    21. 21. Wausau Community Profile <ul><li>&quot;Surrounded by woods, lakes and hills, Wausau has become the regional center for North Central Wisconsin. The Wausau area enjoys the fortunate combination of big-city amenities with the look and feel of the great Northwood's small-town hospitality.&quot; </li></ul>
    22. 22. Wausau Community Profile <ul><li>Major industries </li></ul><ul><ul><li>lumber </li></ul></ul><ul><ul><li>paper & food packages </li></ul></ul><ul><ul><li>building materials </li></ul></ul><ul><ul><li>agriculture & dairy products </li></ul></ul><ul><li>City of Wausau population – 40,000 </li></ul><ul><li>Manufacturing provides jobs for more than 25% of the work force and nearly 42% of total wages paid </li></ul><ul><li>The service sector (healthcare in particular) has more than doubled in employment since 1970 </li></ul><ul><ul><li>electric motors </li></ul></ul><ul><ul><li>road building </li></ul></ul><ul><ul><li>industrial machinery </li></ul></ul><ul><ul><li>veneers </li></ul></ul>
    23. 23. Wausau Area Employers <ul><li>Wausau Hospital </li></ul><ul><li>Wausau Insurance </li></ul><ul><li>Eastbay </li></ul><ul><li>Greenheck </li></ul><ul><li>Wausau-Mosinee Paper </li></ul><ul><li>Weyerhaeuser Paper </li></ul><ul><li>Proximity to Other Metros </li></ul><ul><ul><li>Milwaukee – 181 miles </li></ul></ul><ul><ul><li>Minneapolis – 175 miles </li></ul></ul><ul><ul><li>Madison – 140 miles </li></ul></ul><ul><ul><li>Green Bay – 93 miles </li></ul></ul>
    24. 24. River Falls Community Profile <ul><li>&quot;Growing community located 35 minutes from the Twin Cities metro area. Community has a strong passion for education and a healthy quality of life.&quot; </li></ul><ul><li>Nationally recognized Class One Trout Stream – Kinnickinnic River </li></ul><ul><li>Home to the NFL's Kansas City Chief's Summer Training Camp </li></ul>
    25. 25. River Falls Community Profile <ul><li>City of River Falls population – 13,000 </li></ul><ul><li>More than 8,000 people leave the area to work in Minnesota on a daily basis </li></ul><ul><li>St. Croix County's only Corporate Park </li></ul><ul><ul><li>located in active TIF district </li></ul></ul><ul><li>University of Wisconsin-River Falls (6,000 students) </li></ul><ul><li>Chippewa Valley Technical College </li></ul>
    26. 26. River Falls Area Employers <ul><li>QMR Plastics </li></ul><ul><li>Best Maid Cookie Company </li></ul><ul><li>O'Keefe Co. (cabinets,furniture) </li></ul><ul><li>BioDiagnostics Inc </li></ul><ul><ul><li>(genetic seed testing) </li></ul></ul>
    27. 27. Which community is most similar to yours?
    28. 28. Common Areas of Consideration and Assessment Common Questions Common Approach Assessment Categories Management Financing
    29. 29. Common Questions <ul><li>Can an incubator encourage high growth, high wage jobs? </li></ul><ul><li>Should we be more active in incubating technology companies? </li></ul><ul><li>What industry/company targets? </li></ul><ul><li>What is the competitive environment? </li></ul><ul><li>What are your distinct advantages? </li></ul><ul><li>Can a facility achieve breakeven status? </li></ul>
    30. 30. Common Approach <ul><li>Conduct interviews </li></ul><ul><li>Gather relevant data and research </li></ul><ul><li>Assess local and regional conditions and opportunities </li></ul><ul><li>Develop and consider options </li></ul><ul><li>Develop recommendations </li></ul>
    31. 31. Assessment Categories <ul><li>Market </li></ul><ul><ul><li>conditions and opportunities </li></ul></ul><ul><li>Facilities </li></ul><ul><ul><li>inventory and demand </li></ul></ul><ul><li>Management </li></ul><ul><ul><li>capacity and options </li></ul></ul><ul><li>Financing </li></ul><ul><ul><li>issues and opportunities </li></ul></ul>
    32. 32. Management <ul><li>Policy and procedure oversight (board of directors) </li></ul><ul><li>On-site management </li></ul><ul><li>Property management </li></ul>
    33. 33. Financing <ul><li>Needs </li></ul><ul><ul><li>Development costs </li></ul></ul><ul><ul><li>Holding costs for start-up period </li></ul></ul><ul><ul><li>On-going management and operating expenses </li></ul></ul><ul><ul><li>Tenant financing </li></ul></ul><ul><ul><ul><li>Debt </li></ul></ul></ul><ul><ul><ul><li>Equity </li></ul></ul></ul><ul><li>Risk/reward profile of supporting organizations </li></ul>
    34. 34. Sir Winston Churchill <ul><li>&quot;A pessimist sees the difficulty in every opportunity, an optimist sees the opportunity in every difficulty.&quot; </li></ul>
    35. 35. Case Summaries <ul><li>Wausau </li></ul><ul><li>River Falls </li></ul><ul><li>Oshkosh </li></ul><ul><li>Madison </li></ul>
    36. 36. Wausau - Market Summary <ul><li>History of successfully supporting entrepreneurs </li></ul><ul><li>Community support for new facility </li></ul><ul><li>Financial support for new facility </li></ul><ul><li>Recent start-ups not growth oriented </li></ul><ul><li>No local/regional cluster of tech firms </li></ul><ul><li>Shift in demand from light manufacturing to professional services </li></ul>
    37. 37. Wausau - Facilities Summary <ul><li>Existing facility has ongoing issues </li></ul><ul><li>Lack of defined market need for specialized space and improvements </li></ul><ul><li>Limited competing incubator space </li></ul><ul><li>Over 235,000 square feet of vacant commercial space </li></ul><ul><li>Limited demand for tech space currently </li></ul>
    38. 38. Wausau - Current Status <ul><li>Planning 36,000-40,000 square foot facility </li></ul><ul><li>Flexible design for health care, environmental, office, technology and light manufacturing </li></ul><ul><li>Have secured $2.5 million </li></ul><ul><li>Will pursue continued state funding </li></ul><ul><li>August groundbreaking planned </li></ul>
    39. 39. River Falls - Market Summary <ul><ul><li>Demonstrated ability to incubate start-up technology companies </li></ul></ul><ul><ul><li>Strong local support for investment in new incubator </li></ul></ul><ul><ul><li>Business advantages of UW-RF faculty, staff and students </li></ul></ul><ul><ul><li>Proximity to Twin Cities metro area </li></ul></ul><ul><ul><li>Regional interest in River Falls location </li></ul></ul>
    40. 40. River Falls - Facilities Summary <ul><ul><li>Existing commercial real estate is limited </li></ul></ul><ul><ul><li>Existing lab space not easily expandable </li></ul></ul><ul><ul><li>Limited demand for lab space currently </li></ul></ul><ul><ul><li>Twin Cities more focused on medical and computer related firms (North and West) </li></ul></ul><ul><ul><li>U of Minnesota has lab space for lease - spins out 10-15 commercial ventures annually </li></ul></ul><ul><ul><li>Current start-up funding levels fairly low </li></ul></ul>
    41. 41. River Falls – Current Status <ul><li>Incubating an incubator </li></ul><ul><li>Initial facility 6000 square feet </li></ul><ul><li>Private financing of tenant improvements </li></ul><ul><li>Co-located with largest local tech firm </li></ul><ul><li>Local management and marketing support and contributions </li></ul><ul><li>Option to purchase five acre parcel </li></ul>
    42. 42. Oshkosh - Market Summary <ul><li>Broad interest in high-growth, high-wage jobs </li></ul><ul><li>Both public and private sector would like to be involved in developing entrepreneurship </li></ul><ul><li>Few technology-focused companies in Oshkosh (1.8% of all firms in three county region) </li></ul><ul><li>Very few local start-up companies at this time </li></ul><ul><li>Potential for intellectual property and commercialization with major regional firms </li></ul><ul><li>Potential growth of outsourced services </li></ul><ul><li>Venture capital and angel investment activity in new firms has been fairly low </li></ul>
    43. 43. Oshkosh - Facilities Summary <ul><li>Approximately 340,000 square feet of existing commercial space available </li></ul><ul><li>Existing space could be made suitable and used as incubator space </li></ul><ul><li>Limited competing incubator space in the region </li></ul><ul><li>Willing private sector partners who could provide incubator space </li></ul><ul><li>Lack of clear demand for differentiated space </li></ul>
    44. 44. Oshkosh – Current Status <ul><li>Pursuing &quot;managed incubator network&quot; </li></ul><ul><li>Working with private sector building owners to participate in network </li></ul><ul><li>Developing institutional support for entrepreneurship </li></ul><ul><li>Developing budget for network operations </li></ul><ul><li>Researching private sector sources of commercial ventures </li></ul>
    45. 45. Dane County Incubators Existing 41
    46. 46. Drivers for Incubators in Madison <ul><li>UW-Madison Research </li></ul><ul><li>Wisconsin Alumni Research Foundation (WARF) </li></ul><ul><li>University-Industry Relations (UIR) </li></ul><ul><li>Wisconsin Innovation Network (WIN) – Venture Conferences </li></ul><ul><li>Strong Community Support for Technology Start-up Companies </li></ul>
    47. 47. Madison - Market Summary <ul><li>Existing public/private partnerships </li></ul><ul><li>Under-utilization of MATC students/facilities </li></ul><ul><li>MATC management capabilities </li></ul><ul><li>HUBZone designation </li></ul><ul><li>Proximity to UW-Madison </li></ul><ul><li>Expansion opportunities within adjoining T.E.C. Corridor </li></ul><ul><li>Growing regional technology cluster </li></ul><ul><li>Proximity to transportation linkages </li></ul>
    48. 48. Market Research Results <ul><li>Challenges </li></ul><ul><ul><li>Attracting UW researchers to T.E.C. Incubator </li></ul></ul><ul><ul><li>Differentiating T.E.C. Incubator from other Dane County incubators </li></ul></ul><ul><ul><li>Providing specialized equipment </li></ul></ul><ul><ul><li>Knowing appropriate mix of amenities to provide in incubator </li></ul></ul><ul><ul><li>Determining viability of cost recovery </li></ul></ul>
    49. 49. Madison - Facilities Summary <ul><li>Additional need for non-life science incubator space in Madison </li></ul><ul><li>Growth in engineering-related start-up firms </li></ul><ul><li>Emerging areas such as nanotechnology </li></ul><ul><li>Growing need for technical support services </li></ul><ul><li>Opportunities related to MATC facilities and students </li></ul><ul><li>Ability to physically expand in adjacent areas </li></ul>
    50. 50. T.E.C. Incubator Center
    51. 51. Madison – Current Status <ul><li>34,000 square foot building </li></ul><ul><li>13,000 square foot incubator space </li></ul><ul><li>3,000 square feet occupied by on-site manager </li></ul><ul><li>Targeted tenants include </li></ul><ul><ul><li>non-life science firms </li></ul></ul><ul><ul><li>technical support firms </li></ul></ul><ul><ul><li>procurement firms </li></ul></ul><ul><li>Currently has 12 tenants </li></ul><ul><li>Nearing full occupancy/potential expansion </li></ul>
    52. 52. Conclusion
    53. 53. Key Questions to Address & Confirm <ul><li>Do we have: </li></ul><ul><li>the right market? </li></ul><ul><li>the right management resources? </li></ul><ul><li>the right location? </li></ul><ul><li>the right timing? </li></ul><ul><li>a satisfactory return on financial and non-financial measures? </li></ul>
    54. 54. As you proceed… <ul><li>work hard </li></ul><ul><li>be flexible </li></ul><ul><li>expect success </li></ul>Secure support of the right partner(s) for your project.
    55. 55. <ul><li>&quot;Not everything that can be counted counts, not everything that counts can be counted&quot; </li></ul><ul><li>Albert Einstein </li></ul>
    56. 56. <ul><li>Thank You </li></ul>
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