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UEDA Summit 2013 - Awards of Excellence - Community Connected Campus - The eFactory: Growing the Local Economy from Idea to Job Creation
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UEDA Summit 2013 - Awards of Excellence - Community Connected Campus - The eFactory: Growing the Local Economy from Idea to Job Creation

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Beginning in 2005 with the development of the Jordan Valley Innovation Center (JVIC), Missouri State University has shown a commitment to the redevelopment of an 88-acre footprint in Springfield’s ...

Beginning in 2005 with the development of the Jordan Valley Innovation Center (JVIC), Missouri State University has shown a commitment to the redevelopment of an 88-acre footprint in Springfield’s center city that experienced decades of decay and dilapidation. Known as IDEA Commons, Missouri State University’s vision and mission to create an urban innovation park has been touted as a new type of research park that blends right-brain and left-brain creativity by bringing together and encouraging collaboration between Innovation, Design, Entrepreneurship and the Arts.
Since 2009, Missouri State embarked on its most recent redevelopment project focused on fostering entrepreneurial opportunity to complement and leverage technical innovation at JVIC, the Small Business and Technology Development Center, and the ideas and creativity of the University’s faculty, staff and students. As a result, in March of 2013, the Robert W. Plaster Center for Free Enterprise and Business Development was opened to serve as the principal Entrepreneurship component of IDEA Commons.
Housing both The eFactory, a technology-focused business incubator and business development center, and the cooperative engineering program between Missouri State University and Missouri University of Science and Technology, this project has created a mixed-use development that provides opportunity for economic impact through new job creation as well as the advancement of educated persons who are equipped to contribute meaningfully in an evolving economy.
The eFactory has brought together many of the region’s economic development entities to create a one-stop-shop for entrepreneurs in order to facilitate their development from start-up to maturity, from idea to job creation.

View the case study: http://universityeda.org/value-to-members/best-practice-sharing/awards-of-excellence/awards-of-excellence-2013-finalists/the-efactory-growing-the-local-economy-from-idea-to-job-creation/

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    UEDA Summit 2013 - Awards of Excellence - Community Connected Campus - The eFactory: Growing the Local Economy from Idea to Job Creation UEDA Summit 2013 - Awards of Excellence - Community Connected Campus - The eFactory: Growing the Local Economy from Idea to Job Creation Presentation Transcript

    • The eFactory: Growing the Local Economy from Idea to Job Creation Allen Kunkel Associate VP for Economic Development Brian Kincaid Business Incubator Coordinator
    • MSU IDEA COMMONSTHE EFACTOR Missouri State University Missouri State University is known for its statewide Public Affairs mission – a focus on Community Engagement, Cultural Competence, and Ethical Leadership. Located in Springfield, Missouri Second-largest university in Missouri 180+ undergraduate & 50 graduate programs $ Sponsored research exceeds $20 million Kansas City St. Louis Springfield
    • MSU IDEA COMMONSTHE EFACTOR Urban Innovation Park I.D.E.A. Commons – Innovation, Design, Entrepreneurship, & Art. An effort to transform an 88 acre overlooked area of Springfield into a vibrant urban neighborhood. Jordan Valley Innovation Center (JVIC) Brick City (Art+Design, PharmD) Robert W. Plaster Center for Free Enterprise & Business Development
    • MSU IDEA COMMONSTHE EFACTOR Building on Success Expansion of IDEA Commons was based on the success of JVIC and a growing need identified by the University and supported by community partners. Evolution of the Innovation Park Model • More mixed-use development • Focus on supporting entrepreneurs with formal incubator space and specialized services • Develop a sense of place that’s attractive to young talent • University partnerships with entrepreneurs and local business
    • MSU IDEA COMMONSTHE EFACTOR Fostering Entrepreneurship Redevelopment of an abandoned space to create the entrepreneurial component of IDEA Commons, as the hub of entrepreneurship and small business development in the community. This mixed-use development provides economic impact and enhanced student experience. The Robert W. Plaster Center for Free Enterprise & Business Development • The eFactory • MSU/Missouri S&T Cooperative Engineering Program • MSU Printing & Postal Services
    • MSU IDEA COMMONSTHE EFACTOR The eFactory Created The eFactory to foster entrepreneurial opportunity and leverage technical innovation. Designed as a one-stopshop to assist businesses from start-up to maturity; from idea to job creation. Unique Springfield brand approach Long-term economic development & growth Creating a culture of entrepreneurship
    • MSU IDEA COMMONSTHE EFACTOR Mission and Vision Facilitate the successful growth and development of start-up and emerging businesses, creating high-wage jobs for the local economy. Support client companies in a way that will enable them to graduate from the incubator in three to five years and establish themselves in the local community.
    • MSU IDEA COMMONSTHE EFACTOR Partnerships Springfield Innovation, Inc. Small Business & Technology Development Center Management Development Institute Missouri Enterprise SCORE Missouri Procurement Technical Assistance Center Private business service providers and regional governments Other partners include Chamber of Commerce Springfield Angel Network, Drury University, SBA
    • MSU IDEA COMMONSTHE EFACTOR Business Incubation Program The Business Incubation Program lies at the heart of The eFactory’s mission and vision. With 20,000 sq. ft. of leasable space and a virtual incubator, the incubator gives start-ups room to succeed and grow. Target Industries • Manufacturing • Medical Device & Health Services • Logistics & Supply Chain Management • Technology (IT, software, energy solutions, agri-tech)
    • MSU IDEA COMMONSTHE EFACTOR Economic Impact Redevelopment Project: $11,500,000 • $2,750,000 Economic Development Administration • Significant private gift from the Robert W. Plaster Foundation • $7,000,000+ Missouri State University Over 450 businesses served Over 650 jobs created $30,000,000 investment in local economy Repurpose of underutilized properties Attraction and retention of human capital Long-term stability of University