VCET Today• 2005 doors opened as classic incuba2on program • 2007 total remake of programs, value proposi2on and infrastructure began • Financial support from US Senator Patrick Leahy, Vermont Technology Council, Agency of Commerce, UVM and Middlebury College • 2.5 Employees, 1-‐3 EIR’s, 3-‐4 interns, 100+ mentors/advisers, scores of strategic partners, network eﬀect of 36+ Client ﬁrms. Outstanding Board of Directors • Opera2ng budget halved, impact up 20x
VCET TodayMentor Network (i.e. Talent Cloud, volunteers) Incuba0on Programs (2 facili2es, remote services, partners and hands-‐on counseling/assistance) Seed Capital Fund ($5M revolving fund, May 2010) Por<olio Impact
How We Innovate• Institutional paranoia around relevancy to Vermontentrepreneurial ecosystem• Measure key performance drivers to validate relevancyand reach to entrepreneurs• Engage with regional and national partners to learnabout not just best practices, but superior outcomes• Solve their problems, not necessarily ours• 1 principal new initiative a year
Innovation In PracticeForward Leaning – Highly Relevant – Great Timing • Entrepreneurs-In-Residence • Seed Capital Fund • Partnerships • Tech @ Networking Series • Co-working space • UVM Start • What’s Next ?
Get Involved!• 8 Student Teams• Each raising ~$3,000• 45 Day Campaigns• Launching October 18th• www.uvmstart.org
Challenges Ahead• Maintaining high degree of relevance and service levels to Entrepreneurial Ecosystem• Scaling the VCET team and services model to meet record market demands• Deepening relationships with Colleges and Universities for faculty and student start-ups• Securing modest annual funding to replace expired Senator Leahy provided SBA grants• Supporting entrepreneurs and their inherent ever dynamic situations