Center for Enterprise Innovation (CEI) Summary for HREDA, 9-25-14

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This is a presentation given to the Hampton Roads Economic Development Alliance (HREDA) on 9-25-14. It describes the vision and goals for the new Old Dominion University (ODU) Center for Enterprise Innovation (CEI).

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Center for Enterprise Innovation (CEI) Summary for HREDA, 9-25-14

  1. 1. Old Dominion University Center for Enterprise Innovation (CEI) Innovating Regionally, Working Locally
  2. 2. Increased Focus on the “Grow Our Own” Strategy According to the Kauffman Foundation “… it is clear that new and young companies, and the entrepreneurs that create them, are the engines of job creation and eventual economic recovery.“ “[… in the period] 1980-2005, nearly all net job creation in the United States occurred in firms less than five years old.”
  3. 3. • One size does not fit all. • Each city and region seeking a more robust entrepreneurial ecosystem must adapt to its local strengths and weaknesses • Ecosystem stakeholders include anyone who can help encourage and support more entrepreneurship and entrepreneurs. • City government • Existing businesses, investors, banks, professional service providers • Social leaders, military • Research centers, universities, community colleges • The press. • As in a real-world ecosystem: • it is usually necessary to enhance several elements in parallel. • it often takes only one or two failures by key parts of the system to bring the entire thing to a halt! “The Entrepreneurship Ecosystem refers to the elements – individuals, organizations, or institutions – that are conducive to, or inhibitive of, the choice of a person to become an entrepreneur, or the probabilities of his or her success following launch.”
  4. 4. Old Dominion University Center for Enterprise Innovation Last summer President Broderick asked that we investigate ODU’s role and opportunities in business development and job creation. Investigate activities at other institutions Georgia Tech Research Institute University of Central Florida Review current ODU activities Proposal for the Future …
  5. 5. History and Impact: • Started in 1934 as the State Engineering Experiment Station. Conducts real world research to solve government and industrial problems. • More than 1,700 employees (including 800 engineers and scientists) in more than 20 locations around the US. • In FY 2013 contract awards totaled $305M (military accounting for 84%).
  6. 6. DOD: Military Sensing Information Analysis Center DOD: The Agile Aperture Antenna DOD: Integrated Blast Effect Sensor Suite CDC: Online Catch-up Immunization Scheduling Tool Industry: Intelligent Cutting and Deboning System Industry: 3-D solar cell Industry: Prototype Imaging System to Inspect Quality of Sandwich Buns
  7. 7. University of Central Florida Economic Development • Started in 1999 as the UCF Business Incubation Program. A University-driven community partnership providing early stage companies with enabling tools, training and infrastructure to create financially stable high growth/impact enterprises. • A total of 12 employees in 8 locations in central Florida working for UCFBIP, with 143 client businesses at those locations employing 835 employees • According to consultant analysis, UCFBIP activities between 10/1/2011 and 6/1/2013 directly sustained 1,856 jobs in central Florida (and 1,500 indirectly) and had a direct regional impact of $327M ($300M indirectly).
  8. 8. Incubation Sites: •Apopka •Central Florida Research Park •Daytona Beach International Airport •Kissimmee •Orlando •Photonics UCF Campus •St. Cloud •Winter Springs
  9. 9. Current ODU Activities Research Centers: • Center for Bioelectrics • Center for Educational Partnerships • Center for Global Heath • Climate Change and Sea Level Rise Initiative • Modeling and Simulation • Photovoltaics Research Laboratory Business Gateway: • Hampton Roads Procurement Assistance Center • Veterans Business Outreach Center • Women’s Business Center • Launch Hampton Roads • Technology Applications Center
  10. 10. Proposal for ODU Enterprise Innovation Faculty-Produced IP Student-Produced IP Externally-Produced IP Faculty  Federal Funding  1 FTE Limit  Research Facilities Students Bus. and Pub. Admin.  More than just certification Other Colleges  Cultivation of entrepreneurial spirit CEI Staff and Faculty  Monarch Business Innovation Gateway  Monarch Accelerator Partnership  Services Division  Monarch Innovation Laboratory  Monarch Innovation Foundation  Bureau of Business and Economic Research Enhanced Regional Economy Research Instruction Enterprise Innovation College of Continuing Education
  11. 11. Center for Enterprise Innovation (CEI) Enhance business development efforts in the Hampton Roads region through a collection of integrated services that will support existing and new businesses to become strong contributors to the economy.
  12. 12. Center for Enterprise Innovation Monarch Business Innovation Gateway Monarch Accelerator Partnership Network Chesapeake Norfolk Virginia Beach Suffolk Portsmouth Services Division Monarch Innovation Veterans Business Outreach Center Women’s Business Center Hampton Roads Procurement Assistance Center Laboratory Monarch Innovation Foundation Bureau of Business and Economic Research University Enterprise Centers College of Business and Public Administration College of Continuing Education
  13. 13. Focus is on each City instead of “The Region” Economies differ: • Even within cities, the type, character, and target markets of startup companies can vary widely. Entrepreneurs Differ: • Principals seek a range of services, lifestyles, and environments • Downtown is not Oceanview, The Oceanfront is not Town Center, Old Town in not Mid-town, South Norfolk is not Greenbrier… Start them in your city. Keep them in your city!
  14. 14. ODU will support each City’s “Grow Your Own” Strategy Focused on the six types of startup venture: 1. Scalable Ventures: Born to Be Big. 2. Buyable Ventures: Born to Flip. 3. Lifestyle Ventures: Work to Live their Passion. 4. Social Ventures: Driven to Make a Difference. 5. Large Company Ventures: Innovate or Evaporate. 6. Small Business Ventures: Work to Feed the Family.
  15. 15. ODU will support each City’s “Grow Your Own” Strategy • Co-working space(s): temporary shared desks & conference rooms for freelancers, creatives, small teams, mobile workers • Accelerator(s): dedicated space for early stage companies ready for intense, rapid boost to market • Incubator(s): Longer term space for startups needing time to develop products, markets, and models. “Hybrid Model” tailored to the unique character, culture, & economy of the city Each can be a “Professional Development Center” focusing on local entrepreneurs & their teams
  16. 16. ODU will support each City’s “Grow Your Own” Strategy Partnership is the key: • City provides space & utilities, funding for outfitting & operations, PR & marketing support, local relationships • ODU brings: • Professional on-site management • Best-process-based client selection & tracking • Professional development, networking events, other programming • Mentors and professional service providers drawn from the city! • Access to appropriate capital • PR, marketing, “grass-roots” connection to regional entrepreneurship groups It’s a unique opportunity to build relationships with ventures that start and stay in the city.
  17. 17. So How Do we Do This? Detailed planning based on best practices: • Staffing (job descriptions, salaries, day-to- day functions & processes) • Facility layout (percentage for co-working, “allocated” accelerator & incubator company space) • Identify city-based mentors & service providers (Lawyers, CPAs, Bankers, Investors, Consultants, HR professionals, etc.) • Define and approve client acceptance criteria • Financial model based on hybrid approach 1. Identify a place in the city on which to focus our attention 2. Pick the target company type(s) 3. Craft a Hybrid model that fits the need: • X% Co-working • Y% Acceleration • Z% Incubation
  18. 18. Financial Model Co-working Space(s) • Freelancers, creatives, mobile workers pay ~$10/day, ~$50/mo., ~$500/yr. for shared table space • Depending on space layout, permanent offices available at market rates • ODU Students get a free membership • ODU Faculty pay discounted rate • “Affiliate Members” with other co-working spaces in Hampton Roads. Incubators/Accelerators • Candidates apply for membership on a rolling basis • Selection criteria based on best practices from NBIA and similar organizations • Accepted clients pay an annual fee, reduced-rate rent, training and event fees as appropriate • ODU/City do not take equity in clients • ODU Innovation Foundation is an independently-run source of equity funding • Mentors & service providers are pro bono.
  19. 19. Economies of scale … Each City’s installation(s) benefits from the presence of the others: • Consistent and professional training, mentoring, programs, and networking events • Best-process-based selection criteria, client progress tracking, and “graduation” milestones. … but with a local focus! • Each installation reflects the uniqueness of the city & neighborhood! • Can be multiple installations within the city!
  20. 20. Additional Resources can be brought into the mix… Local serial entrepreneurs interested in “Entrepreneur in Residence” positions: • Unpaid, on-site, “looking for the next adventure!” ODU Business Gateway has programs targeted at women entrepreneurs, veterans, artists/creatives, technology companies, etc. • Can develop programs for specific industries/clusters already present in the City! Existing relationships with additional funding sources and support organizations: • 757Angels, New Dominion Angels, Lowe Foundation, NBIA, Virginia Active Angel Network, TandemNSI, Amplifier Ventures, etc.
  21. 21. And Corporate Sponsorships …
  22. 22. The CEI team has been in this business for decades Marty Kaszubowski, Executive Director • Founding Director of the Hampton Roads Technology Incubator, former Executive Director of Technology Council • Board Member and Advisor to numerous local and international incubators & accelerators • Consultant and mentor to startups in the US and overseas Business Gateway Staff: • Entrepreneurship training & mentoring • Strong focus on veterans, woman-owned businesses ODU College of Continuing Education & Professional Development Strome Center For Entrepreneurship
  23. 23. Questions? Questions? Marty Kaszubowski Executive Director Center for Enterprise Innovation (CEI) (757) 376-7828 MJKaszub@ODU.edu

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