Incubator, Accelerators, Tech Parks, and Other Hubs for Innovation & Entrepreneurship
International Economic Development Council Indianapolis, Indiana June 2, 2011
• 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 of the economic development professional as a network leader• How to move an innovation & entrepreneurship network to the next level in its development
• The Horse – The Innovation• The Jockey – The Entrepreneur
• The Horse – The Innovation• The Jockey – The Entrepreneur• The Track – The Community
K-12 Technology PipelineWorkforce Training Economic GardeningCommunity Colleges CapitalUniversities Mentoring Partnerships Strategic Alliances New ModelsBroadband MarketingPhysical Space AdvertisingNetwork Development Social Media Buzz
• 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
Clark Atlanta UniversityEmory UniversityGeorgia Institute of TechnologyGeorgia State UniversityGeorgia Health Sciences UniversityUniversity of Georgia
• 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
• 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?
• 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
ACEnet provides a wide range ofassistance to food, wood, andtechnology entrepreneurs in 29counties of Appalachian Ohio
Had a hunch that there was the potential for a network oftomato producers. Mapped the network by asking existingand 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?
Kitchen Incubator became ahub for restaurateurs andfarmers
• Farmers Market• Outdoor Café• Restaurant Association
• 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
OK, fair enough, but… – In what ways is it different? – In what ways is it the same? – What lessons can you learn from this case study?
NEW NETWORK LEADER ROLE RESPONSIBILITIESConvener Maintains the collaborative spacesConnector Links people, networks, and assetsCivic Entrepreneur Sees new opportunitiesGuide, Mentor Maps complex processesStrategist Reveals larger patternsSynthesizer Distills conversations into key points and patternsStoryteller Uses social media and other tools to create new narratives
• 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/
Scott Hutcheson Purdue UniversityPurdue Extension & Purdue Center for Regional Development Burton D. Morgan Center for Entrepreneurship 1201 W. State Street, Room 227 765-479-7704 (mobile) email@example.com www.pcrd.purdue.edu www.pcrd.typepad.com www.facebook.com/PurdueCRD www.twitter.com/pcrd