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Entrepreneur Center
- 1. Velocity Consulting CarlyBigi, Kevin Horvitz, Joe Loftus, Allan Williams, Ashley Zeiger
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- 3. Our Challenge: Bringin the top 20% of young entrepreneurs (30 & under) to Entrepreneur Center.
- 4. Capital Community CounselThe EC Circuit
- 5. Disconnect Only 55% of young entrepreneurs have heard of the Entrepreneur Center. Velocity Consulting. (Survey of Entrepreneurs, October 2010)
- 6. The EC CircuitCapital Community Counsel Consolidate Clarify Connect
- 7. Roadmap To bringin the top 20% of entrepreneurs, we will Consolidate market Clarify resources Connect community
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- 9. 17.3% of total entrepreneurial growth since 2004 is among those aged 25-34 Nationally, business start-ups increased by 4% between 2008-2009, 50% of which is from entrepreneurs below the age of 40 Kauffman. (2009). Demographic Information. Retrieved October 7, 2010, from Kauffman website: www.kauffman.org
- 10. Your customer Ernest Caesar
- 11. How do wereach the A’s? Caesar Independent Study ECisodes Industry Insiders EC Elite Coffee Sleeve Website Ernest
- 12. Online Searches 43% said online research EC ranked 5th in “entrepreneur” search. 60% said they would search “new business” EC doesn’t show up in first 10 pages Velocity Consulting. (Survey of Entrepreneurs, October 2010)
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- 14. Value of ResourcesVelocity Consulting. (Survey of Entrepreneurs, October 2010)
- 15. Superior Resources CounselCapital Community
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- 18. ECisodes Visually communicatingthe entrepreneurial mindset & lifestyle , and showing the EC electrifying creation of new ideas
- 19. Benchmarks Techstars .(n.d.).The Founders. Retrieved October 24, 2010, from http://www.techstars.org/
- 20. Benchmarks Unreasonable institutegiving high-impact entrepreneurs wings. (n.d.). Retrieved October 27, 2010, from http://unreasonableinstitute.org
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- 24. Independent Study DigitalMedia/ Entertainment Computer Science Film Studies Art Technology Electrical Engineering & Computer Sciences Social Enterprise Sociology Economics Healthcare Medicine, Health, and Society
- 25. Independent Study OneSemester Departments align with Industries Career Center Entrepreneurial Learning Contract
- 26. Independent Study FilmStudies Vesna Pavlovic Electrical Engineering Julie Johnson Sociology Laurie Woods Terrie Spetalnick Medicine, Health, & Society Courtney Muse
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- 28. Industry Insider Partneringwith business to identify entrepreneurial employees to create innovative solutions within their industry
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- 30. Coffee Sleeve EntrepreneurCenter Ernest just received the $55,000 funding he needed to start his mobile application for networking. Pearescope will launch in July 2011.
- 31. Benchmarks Client ReferralsSocial Media Boulder Innovation Center Entrepreneur Center in Dayton, Ohio Client Referrals Chicagoland Entrepreneurial Center Client Referrals 1. Boulder Innovation Center Boulder's Entrepreneurial Hub. (n.d.). Retrieved October 24, 2010, from http://www.boulderinnovationcenter.com/ 2. Entrepreneurs Center Dayton. (n.d.). Retrieved October 24, 2010, from http://www.tecdayton.com/ 3. Chicagoland Entrepreneurial Center. (n.d.). Retrieved October 28, 2010, from http://www.chicagolandec.org/
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- 33. The EC EliteReferral Event Experiencing Community Catered by local entrepreneurial restaurants Financial Incentive Every 2 months
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- 35. Financials EC EliteInvitations $164.88 Referral Rewards $15,000.00 Part-time Employees $25,500.00 Website Redesign $5,000.00 Ecisodes $1,500.00 EC Annual Reunion $1,516.64 Coffee Sleeves $356.25 NBIA Membership $525.00 Total: $49,562.77
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- 37. BIC Metrics BoulderInnovation Center. 2009 Metrics Report. (2009). Retrieved October, 2010, from Boulder Innovation Center Website: http://www.boulderinnovationcenter.com/PDF/newsletters/BIC%20Metrics%20Report%202009.pdf
- 38. How to Thinkabout ROI Client Economic and Lifetime Value 20% of 75 referrals incubated means 15 33 New companies New Jobs
- 39. Revenue Projections Byaveraging out statistics from the Boulder innovation Center we project that the approximate 15 new companies that our marketing should bring in year one will create roughly $2,734,756 in revenues of current clients.
- 40. The Complete CircuitCapital Community Counsel Consolidate Clarify Connect
- 41. Electrifying Creation Today for Tomorrow
- 42. Bibliography Ann arborspark business accelerator. (n.d.). Retrieved October 25, 2010, from http://www.annarborusa.org/business-accelerator note: Website provided information of what their key successes are Austin Technology Incubator. (n.d.). Retrieved October 28, 2010, from http:// www.ati.utexas.edu/ Note: Website provided great success statistics that ATI has earned Boulder Innovation Center Boulder's Entrepreneurial Hub. (n.d.). Retrieved October 24, 2010, from http://www.boulderinnovationcenter.com/ Note: Provided statistics explaining the impact and success they have garnered Chattanooga economic development. (n.d.). Retrieved October 26, 2010, from http:// www.chattanoogachamber.com/economicdevelopment/ Note: Website provided numbers of how much it costs to rent out for clients as well as Virtual office. Chicagoland Entrepreneurial Center. (n.d.). Retrieved October 28, 2010, from http://www.chicagolandec.org/ Note: Website provided great success statistics that Chicagoland Entrepreneurial Center has earned Concho valley business resources. (n.d.). Retrieved October 28, 2010, from http:// www.cvbiz.org/ Note: Website had great personal success stories from clients. Demographics. ( n.d.) . Retrieved September 07, 2010, from Nashville Area Chamber of Commerce website: http://www.nashvillechamber.com/Homepage/BusinessNashville/Research/Demographics.aspx Currently 28.7% of people in Nashville have bachelor’s degrees or higher. Ecorner Stanford University's Entrepreneurship Corner. (n.d.). Retrieved October 23, 2010, from http://ecorner.stanford.edu/index.html Note: Website provided great insights for EC website to follow
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- 44. Bibliography Nashville BusinessIncubation Center (Personal communication November 3, 2010). National Business Incubation Association. (2010) About NBIA. Retrieved October 25, 2010, from NBIA.org website: http://nbia.org/about_nbia/ National Business Incubation Association. (n.d.) Membership Categories. Retrieved October 25, 2010, from NBIA.org website: http://nbia.org/join_nbia/membership_categories.php The business incubator center the grand valley's center for entrepreneurship. (n.d.). Retrieved October 27, 2010, from http://www.gjincubator.org/ Note: Provided information on ways to market. Techstars. (n.d.). The Founders. Retrieved October 24, 2010, from http://www.techstars.org/ U.S Bureau of the Census (n.d.) State and Country Quick Facts. Washington D.C: Bureau of the Census. Retrieved from U.S Census Bureau website: http://quickfacts.census.gov/qfd/states/47/4752006.html Note: The EC will primarily have White and African American customers, since these races make up for 92.7% of the Nashville population Unreasonable institute giving high-impact entrepreneurs wings. (n.d.). Retrieved October 27, 2010, from http://unreasonableinstitute.org/ Note: Website provided a youthful, vibrant website in ways the EC can follow.
Editor's Notes
- #5 Building off of electrifying creation, we view the EC as a circuit. You provide your resources to the entrepreneurs, they grow and prosper, and the circuit is completed by their contributions back to the EC through capital, counsel, and being a part of the Nashville community. However, there is a disconnect in this circuit.
- #6 Based on a survey conducted by Velocity of 44 young entrepreneurs in Nashville.
- #7 This disconnect is the key to sustainably attracting young entrepreneurs to the EC.
- #8 How we will address the challenge Today we are going to address... Format: Electricity current Simply explained; align parts with portions of presentation Electricity is the flow of electrons around a circuit Consolidate efforts to your personified target markets: Ernest Caesar 2. Clarify your offerings: - Counsel - Capital - Community 3. Connect with the community to create brand awareness: - Partner with universities - Online Resources - The EC Elite - Innovating Industries
- #11 Focus on large share of Earnests and Caesars through concentrated (niche) marketing: Meet Ernest: * He's a junior in college studying neuroscience and economics * He is interested in social enterprise and currently has 3 ideas swarming in his head * His is a member of the Belmont Entrepreneurial Club * He mountain bikes on the weekends for fun * Geographically target: Vanderbilt, Belmont, Lipscomb, Trevecca Nazarene Meet Caesar: * He's a focused leader * Young professional out of college who has been working for a healthcare consulting company in Nashville for past 5 years * Looking to start a new healthcare tech application for mobile phones * Well connected to other entrepreneurs in Nashville through meetup.com and the Nashville Technology Council Earnest- full-time college student working towards degree (age 17-23); engages in entrepreneurial courses and clubs; time constraints due to class schedule; permanent address not in Nashville * Geographic: currently living in Nashville, although permanent address is in another city and state * Demographic: Primarily male (Kauffman, 2009), ages 17-23 (Kauffman, 2009; Small Business Finance, 2005), minimal income, financial support from family, primarily white (U.S. Census Bureau, 2000) * Psychographic: Middle- Upper middle social class, noncommittal and flexible lifestyle (lack definite career direction); full-time student (lives on campus); high-energy, creative, and involved personality * Behavioral: high school education/ partial college (Kauffman, 2009; Demographics, 2010); does not understand implications of not having a job/ steady income; enjoys challenges (Littunen, 2000) * Occasions: class projects, organization brainstorming, job hunting, planning lifestyle Caesar- working professional (ages 24-30); partially developed business plan; limited time; limited capital; permanent address is Nashville * Geographic: permanent address in Nashville; primarily live in suburbs or rent in urban areas * Demographic: Primarily male, ages 24-30, middle class income (dissatisfied with their earnings based on perceived earning potential), committed relationship (possibly with children) * Psychographic: Middle social class, structured lifestyle, fully scheduled during the day, previous career experience, high-energy, creative, and involved personality * Behavioral: Completed high school and at least some college education (How a business, 2010; Demographics, 2010); less likely to take risk due to value of financial stability * Occasions: laid off work/ quit, identified idea in networking site and/or organization Segmentation of Earnests and Caesars is: * Measurable: 15,053 undergraduate students; 9,259 graduate students (Vanderbilt University, 2010; Belmont University, 2010; Lipscomb University, 2009; Trevecca Nazarene University, 2010) * Accessible: Reached through independent study option in course catalogue, in business-focused organizations, entrepreneurial/creative classes (research- reason for being entre was creativity), career center * Sustainable: Students body turns over every 4 years, sustainably offering new market of young entrepreneurs * Differentiable: Students are looking for opportunity to have job after school and receive credit hours; Caesars are looking to act on unique idea and do something better (research) Resources/ Notes: Kauffman. (2009). Demographic Information. Retrieved October 7, 2010, from Kauffman website: www.kauffman.org * In 2009, the highest rate of entrepreneurial growth was in high school and college aged individuals (Kauffman, 2009) o Demonstrates continued growth from 2004, when the highest rate of entrepreneurship growth was among those aged 25-34, accounting for 17.3% of total growth (Cornwall, 2004). * The rate of entrepreneurial entry in 2009 was highest for those with less than a high school education; the majority of entrepreneurs have some college education or less (Kauffman, 2009). * Over the past ten years, men have consistently dominated entrepreneurial activities; For every one female entrepreneur, there are two males (Kauffman, 2009). Demographics. (n.d.) . Retrieved September 07, 2010, from Nashville Area Chamber of Commerce website: http://www.nashvillechamber.com/Homepage/BusinessNashville/Research/Demographics.aspx * Currently 28.7% of people in Nashville have bachelor’s degrees or higher. How a business Degree can Translate into Entrepreneurial Success. (2009). Retrieved October 4, 2010, from: http://www.morebusiness.com/business-degree * Nashville is a fertile ground for entrepreneurs as 72 percent of entrepreneurs have an education level of at least college Littunen, H. (2000) Entrepreneurship and the characteristics of the entrepreneurial personality. International Journal of Entrepreneurial Behaviour & Research, 6, 295-310. Retrieved October 8, 2010, from the website: http://www.emeraldinsight.com/journals.htm?issn=1355-2554&volume=6&issue=6&articleid=1455212&show=html * Note: Becoming and acting like an entrepreneur is part of the learning process and develops personality drive to solve problems is reciprocally related to control by others (results in independence) Less partners show less control of others and more mastery. U.S Bureau of the Census (n.d.) State and Country Quick Facts. Washington D.C: Bureau of the Census. Retrieved from U.S Census Bureau website: http://quickfacts.census.gov/qfd/states/47/4752006.html * The EC will primarily have White and African American customers, since these races make up for 92.7% of the Nashville population Vanderbilt University. (2010) ReVU: Quick Facts. Retrieved November 1, 2010, from Vanderbilt University website: http://www.vanderbilt.edu/about/facts/ Belmont University. (2010) Belmont Quick Facts. Retrieved November 1, 2010, from Belmont University website: http://www.belmont.edu/prospectivestudents/why/quickfacts.html Lipscomb University. (2009) Lipscomb Marks Fourth Record Year of Enrollment. Retrieved November 1, 2010, from Lipscomb University website: http://www.lipscomb.edu/filter.asp?SID=4&fi_key=704&co_key=16314 Trevecca Nazarene University. (2010) Trevecca Nazarene Info. Retrieved November 1, 2010, from Trevecca Nazarene University website: http://www.trevecca.edu/info/quick.facts.html
- #13 * Website set up: o 43% of people said their first step in starting a business would be online research. o Good: fifth as “entrepreneur”; o Bad: 60% of people said they would search for “new business” on Google; Problem: the EC does not crack the first ten pages of “new business” results; More problem: Google statistics showing no one looks this many pages back. o We recommend: Change ad words away “entrepreneur” and towards “new business” o Success: your target market lands on your site. Fail: your site. o Show website (fade to back when stats come up): 90% of people did not like the layout of the site- “too confusing, not clear what services the Entrepreneur Center provides.” 83% of people did not know that there were currently tenants at the EC.
- #14 First step: Clarify Your Offerings
- #15 Based on a survey of 44 young entrepreneurs conducted by Velocity consulting in October 2010.
- #16 Competitive Advantage For entrepreneurial-minded college students and young professionals who need help turnings their ideas into reality, The Entrepreneur Center provides connection to counsel, capital, and community that propel entrepreneur's endeavors into concrete businesses in six months. Unlike other entrepreneur centers, who provide resources and development for entrepreneurial ideas, the EC provides a unique collaborative working space with the brightest minds and is centrally located in Nashville, TN a fertile city for economic growth and an emerging leader in entrepreneurial business opportunities. Michael Burcham provides the essential training and guidance for entrepreneurs to turn their business idea into reality, which results in more jobs and fertilizing the economy of Nashville to make it the #1 best place to start a business. Results based on personal survey of 44 entrepreneurs (Velocity Consulting, 2010) * Participants ranked the value of: o Permanent workspace o Access to capital o Constructive feedback o Structured training o Networking with other entrepreneurs o Ease of accessibility of resources o Resources located in Nashville o Leadership with successful experiences * Scale: o Not important, somewhat important, Important, Very important Biggest barrier to business start-up (Velocity Consulting, 2010): 1. Access to capital (25%) 2. Business knowledge (20%) 3. Guidance (18%) 4. Time (23%)
- #17 Explain resources through story Unreasonable institute Boulder Innovation Center- has raised $30.7 million in capital in 5 years Entrepreneur Center in Dayton- has raised $10 million dollars All of these focus on their tenants >>Thus we suggest, focus on story of entrepreneurs at EC to sell to other entrepreneurs and other investors 2. Focus on specific advantages of the EC rather than general entrepreneurship: * In every successful Benchmark company, they prominently display statistics showing the impact they have made. Market the Advantages of the EC rather than being an Entrepreneur in general: Almost every successful benchmark for the EC prominently displays the impact and success that their company has created. This technique gives merit to the company and allows the potential client to feel as though he will actually receive tangible results. For instance, the Boulder innovation Center publishes on their website a very detailed metrics report, that is the most visited page on their website (Gricus, 2010). This report shows that in the last 5 years they have created 249 jobs, raised 30.7 million in capital, raised 59.4 million in revenues, and 31.3 million in wages and services (Boulder innovation Center, 2010). In addition to the BIC, companies like Chicagoland Entrepreneurial Center also broadcast their success on their website and in lectures and pamphlets that they provide. According to their website, since 2003, the CEC has raised $242 million in revenue and raised $143 million in financing, and created or retained nearly 6,050 jobs (Chicagoland Entrepreneurial Center, 2010). Clearly, given the EC’s recent opening, publishing success stories and numbers like these is not exactly possible. However, the majority of these benchmark companies sited this as a key success factor. The EC can use the projections we make on financial returns in our Financial section and place them on their website. Right now, the EC website simply focuses on the advantages of being an entrepreneur. Instead it should focus on the precise benefits it can bring, and what its entrepreneurs are doing now. 3. Client Referrals: * Despite the competitive aspect of business, a number of benchmark companies focus on the community of entrepreneurs. Entrepreneurs are well connected to each other and the people that clients refer are often the most adept candidates. Client Referrals: As Evidenced in our breakdown of benchmark companies, client referrals serve as an excellent marketing tool for the majority of business incubation centers. The Boulder incubation Center estimates that about 30% of its clients come in based on referrals (Gricus, 2010). Our EC elite program hinges on client referrals and would be our major marketing tool. We would provide financial incentives to companies to give profitable referrals. 4. Market at sources of capital: Banks and economic development agencies * Capital is the most important asset to many entrepreneurs. If you place your product where the capital is, you will reach the entrepreneurs who are already taking initiative. Market at Sources of Capital: The most sited necessity for the entrepreneurs we surveyed was clearly capital. Similarly, it is a focus for many benchmark companies. Jedd Marston of Business development center in Chattanooga explains that he markets directly at places that entrepreneur go to capital. For instance, at banks, and economic development agencies (Marston, 2010). The Chicagoland Entrepreneurial Center also employs similar techniques for great success (Chicagoland Entrepreneurial Center, 2010). People who are already trying to access funds are entrepreneurs who are taking initiative. This is exactly the type of client that the EC wants- someone who is passionate and proactive. The EC should develop a relationship with banks and economic development agencies in the area to harness this practice. 5. Partner with Universities: * Universities are filled with some of the most elite and hard working young people around. Almost every successful Benchmark company is connected to Universities and draws clients and resources from them. Partner with Universities: Every benchmark that we researched had some form of partnership with universities. Not only do they get capital from the universities, they get both enthusiastic clients and employees. For instance, the Austin Technology Incubator employs roughly 10-15 interns each year, and even has course credit options available (Austin Technology Incubator). BDPS 1.Boulder innovation Center: A. Statistics show their great success: In the last 5 years have created 249 more jobs, raised 30.7 million in capital, raised 59.4 million in Revenues, and 31.3M in wages and salaries. In an interview with their marketing team they sited that their success has been pivotal in breading more success. The EC's quick impact on the entrepreneurial scene and plan to move in to a larger incubation space in the near future provides them with a similar opportunity to have great success. (Boulder innovation center, 2010) B. Separating Target Markets: When you first apply to the center they break you down into separate target areas including Early Stage Companies, Researchers & Investors, and Angel Investment. By separating who they market to (Early Stage companies, research and investors, angel investors) they are able to efficiently get customers in and out and match up investors with entrepreneurs. The average length of stay is only 4 months (Boulder innovation center, 2010). C. Bring together entrepreneurs with Industry Experts: Immediately after you have been broken into a specific area, the BIC connects you with as many advisors as they can to help you with your venture. They have a database of roughly 900 advisors (Boulder innovation center, 2010) D. Client Referrals: One of the major success factors for BIC is client referrals. Despite the competitive nature of the industry, the BIC has found that it is a very community oriented industry. Client Referrals have created some of the best clients for the BIC. The EC Elite program that we have proposed would directly play off of this benchmark. We would give financial incentive to each entrepreneur in the incubator to research and refer people to EC whom they believe possess the qualities of a successful entrepreneur (Gricus, 2010) Side Notes: The BIC charges a fee of $750 per month for clients inside Boulder county and $1,200 per month for clients outside. 2.The Entrepreneur Center In Dayton: A. Show off the Tenants: The Dayton EC does a tremendous job of giving the potential client a personal connection to the people they have already helped. The Website cleanly shows pictures of each tenant and describes what they do. The EC should definitely use this approach to show who they are helping. (The Entrepreneur Center Dayton) B. Social Media: Has begun to incorporate into other venues of marketing including YouTube and Linked In. Being an entrepreneur is very dependent on the connections that you make and that is exactly what Linked In does. This use of social media also plays into the EC Dayton’s great use of client referrals. The community aspect that is created from these social networks draws in a about 50% of their clients (Hill, 2010). C. Business Incubators: Explains that most 50% of business start-ups fail within the first four years. However, companies that graduate from business incubators have a success rate: 85% remain in business five years after graduation. These notes of success give the aspiring entrepreneur more desire to join in the industry. D. Partnerships: EC Dayton boasts over 40 partnerships that have helped raise over $10 million dollars. 3. Austin Technology Incubator: (Austin Technology Incubator, 2010) A. Advertise Statistics on the impact and success that they have garnered: Similar to the Boulder Incubation Center, a significant part of its marketing is conveying the impact that they individually have had. Immediately on their homepage and on the flyers that they hand out it explains that since their founding in 1989, the ATI has worked with over 150 teams of entrepreneurs and raised over $725 million dollars in investor capital. Although the EC has not been around nearly as long as ATI and therefore does not have the statistical data to back up what it has done yet, it can still use projections to illustrate what its impact will be. Rather than simply explaining that the EC wants to make a large impact in Middle Tennessee, the website should clearly show financial estimates of how much capital they can bring to the city, and how many jobs they believe they will create. B. Separates industries: Rather than clump all of their potential entrepreneurs into one overwhelming group, the ATI immediately breaks them down into four distinct categories: Bioscience, Clean Energy, IT, and Wireless. Once the entrepreneur selects an industry they are placed with that particular industries experts. ATI indicates that this distinction has made them much more efficient and has allowed them to avoid wasted time placing clients with the correct resources. The EC also focuses on four distinct categories, and should split them up to make them more efficient. C. Partners with the University of Texas: The ATI is a non-for-profit division of the University of Texas at Austin. Shannon Lundquist from ATI explains that the affiliation with the University is essential to their success. First and foremost, the University supplies great financial support. Yet, in addition to capital, they offer 10-15 internships per year. These internships vary from full time paid in the summer, to part time paid and volunteer during the school year, and class credit options are sometimes available. With the EC only having two full time employees, it would be extremely beneficial to partner with a school like Vanderbilt and get more students helping the company grow. Also, Michael Burcham already has great connection with students given his summer Accelerator program, and he could use these connections to spur this project. D. Bureau of Business Research: In addition to providing their own resources the ATI has a partnership with Bureau of Business Research whose mission is to provide Texas businesspeople and policy makers with economic research and data to strengthen the state’s business environment. This had been a huge success factor for the ATI in that they can refer people who do not have a truly formulated business idea to the BBR, so that they can perform the necessary research needed to develop their idea. 4. Chicagoland Entrepreneurial Center: (Chicagoland Entreprenurial Center, 2010) A. Publish Statistics explaining the impact and success that they have garnered: The CEC is another company that markets the impact that they have had on the Chicago region. In general, this tactic is very useful because it gives the company merit. Since 2003, the CEC has raised $242 million in revenue and raised $143 million in financing, and created or retained nearly 6,050 jobs. These numbers are what define the company and that’s what customers want to see. B. Partnerships: The CEC partners with a number of very influential companies, and they indicate this as a huge factor for their success. Right now, the EC is only partnered with a few companies, but the huge benefit of the CEC partnership is that they constantly get referrals from other business in the Chicago area. Specifically, they are partnered with universities, mayor’s council’s, small business administrations, and many other corporations C. Staff goes to Universities and Entrepreneurial groups: A key marketing tool for the CEC is lecturing at an array of different venues about the product. They consider themselves an elite group and specifically target elite clients. They have a successful member of their staff go into university classrooms and explain the purpose and benefits of the company. Since starting this process they have experienced a 12% growth in number of visits. D. Focused on Funding: The CEC has determined that the asset most desired by their clients is capital and they focus on this in their advertising. On the website, in every presentation, and in their pamphlets this is the first benefit that is listed about the CEC. 5. Stanford Entrepreneurship Network/E Corner Stanford University's Entrepreneurship Corner: (E Corner Stanford University Entrepreneurship Corner, 2010) Although the combinations of these centers at Stanford are not truly business incubation centers they still have valuable assets that can be taken away from the way that they market to entrepreneurs A. Partnerships: Partnerships are the main focus for Stanford’s business model and marketing. They combine 14 different organizations all into one larger structure that provides academic, technological, and investor resources to entrepreneurs. B. Video on Podcasts of Lectures: The E corner website is very similar to the EC’s in that it shows an array of interesting lectures about being an entrepreneur. Yet, it has a large advantage because it breaks them down by subject area specifically C. Stanford Entrepreneur Week: This has been a pivotal marketing tool for the Stanford Entrepreneurship Network. By creating one whole week completely devoted to entrepreneurs and completely devoted to marketing, many people become inundated with the information, and more visits to their center occur in that week than any other entire month of the year. D. Coaches on Call: They make themselves very easy to contact and since they have initiated this very easy method of asking for advice the number of students attending the company has increased drastically. References: The Entrepreneurs Center Dayton. (n.d.). Retrieved October 24, 2010, from http://www.tecdayton.com/ Note: Website showed who tenants were and what they were doing. Hill, Jim (Personal Communication October 24, 2010). Boulder Innovation Center Boulder's Entrepreneurial Hub. (n.d.). Retrieved October 24, 2010, from http://www.boulderinnovationcenter.com/ Note: Provided statistics explaining the impact and success they have garnered Gricus, Eric (Personal Communication October 24, 2010). Austin Technology Incubator. (n.d.). Retrieved October 28, 2010, from http:// www.ati.utexas.edu/ Note: Website provided great success statistics that ATI has earned Chicagoland Entrepreneurial Center. (n.d.). Retrieved October 28, 2010, from http:// www.chicagolandec.org/ Note: Website provided great success statistics that Chicagoland Entrepreneurial Center has earned Ecorner Stanford University's Entrepreneurship Corner. (n.d.). Retrieved October 23, 2010, from http://ecorner.stanford.edu/index.html Note: Website provided great insights for EC website to follow 6.Concho Valley Business Resources said they market directly to different venues the chamber of commerce, bankers, CPAs, attorneys, government agencies. economic development agencies . They said the top marketing success came from banks. lenders, and client success stories. They don't spend money to advertise. They bring in 500 clients a year through their marketing. The EC needs to market directly to the source of Capital. If entrepreneurs can't find a source of capital at these different venues they can point them to the EC. 7.The business incubator center employee said that they market through Press releases, community outreach. They use little paid marketing. They use social media like Twitter and Facebook. They print ads in a local newspaper once every week on the progress that their company is making and events. They also talk on Public radio to give information of their incubator center to the public. The business incubator center ex director was in the wall street journal. The EC needs to use Michael as the face of the center so it is known to the client of his success. 8. The Unreasonable Institute is a concentrated 8 week program in which entrepreneurs live together-- so it created an enhanced sense of community. They have 60 world class mentors. They pitch in 5 US cities. They also claim that they are financially self-sustaining, globally scalable-- reach one million people. There website was youthful, and vibrant catching the viewers attention. The Unreasonable Institute has clear steps: attract, unite, mentor, finance, global network. To be apart of the institute is will cost you nothing, but you raise the $10,000. starts with a challenge. They have Unreasonable TV-- which showcases the entrepreneurs. The EC can adapt a more youthful, and vibrant website to attract young entrepreneurs. 9. Ann Arbor Spark Business Accelerator They have Business plan reviews and sources to financing as well as Business assessment They have more office space to keep entrepreneurs comfortable by having four different centers. Training and seminars. Provides statistical data. Has very own funds to provide clients with money List criteria to utilize office space. Way to separate people with poor ideas They have more full time employees to help clients. The EC needs to showcase their success on their website to pull in future clients and earn their trust. 10. Business development center Chattanooga Chamber- Jed Marston (Personal Communication October 29, 2010) said they work through a Group of businesses. They use target marketing through cite selection consulting. They have conferences in their building. They also reach their target market through direct mailing and email and they have marketing lunches. They send out information to specific industries they want to bring in. For example automotives assembly (sent out and brought them in to show them why Chattanooga is a great spot for them) billion dollar deal. They have a virtual office that can be rented out for $300 dollars a month as well as pictures of the space they will be renting out on the website. A large amount of their mailing list is a result of client referrals. The EC can also promote directly to the industries they want to bring in. The EC needs to have success stories on their website. References: Ann arbor spark business accelerator. (n.d.). Retrieved October 25, 2010, from http:// www.annarborusa.org/business-accelerator Note: Website provided information of what their key successes are Unreasonable institute giving high-impact entrepreneurs wings. (n.d.). Retrieved October 27, 2010, from http://unreasonableinstitute.org/ Note: Website provided a youthful, vibrant website in ways the EC can follow. Chattanooga economic development. (n.d.). Retrieved October 26, 2010, from http:// www.chattanoogachamber.com/economicdevelopment/ Note: Website provided numbers of how much it costs to rent out for clients as well as Virtual office. Marston, Jed (Personal Communication October 27, 2010). Note: Provided valuable marketing Information from the Chattanooga economic center. The business incubator center the grand valley's center for entrepreneurship. (n.d.). Retrieved October 27, 2010, from http://www.gjincubator.org/ Note: Provided information on ways to market. Concho valley business resources. (n.d.). Retrieved October 28, 2010, from http:// www.cvbiz.org/ Note: Website had great personal success stories from clients.
- #18 simplify, focus on stories of tenants to explain resources Web Design C Squared Creative Media Group (www.CSquaredRocks.com)
- #19 ECisodes What: EC-isodes (web series demonstrating the entrepreneurial mindset, entrepreneurial lifestyle, and EC fueling the creative class) Who: Entrepreneurs at the EC Where: Wherever the entrepreneur goes When: Over a 6 month period Why: To give potential entrepreneurs insight into the EC and attract investors ECisode 1: Build Out Concept o Follow 3 entrepreneurs as they first approach the EC o Highlight the creative, energizing, brainstorming process and the essence of what makes great ideas, fantastic o Showcase entrepreneurs making their first contact with the EC ECisode 2: Market Research o Market opportunity o Market research o Conversations with Industry experts o Define market o Building a concept, pitch, and prototype o ECisode 3: Meet the Mentors o pairing with the right minds o industry expert o BDP o appoint advisory board o ECisode 4: Teamwork o leadership o collaboration with team and within the EC o how to get everyone on board o ECisode 5: The Business Plan o Legals o business model o Financials o ECisode 6: The Test o focus groups o test product/service with target market o customer feedback o competitive advantage o what needs to change? ECisode 7: Investable Story o Branding the business: image, communication, website, logo, social media o writing the story ECisode 8: Connecting to Capital o Meeting with investors o grants o resources o networking ECisode 9: High Impact o determine measure of success o how is business going to impact Nashville o Launch Plan ECisode 10: Into Reality o Business launched o ECisode 11: Reunion o Check in with entrepreneurs 1 year after launch and see where they are o --These webisodes will create a buzz and strong awareness about the EC, they also clarify the services and resources that the EC offer. We will deliver a webisode every 1.5 months. (BDP, The Unreasonable Institute) (Produced by C Squared Creative Media Group)
- #22 Opportunity to show entrepeneur membership for student entpreneurs-- Show Ernest working with mentors and developing his social enterprise restaurant that employees refugees. ECisodes provide you the opportunity to show rather than tell how the EC is actively at work. Young Entrepreneurs will become invested in the story and revisit the website to check up on the the businesses, keeping them coming back to your website. ECisodes- based on the premise that it is inspiring to see other entrepreneurs having their ideas turn into reality. What: EC-isodes (web series demonstrating the entrepreneurial mindset, entrepreneurial lifestyle, and EC fueling the creative class) Who: Entrepreneurs at the EC Where: Wherever the entrepreneur goes When: Over a 6 month period Why: To give potential entrepreneurs insight into the EC and attract investors ECisode 1: Build Out Concept o Follow 3 entrepreneurs as they first approach the EC o Highlight the creative, energizing, brainstorming process and the essence of what makes great ideas, fantastic o Showcase entrepreneurs making their first contact with the EC ECisode 2: Market Research o Market opportunity o Market research o Conversations with Industry experts o Define market o Building a concept, pitch, and prototype o ECisode 3: Meet the Mentors o pairing with the right minds o industry expert o BDP o appoint advisory board o ECisode 4: Teamwork o leadership o collaboration with team and within the EC o how to get everyone on board o ECisode 5: The Business Plan o Legals o business model o Financials o ECisode 6: The Test o focus groups o test product/service with target market o customer feedback o competitive advantage o what needs to change? ECisode 7: Investable Story o Branding the business: image, communication, website, logo, social media o writing the story ECisode 8: Connecting to Capital o Meeting with investors o grants o resources o networking ECisode 9: High Impact o determine measure of success o how is business going to impact Nashville o Launch Plan ECisode 10: Into Reality o Business launched o ECisode 11: Reunion o Check in with entrepreneurs 1 year after launch and see where they are o --These webisodes will create a buzz and strong awareness about the EC, they also clarify the services and resources that the EC offer. We will deliver a webisode every 1.5 months. (BDP, The Unreasonable Institute) (Produced by C Squared Creative Media Group)
- #23 Second Step: Connect to our target market
- #24 * Innovative Initiative: Ind Study-- So many schools nearby with intelligent and driven students (Phase I data)- take advantage of this. Utilize established channels to reach students: Innovative Initiatives: EC Independent Study. Incubation time aligns with semester length, students can establish their plans for the future now, industries align with departments at Vanderbilt. * Benefits- students don’t have to be an A, develop potential of non-established individuals in Nashville (potential to get them to stay in Nashville after they graduate) * Establish an independent study by partnering with 4 universities in Nashville: Vanderbilt, * Belmont, Lipscomb, and Trevecca Nazarene. * Independent study is for college students, both undergraduate and graduate, with business plans that have high profit and economic growth. * The EC has a total undergraduate applicant pool of 15,053 students and a total graduate pool of 9,259. * Students will apply by sending in their business plans to the EC. The EC will then offer a place in the incubator according to the strength of the business plans. The EC will offer spots to 1-2 students from each university * The independent study is already paid for by the student’s tuition. Students will earn three credit hours for the study. * The EC will subsidize the incubation cost for selected students. Vanderbilt U. Belmont U. Lipscomb U. Trevecca Nazarene Undergraduates 6,831 4,603 2,644 975 Graduates 5,835 1,293 1,098 1,033 Bus. Undergrad. 240 1,519 435 N/A Bus. Grad. 547 100 146 N/A Like other high value businesses, we want to have exclusive distribution to enhance the EC's elite brand image and generate stronger support. References: Belmont University. (2010) Belmont Quick Facts. Retrieved November 1, 2010, from Belmont University website: http://www.belmont.edu/prospectivestudents/why/quickfacts.html Belmont University. (2010) College of Business Administration. Retrieved November 1, 2010, from Business Week website: http://www.businessweek.com/bschools/rankings/undergraduate_mba_profiles/belmont.html Lipscomb University. (2009) Graduate Business Program. Retrieved November 1, 2010, from Business Week website: http://www.businessweek.com/bschools/rankings/part_time_mba_profiles/lipscomb.html Lipscomb University. (2009) Lipscomb Marks Fourth Record Year of Enrollment. Retrieved November 1, 2010, from Lipscomb University website: http://www.lipscomb.edu/filter.asp?SID=4&fi_key=704&co_key=16314 Trevecca Nazarene University. (2010) Trevecca Nazarene Info. Retrieved November 1, 2010, from Trevecca Nazarene University website: http://www.trevecca.edu/info/quick.facts.html Vanderbilt University. (2010) Department of Economics. Retrieved November 1, 2010, from Vanderbilt University website: http://www.vanderbilt.edu/econ/academic-programs.html Vanderbilt University. (2009) Owen Graduate School of Management. Retrieved November 1, 2010, from Business Week website: http://www.businessweek.com/bschools/rankings/full_time_mba_profiles/vanderbilt.html Vanderbilt University. (2010) ReVU: Quick Facts. Retrieved November 1, 2010, from Vanderbilt University website: http://www.vanderbilt.edu/about/facts/
- #25 BDP: Austin Innovation Center Align four main industries of the EC with the departments in Universities. Shown here: Vanderbilt.
- #27 Contacted faculty to align professors in selected departments who have previously sponsored independent studies and who are interested in potentially sponsoring independent studies. Contact information and course numbers are provided in Independent Study handout.
- #28 Industry Insider Partner with renown businesses in the five vertical industries of 1) Healthcare, 2) Digital Media, 3) Technology, and 4) Social Entrepreneurship. The business will: * identify an employee who posses the attributes of an entrepreneur * identify an employee who understands their industry and recognizes an unmet need * identify an employee who has a solution to the unmet need * sponsor the employee in a seat at the EC for 6 months * receive ownership of the new product/company The EC will: * counsel the entrepreneur to develop their idea into a reality * connect to other industry professional * community of people and resources develop the business The entrepreneur will: * work under the sponsorship of their company * become VP of the product/business created * hold stock in the new product Potential Companies to look into Social Enterprises Hands On Nashville Brian N. Williams Phone: (615) 298-1108 Technology: Griffin Technology- 615 399 7000 BAPTIST HOSPITAL Martha Underwood is the Director of Human Resources and would be the primary contact. (615) 284-5555 Hospital Corporation of America Telephone: (615) 344-9551 Gaylord Entertainment Jenny Barker 615-458-2877 Director, Public Relations
- #30 Industry Insider will connect businesses to the EC through partnerships; the EC to young entrepreneurial employees through innovation; and businesses to young entrepreneurial employees through identifying their competencies and potential to develop an unmet need of the company/industry.
- #31 Partner with Bongo Java company to use the EC coffee sleeves on their to-go cups. The sleeves will have the EC logo as well as a short story of one of the entrepreneurs at the EC. Ernest just received the $55,000 in funding he needed to start his mobile application for networking. Pearescope will launch in July of 2010.
- #32 Numerous benchmarks we analyzed utilized client referrals as part of their strategy to attract young entrepreneurs. Boulder Innovation Center Boulder's Entrepreneurial Hub. (n.d.). Retrieved October 24, 2010, from http://www.boulderinnovationcenter.com/ Entrepreneurs Center Dayton. (n.d.). Retrieved October 24, 2010, from http://www.tecdayton.com/ Chicagoland Entrepreneurial Center. (n.d.). Retrieved October 28, 2010, from http://www.chicagolandec.org/
- #33 Direct Marketing- EC Elite- * Invite only event every month at the EC * Each entrepreneur in a seat at the EC brings one other entrepreneur. This way they can meet Michael and the EC team. * Mentors in the industry of the invited entrepreneurs are present to discuss ideas We will host a competition between the entrepreneurs currently seated in the incubation space to fill one seat in the space. Every 2 months, the current EC entrepreneurs will suggest an entrepreneur to Michael Burcham. At the bi-monthly event, the EC entrepreneur will bring their prospect entrepreneur to the EC to pitch their idea to Burcham. Whichever pitch wins, wins the EC entrepreneur sponsor and their prospective entrepreneur $500 each. - Sponsor local entrepreneurial restaurants
- #34 Referral Event Experience the community oriented lifestyle of the EC Every 2 months Financial Incentive Catered to support entrepreneurial restaurant ventures Direct Marketing- EC Elite- * Invite only event every month at the EC * Each entrepreneur in a seat at the EC brings one other entrepreneur. This way they can meet Michael and the EC team. * Mentors in the industry of the invited entrepreneurs are present to discuss ideas We will host a competition between the entrepreneurs currently seated in the incubation space to fill one seat in the space. Every 2 months, the current EC entrepreneurs will suggest an entrepreneur to Michael Burcham. At the bi-monthly event, the EC entrepreneur will bring their prospect entrepreneur to the EC to pitch their idea to Burcham. Whichever pitch wins, wins the EC entrepreneur sponsor and their prospective entrepreneur $500 each. - Sponsor local entrepreneurial restaurants
- #35 Annual EC Reunion- We want to maintain positive relationships with all the entrepreneurs that come through the EC so that they will continue to share the EC story with likely customers and network with other EC grads. For the first 3 years the reunion will be held in Nashville, at Arrington Vineyards. This will provide a relaxing atmosphere with an open bar, catered food, and music to show the EC grads how much we appreciate and support them.
- #36 BDP: Chicagoland and BIC Almost every successful benchmark for the EC prominently displays the impact and success that their company has created. This technique gives merit to the company and allows the potential client to feel as though he will actually receive tangible results. For instance, the Boulder innovation Center publishes on their website a very detailed metrics report, that is the most visited page on their website (Gricus, 2010). This report shows that in the last 5 years they have created 249 jobs, raised 30.7 million in capital, raised 59.4 million in revenues, and 31.3 million in wages and services (Boulder innovation Center, 2010). In addition to the BIC, companies like Chicagoland Entrepreneurial Center also broadcast their success on their website and in lectures and pamphlets that they provide. According to their website, since 2003, the CEC has raised $242 million in revenue and raised $143 million in financing, and created or retained nearly 6,050 jobs (Chicagoland Entrepreneurial Center, 2010). Clearly, given the EC’s recent opening, publishing success stories and numbers like these is not exactly possible. However, the majority of these benchmark companies sited this as a key success factor. The EC can use the projections we make on financial returns in our Financial section and place them on their website. Right now, the EC website simply focuses on the advantages of being an entrepreneur. Instead it should focus on the precise benefits it can bring, and what its entrepreneurs are doing now. EC Elite: each entrepreneur in the incubator gives a formal referral of one person every 2 months. * 12 people currently in incubators =12 referrals each session * 12 referrals x 6 sessions= 72 elite members brought into the EC with a Business plan * An estimate of 20% of these 72 members will be incubated: 15 new companies in the EC (Burcham, 2010) Each successful referral: $500 to the person who made the referral and $500 to the new person being incubated= $15,000 in Costs Formal invitations for EC Elite: $2.29 each. 72 x 2.29 each= $164.88 in costs (www.greetingcarduniverse.com) An analysis of the Boulder Innovation Centers metrics report shows that for each person incubated, roughly 2.176 jobs will be create15 new companies incubated x 2.176 companies= 32 new jobs created * Boulder innovation center estimates show that each job will create roughly $181,081 in revenue. * Gross d per company incubated: (Boulder innovation center) * Revenue: 32x 181,081= $5,794,592 for year one. Independent Study: * First year goal: 4 incubated students each semester; 8 students incubated students per year * 2.176 companies per client * 2.176*8= 17.408 * Gross Revenue: 17.408*181,081=$3,152,258.048
- #38 Industry Innovation Partner with renown businesses in the five vertical industries of 1) Healthcare, 2) Digital Media, 3) Technology, and 4) Social Entrepreneurship. The business will: * identify an employee who posses the attributes of an entrepreneur * identify an employee who understands their industry and recognizes an unmet need * identify an employee who has a solution to the unmet need * sponsor the employee in a seat at the EC for 6 months * receive ownership of the new product/company The EC will: * counsel the entrepreneur to develop their idea into a reality * connect to other industry professional * community of people and resources develop the business The entrepreneur will: * work under the sponsorship of their company * become VP of the product/business created * hold stock in the new product Potential Companies to look into Social Enterprises Hands On Nashville Brian N. Williams Phone: (615) 298-1108 Technology: Griffin Technology- 615 399 7000 BAPTIST HOSPITAL Martha Underwood is the Director of Human Resources and would be the primary contact. (615) 284-5555 Hospital Corporation of America Telephone: (615) 344-9551 Gaylord Entertainment Jenny Barker 615-458-2877 Director, Public Relations
- #39 EC Elite: each person in the incubator gives a formal referral of one person every 2 months. * 12 people currently in incubators =12 referrals each session * 12 referrals x 6 sessions= 72 elite members brought into the EC with a Business plan * An estimate of 20% of these 72 members will be incubated: 15 new companies in the EC (Burcham) * Each successful referral: $500 to the person who made the referral and $500 to the new person being incubated= $15,000 in Costs * Formal invitations for EC Elite: $2.29 each. 72 x 2.29 each= $164.88 in costs (www.greetingcarduniverse.com) An analysis of the Boulder Innovation Centers metrics report shows that for each person incubated, roughly 2.176 jobs will be created per company incubated: (Boulder innovation center) * 15 new companies incubated x 2.176 companies= 32 new jobs created * Boulder innovation center estimates show that each job will create roughly $181,081 in revenue. * Gross Revenue: 32x 181,081= $5,794,592 for year one. Independent Study: * 4 incubated students each semester; 8 students incubated students per year. * 2.176 companies per client * 2.176*8= 17.408 * Gross Revenue: 17.408*181,081=$3,152,258.048 Web Design C Squared Creative Media Group (www.CSquaredRocks.com) * NBIC (personal communication, November 3, 2010) views ROI by looking at the success of two concepts: client economic value and client lifetime value. * Client economic value measures how much the client could potentially contribute to the economy by measuring client’s potential growth. High business growth leads to greater contributions to the economy. * Client lifetime value measures how valuable the client was to the EC by looking at three things: clients’ potential to be an employee, the amount of referrals and clients bring in, and the amount of future financial contributions. * The EC would utilize the two concepts to measure their clients and any potential clients’ economic and profit growth. * EC’s ROI is determined by the client’s value and development. To create higher ROI, the EC will establish greater customer relationships, thereby, leading to higher customer equity. * High customer equity would lead to more client referrals and more financial contributions. References: Nashville Business Incubation Center (Personal communication November 3, 2010).
- #40 Based on BIC Metrics generation. Step 1: Added up the number of BIC clients over the last 4 years, and added up the number of jobs they created each year. We then divided the number of companies by the number of jobs to calculate that each incubated person creates roughly 1.5182 jobs. Thus, if you multiply this number by the 15 new clients we anticipate receiving this is 23 new jobs. Step 2: We added up the amount of gross revenue from the BIC clients over the last 4 year and divided this by the number of incubated clients. This gave us roughly $182,317 of revenue per individual client. We then multiplied this number by the 15 new companies we anticipate and calculated an approximate revenue of $2,734,756 for our clients in year one.
- #41 By consolidating, clarifying, and connecting your most valued resources to your target market of young entrepreneurs, The EC circuit of electric creativity will be complete, thus sustainably operating for a bright future.
- #42 Electrifying creation today for the entrepreneurial growth and economic stability in Nashville tomorrow.