The Bedell Entrepreneurship Learning Laboratory at the University of Iowa is a 10,000 square foot facility that serves as a student business incubator. It offers students private office space, equipment, intensive mentoring and support, and assistance developing business models and plans. Since opening in 2004, over 75 students per year start new businesses through the program, with a total of 165 businesses created that have raised over $5 million in funding. The program benefits both the university by engaging students and the local community, and students by providing hands-on entrepreneurial experience.

1. Student Incubators:
Experiential Learning Programs
Lynn Allendorf
Bedell Entrepreneurship Learning Laboratory
Empowering Imagination Applying Knowledge Exploring
http://www.iowajpec.org/bedell/
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2. What is the Bedell Lab?
 10,000 square foot facility dedicated to student
entrepreneurship
 A cross-campus business incubator program to any
University of Iowa student
 Opened May 2004 - one of the first of its kind in the
country
 Former fraternity house remodeled into 17 private
offices
 Note: The university also has two traditional
incubators at the University of Iowa Research Park

3. What does the BELL offer?
 Physical space and equipment
 Intense mentoring and support
 Business model / plan development

4. Physical Space and Equipment
 A building dedicated to student entrepreneurs
 17 furnished, private offices (300 sq. ft.)
 Computer & printer
 Private phone, voice mail, high-speed internet
 Central fax & copiers, AV equipment, laptops
 Meeting & conference rooms
 Informal business library
 24/7/365 access to facility
 Note: the offices help students to compartmentalize
their lives

5. Mentoring and Support
 Required Elements (1 s.h. Seminar Class)
 Roundtable Lunches
 “Forced” interaction to learn from each other and create a
sense of community
 Informal talks with Entrepreneurs and Service Providers
 Weekly intense mentoring from faculty / staff
 Entrepreneur-in-Residence series

6. Business Models and Plans
 Lean Startup approach (recent transition)
 Business Model and Business Plan
development
 Competitions
 Elevator Pitches – great recruiting tool
 Business Model Competition
http://intl.businessmodelcompetition.com
 Traditional Business Plan Competitions

7. Seed Funding
 Seed Funding for Bedell Lab participants
 End-of-Semester Competition (Fall) - $2,500
 Who accomplished the most
 Judged by alumni via YouTube pitch
 Winners announced at a reception
 BELL Biz Fair (Spring) - $7,500
 Judges and the public vote via “play money”
 Students vote for “People’s Choice” award
 Winners announced at a year-end recognition event

8. Application Process
 Ability to articulate an initial business
model
 Most students are accepted, serious ones
get a private office
 Students remain in the program as long as
they continue to make progress each
semester

9. Program Funding
 Building Renovations:
 $150,000 in private gifts
 Operating Expenses (building operations
and programming):
 $600,000 Endowment - Tom Bedell of
Pure Fishing
 Office Sponsorships - $2,500 per year or
$50,000 endowments

10. Impact
 2011-2012 Enrollment:
 75 Students started 44 Businesses
 Enrollment since program launch in 2004:
 286 Students have started 165 Businesses
 Combined, the businesses have raised over $5,000,000 in
External Funding including venture capital, business plan
competitions, grants, loans
 An average of 5 Revenue-generating Businesses have been
started each semester; this compares with 1 or 2 per year before
the BELL opened
 In addition to self-employment for the entrepreneur, an
average of 5 Jobs are created each year
 An average of 20 Articles on our students and program
appear in the local / regional press each year

11. Benefits to the University
 More motivated, engaged students
 Great recruiting tool
 Good publicity
 Economic Development / Entrepreneurial
Eco-system
 A natural connection to alumni and
entrepreneurs who are potential donors
 They love mentoring the students

12. Benefits to Students
 Practical application of their education
 Serves as a capstone
 More motivated to learn
 Better prepared to enter the workforce or
for eventual business ownership
 Gain a better understanding of the “big
picture” and of how business disciplines
fit together
 Develop a realization that business
ownership is a possibility in their future