Open 2013: Student Incubators: Experiential learning programs


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Open 2013: Student Incubators: Experiential learning programs

  1. 1. Student Incubators: Experiential Learning Programs Lynn Allendorf Bedell Entrepreneurship Learning LaboratoryEmpowering Imagination Applying Knowledge Exploring Tomorrow Seizing Opportunities Accelerating BusinessInnovations Empowering Imagination Applying Knowledge nspiring TExplori Seizing Opportunities Accelerating Business InspiringTmpowering Imagination Applying Knowledge ExploringE omorrowInnovations Tomorrow Seizing Opportunities Accelerating
  2. 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. 3. What does the BELL offer? Physical space and equipment Intense mentoring and support Business model / plan development
  4. 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. 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. 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  Traditional Business Plan Competitions
  7. 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. 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. 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. 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. 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. 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