Transcript Incubator, Accelerators, Tech Parks, and Other Hubs for Innovation & Entrepreneurship Regional Economic Impact Workshop LaPorte, Indiana October 6, 2011

Incubator, Accelerators, Tech Parks,
and Other Hubs for Innovation &
Entrepreneurship
Regional Economic Impact Workshop
LaPorte, Indiana
October 6, 2011
Workshop Objectives
• 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 & responsibilities of a network leader
• How to move an innovation & entrepreneurship
network to the next level in its development
Innovation and Entrepreneurship is like…
Entrepreneurship & Innovation
Is Like a Horse Race
A Horse Race
• The Horse – The Innovation
A Horse Race
• The Horse – The Innovation
• The Jockey – The Entrepreneur
A Horse Race
• The Horse – The Innovation
• The Jockey – The Entrepreneur
• The Track – The Community
Five Asset Networks that Make for a Great “Track”
K-12
Workforce Training
Community Colleges
Universities
Technology Pipeline
Economic Gardening
Capital
Mentoring
Partnerships w Strategic Alliances w New Models
Broadband
Physical Space
Network Development
Marketing
Advertising
Social Media
Buzz
Five Asset Networks
• 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
How Does Your Community or Region Currently Invest Its
Economic Development Resources to Support Innovation &
Entrepreneurship?
Brainpower: Purdue Research Park
Innovation & Entrepreneurship Support:
Austin’s (TX) Capital Factory
20 Mentors
10 Weeks
Cash
Free Stuff
Demo Day
New Narratives: Charleston (SC) Flagship2
Quality Connected Places:
Entrepreneurs Hall @ RIT
Collaboration: Georgia Research Alliance
Clark Atlanta University
Emory University
Georgia Institute of Technology
Georgia State University
Georgia Health Sciences University
University of Georgia
Case Study: North Central Indiana Regional
Innovation & Entrepreneurship Network
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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
Case Study: Skunkworks @
Kokomo’s (IN) Inventrek
• 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?
Case Study: North Central Indiana Regional
Innovation & Entrepreneurship Network
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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
Case Study: How ACEnet Built a Rural
Entrepreneurship & Innovation Network
ACEnet provides a wide range of
assistance to food, wood, and
technology entrepreneurs in 29
counties of Appalachian Ohio
ACEnet Assessed the Existing Network
Had a hunch that there was the potential for a network of
tomato producers. Mapped the network by asking existing
and 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?
They Found it Was a Network of
“Scattered Fragments”
Decided to Invest in a Kitchen Incubator as a
Network “Hub”
Kitchen Incubator became a
hub for restaurateurs and
farmers
Mapped the Network Again and Found that a
“Hub & Spokes” Network Had Emerged
Additional Activity Began to Emerge
• Farmers Market
• Outdoor Café
• Restaurant Association
Mapped the Network Again and Found a
“Multi-Hub” Pattern Had Emerged
Network Began to Make Connections Outside the
Region Resulting in a “Core & Periphery” Network
Case Study: How ACEnet Built a Rural
Entrepreneurship & Innovation Network
• 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
Yeah, But I Don’t Have a Kitchen Incubator!
OK, fair enough, but…
– What hubs or potential hubs to you have?
– In what ways are these hubs different?
– In what ways are these hubs similar?
– What lessons can you learn from this case study?
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Qualities & Responsibilities of a“Network Leader”
NEW NETWORK LEADER ROLE
RESPONSIBILITIES
Convener
Maintains the collaborative spaces
Connector
Links people, networks, and assets
Civic Entrepreneur
Sees new opportunities
Guide, Mentor
Maps complex processes
Strategist
Reveals larger patterns
Synthesizer
Distills conversations into key points and
patterns
Uses social media and other tools to
create new narratives
Storyteller
Exercise
If You Could, Would You Change How Your Community
Invests Its Economic Development Resources to Support
Innovation & Entrepreneurship?
For More Information
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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 University
Purdue Extension & Purdue Center for Regional Development
Burton D. Morgan Center for Entrepreneurship
1201 W. State Street, Room 227
765-479-7704 (mobile)
[email protected]
www.pcrd.purdue.edu
www.pcrd.typepad.com
www.facebook.com/PurdueCRD
www.twitter.com/pcrd