incubator, accelerators, tech parks, and other hubs for innovation & entrepreneurship

Regional Economic Impact Workshop LaPorte, Indiana October 6, 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 & responsibilities of a network leader •  How to move an innovation & entrepreneurship

network to the next level in its development

Innovation and Entrepreneurship is like…

•  The Horse – The Innovation

•  The Horse – The Innovation •  The Jockey – The Entrepreneur

•  The Horse – The Innovation •  The Jockey – The Entrepreneur •  The Track – The Community

Technology Pipeline Economic Gardening Capital Mentoring

K-12 Workforce Training Community Colleges Universities

Marketing Advertising Social Media Buzz

Broadband Physical Space Network Development

Partnerships Strategic Alliances New Models

•  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

20 Mentors 10 Weeks Cash Free Stuff Demo Day

Clark Atlanta University Emory University Georgia Institute of Technology Georgia State University Georgia Health Sciences University University 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?

http://www.youtube.com/watch?v=vI9LpKVQEs4

•  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 of assistance to food, wood, and technology entrepreneurs in 29 counties of Appalachian Ohio

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?

Kitchen Incubator became a hub for restaurateurs and farmers

•  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… –  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?

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

Storyteller 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 University

Purdue Extension & Purdue Center for Regional Development Burton D. Morgan Center for Entrepreneurship

1201 W. State Street, Room 227 765-479-7704 (mobile)

hutcheson@purdue.edu

www.pcrd.purdue.edu www.pcrd.typepad.com

www.facebook.com/PurdueCRD www.twitter.com/pcrd