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  • January 09

    Technology Incubator Feasibility Study

    Presented by the Emerging Technology Consortium and ANGLE Technology to the Washington, DC Economic Partnership

  • EMERGING TECHNOLOGY CONSORTIUM

    286 M STREET, SW - WASHINGTON, DC 20024

    Innovation Empowers

    Darold Hamlin

    Executive Director

    Kenneth Tolson

    Chief Operating Officer

    Warren Blanchard

    Chief Financial Officer

    Dr. Chad Womack

    Executive Vice-President & Director, Programs and Initiatives

    Dr. Daanen Strachan Senior Advisor, Educational and Training Initiatives

    Dr. Kenan Jarboe Senior Advisor, Government Affairs & Policy

    Mr. Steve Moore President & CEO Washington DC Economic Partnership 1495 F Street, NW Washington, DC 20004 Dear Mr. Moore, The Emerging Technology Consortium (ETC), and its subcontractor, Angle Technology Group are pleased to present to the Washington, DC Economic Partnership the Technology Incubator Study for the District of Columbia. Phase I of the report concludes that Washington DC has all the prerequisites to add technology based economic development to the District’s economic plan. Phase II of the report provides a business implementation plan, with a proposed budget, to establish a technology incubator in the City. The report also provides the foundation for greater economic opportunities with technology based innovation as core of a new creative economy in the District. The report is timely in light of the current economic crisis. The creation of businesses with high paying jobs will be essential to the country’s overall economic recovery. The incoming administration has made stimulating metropolitan areas one of its key objectives of its urban policy. It proposed to provide $200 million in planning and matching grants for regional business, government, and university leaders to collaborate on leveraging a region's existing assets to enhance long-term regional economic growth. The new administration also realizes that municipalities with comprehensive economic development plan can create “Promise Neighborhoods” where all communities can participate in the American dream. The ETC is in accordance with the approach of the new administration, believes that significant and coincident investments in math and science education (or STEM education), human capital and workforce development will yield a many-fold return particularly when aligned with the creation of businesses and encouragement of the entrepreneurial spirit. This is the essence of ETC’s Technology Based Economic Development (TBED) 2.0 strategy. The development innovative technology based economic development plan has the potential to make the District an integral component of the Metropolitan Washington Area and Regional economy. It also aligns the District with the incoming administration’s vision for economic and urban revitalization.

    We are pleased to present this report the Washington DC Economic Partnership and look forward to the next steps in developing a TBED 2.0 strategy for the District.

    If you have any other questions, do not hesitate to contact me directly by phone at 202-347-5928 or via email at dhamlin@emergingtechconsortium.org.

    Sincerely,

    Darold Hamlin

    President and Executive Director

  • 1601 Ballenger Creek Pike Point of Rocks Maryland 21777 Tel: (301) 524-5654 Fax: (240) 465-3088 Email: lisa.smith@angletec.com

    Web: www.angletechnologyus.com

    ANGLE Technology Group

    January 30, 2009

    Chad Womack, Ph.D. Executive Vice President, Programs and Initiatives Emerging Technology Consortium 286 M Street, S.W. Washington, DC 20024 Dear Dr. Womack: The ANGLE Technology team is pleased to submit to the Emerging Technology Consortium and the Washington, DC Economic Partnership this Final Report on the Feasibility Study for a Technology Incubator in Washington, DC.

    We appreciate all the guidance you have provided to the ANGLE Team during the course of this study.

    Sincerely,

    Lisa S. Smith

    Principal US Operations

  • Acknowledgements This Final Report on the Feasibility Study for a Technology Incubator in Washington, DC reflects the input from District of Columbia and local governments in the Greater Washington region, the private sector, non-profit and academic sectors, community representatives, and the study’s paid consulting team, ANGLE Technology, beginning in the summer of 2008. The project was actively guided by the Emerging Technology Consortium and the Washington, DC Economic Partnership. The study was commissioned by Neil Albert, Deputy Mayor for Planning and Economic Development for the District of Columbia.

    Special recognition and appreciation is extended to:

    Emerging Technology Consortium

    Darold Hamlin, President and CEO

    Chad Womack, Ph.D., Executive Vice President, Programs and Initiatives

    Kenan Jarboe, Ph.D., Senior Advisor, Government Affairs and Policy

    Washington, DC Economic Partnership

    Stephen Moore, President and CEO

    Andi Joseph, Manager, Research and Communications

    ANGLE Technology Team

    Lisa S. Smith, ANGLE Technology

    Gary Evans, Ph.D., ANGLE Technology

    Guillermo Sohnlein, ANGLE Technology

    Patricia L. Larrabee, Facility Logix, LLC

    Richard Clinch, Ph.D., Jacob France Institute at the University of Baltimore

    and Peter Corbett, CEO, iStrategyLabs

  • Technology Incubator Feasibility Study The Emerging Technology Consortium Washington, DC Economic Partnership

    Contents Page

    1. Executive Summary ...................................................................... 1

    2. Introduction ................................................................................... 8

    3. The Economy of the District of Columbia .................................. 10

    4. Estimated Market Demand .......................................................... 13

    4.1 Overview of Existing Incubators in Greater Washington Area 13 4.2 Business Incubation and Support Programs in Washington, DC 14 4.3 Incubator Programs in the Greater Washington Region 16 4.4 Geographic “Market Area” 26 4.5 Businesses/Industry Sector Focus 39 4.6 Projected Demand for Incubator Space 43 4.7 Competitive Forces That Impact Incubator Success 45 4.8 Incubator Space Configuration 47 4.9 Projected Level of Jobs and Impact to be Created 50

    5. Incubator Economic Development Purpose ................................ 61

    6. Community and Stakeholder Support ......................................... 63

    6.1 Background 63 6.2 Online Survey of “Wired” Technology Community 63 6.3 Incubator Programs and Services 67 6.4 Community Strengths to Support an Incubation Program 67

  • 6.5 Obstacles to the Creation of an Incubation Program 68 6.6 Industry Sector Focus 68 6.7 Indicators of a Successful Program 68

    7. Market Feasibility Assessment .................................................... 70

    8. Regional Technology Incubator Context and Examples ............. 73

    8.1 Montgomery County and the City of Baltimore Examples 73 8.2 Fairfax County Example 74

    9. Site Assessment ........................................................................... 75

    9.1 District of Columbia Commercial Real Estate Overview 75 9.2 Criteria for Incubator Site 76 9.3 Site Selection Process 78 9.4 Selected Sites 79

    10. Business Plan .............................................................................. 82

    10.1 Market Opportunity Recap 82 10.2 Vision and Mission 84 10.3 Overview: DC Technology Incubator 844 10.4 Operational Plan 89 10.5 Focus Areas 911 10.6 Criteria and Metrics 92

    11. Implementation Plan ................................................................... 94

    11.1 Phased Roll-Out 94 11.2 Phase I (Years 1-2) 94 11.3 Phase II (Years 2-5) 96

    12. Marketing Plan ............................................................................ 97

    12.1 Objectives 97 12.2 General Marketing Activities 97 12.3 Marketing Channels 98

  • 13.4 Organizational Structure 105 13.5 Governance 105 13.6 Advisory Board 109

    14. Financial Plan and Pro Forma Budget ....................................... 110 14.1 Costs 110 14.2 Revenues 110 14.3 Pro Forma Operating Budget 111 14.4 Initial Physical Program 111

    15. Risks .......................................................................................... 115

    16. Summary ................................................................................... 116

  • APPENDIX I: Stakeholder Interview List

    APPENDIX II: DC Entrepreneur Survey Detail

    APPENDIX III: Revised Incubator Space List

    APPENDIX IV: Revised Preliminary Program Space Configuration

    APPENDIX V: Draft Pro Forma Operating Budget

    APPENDIX VI: Draft Capital Furnishings Budget

    APPENDIX VII: DC Entrepreneur Survey Detail (January 2009)

  • Technology Incubator Feasibility Study 1 Washington, DC Economic Partnership Final Report January 30, 2009

    1. Executive Summary The Washington, DC Economic Partnership (WDCEP) worked with the Emerging Technology Consortium (ETC) to explore the possibilities of developing a technology incubator program or similar res

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