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

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Presentation on theme: "Incubator, Accelerators, Tech Parks, and Other Hubs for Innovation & Entrepreneurship Regional Economic Impact Workshop LaPorte, Indiana October 6, 2011."— Presentation transcript:

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

2 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

3 Innovation and Entrepreneurship is like…

4 Entrepreneurship & Innovation Is Like a Horse Race

5 A Horse Race The Horse – The Innovation

6 A Horse Race The Horse – The Innovation The Jockey – The Entrepreneur

7 A Horse Race The Horse – The Innovation The Jockey – The Entrepreneur The Track – The Community

8 Five Asset Networks that Make for a Great “Track” 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

9 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

10 How Does Your Community or Region Currently Invest Its Economic Development Resources to Support Innovation & Entrepreneurship?

11 Brainpower: Purdue Research Park

12 Innovation & Entrepreneurship Support: Austin’s (TX) Capital Factory 20 Mentors 10 Weeks Cash Free Stuff Demo Day

13 New Narratives: Charleston (SC) Flagship2

14 Quality Connected Places: Entrepreneurs RIT

15 Collaboration: Georgia Research Alliance Clark Atlanta University Emory University Georgia Institute of Technology Georgia State University Georgia Health Sciences University University of Georgia

16 Case Study: North Central Indiana Regional Innovation & Entrepreneurship Network 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

17 Case Study: 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?

18 Case Study: North Central Indiana Regional Innovation & Entrepreneurship Network 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

19 Case Study: How ACEnet Built a Rural Entrepreneurship & Innovation Network 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

20 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?

21 They Found it Was a Network of “Scattered Fragments”

22 Decided to Invest in a Kitchen Incubator as a Network “Hub” Kitchen Incubator became a hub for restaurateurs and farmers

23 Mapped the Network Again and Found that a “Hub & Spokes” Network Had Emerged

24 Additional Activity Began to Emerge Farmers Market Outdoor Café Restaurant Association

25 Mapped the Network Again and Found a “Multi-Hub” Pattern Had Emerged

26 Network Began to Make Connections Outside the Region Resulting in a “Core & Periphery” Network

27 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

28 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? 

29 Qualities & Responsibilities of a“Network Leader” NEW NETWORK LEADER ROLERESPONSIBILITIES ConvenerMaintains the collaborative spaces ConnectorLinks people, networks, and assets Civic EntrepreneurSees new opportunities Guide, MentorMaps complex processes StrategistReveals larger patterns SynthesizerDistills conversations into key points and patterns StorytellerUses social media and other tools to create new narratives

30 Exercise

31 If You Could, Would You Change How Your Community Invests Its Economic Development Resources to Support Innovation & Entrepreneurship?

32 For More Information ACENet - Capital Factory - Entrepreneurship RIT - Flagship2 - Georgia Research Alliance - Kokomo Innovates - Purdue Research Park -

33 Scott Hutcheson Purdue University Purdue Extension & Purdue Center for Regional Development Burton D. Morgan Center for Entrepreneurship 1201 W. State Street, Room (mobile)


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