Incubator Accelerators Tech Parks and Other Hubs for

Incubator, Accelerators, Tech Parks, and Other Hubs for Innovation & Entrepreneurship Regional Economic Impact Workshop La. Porte, 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) Flagship 2

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 of Georgia

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

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 • • • 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?

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 • • ACENet - http: //www. acenetworks. org/ Capital Factory - http: //www. capitalfactory. com/ Entrepreneurship Hall @ RIT - http: //www. rit. edu/research/simonecenter/ Flagship 2 - http: //www. charlestonflagship. com Georgia Research Alliance - http: //www. gra. org/ Kokomo Innovates - http: //www. youtube. com/watch? v=v. I 9 Lp. KVQEs 4 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. typepad. com www. facebook. com/Purdue. CRD www. twitter. com/pcrd