business incubator blueprint: how to open a business incubator and maximize revenue
TRANSCRIPT
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Who are you serving?
What is your purpose?
What impact do you want to create?
What stakeholder commitments need to be considered?
ESTABLISHING YOUR MISSION
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What do you want your program to be known for?
What are your differentiators?*Equity vs. no equity*Services*Industries
Where do you want to be after 1 year? 5 years? 10 years?
VALUES & GOALS
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Size reflects transitional space but offers expansion capabilities
Flexible and collaborative areas
Sensitive to security and IP concerns
Technological infrastructure to minimize cost for a startup
FROM 30,000 FEET
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Technology / software: Office space, server room, modern and collaborative environment
Biotech / medical device:Wet labs, specialty equipment
Clean / renewable energy:Hybrid office and/or lab space; additional light manufacturing
NEEDS BY INDUSTRY
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Leveraged existing feasibility studies and needs assessments
Labs equipped with commercial-grade hoods and furniture
Additional specialty bio equipment that can be shared and reused
LABS & EQUIPMENT
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FLOOR PLAN
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Evaluate criteria based on goals and mission:
* Job creation, growth potential * Coachable entrepreneurs * Intellectual property * Alignment with resources * Number of founders * Experience of entrepreneur(s)
Incorporate multiple checkpoints
APPLICATION & SELECTION
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Gap analysis | resource alignment
IP analysis | business model validation
Coachable | consistent with mission
All of the above
EIR / Business Counselor
Mentors and Partners
Executive Director
Selection Committee
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Evolves as your program, entrepreneurs and expertise changes
Assist entrepreneurs through process, but allow independent approval
APPLICATION & SELECTION
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RESIDENT CLIENTS
Company-specific roadmap for growth
Monthly, quarterly business counseling
Daily hallway conversations
Access to 40-50 specialized mentors
Discounted 3D printing and design
24/7 access to office and/or wet lab space (at below-market rent)
Partner services (HubSpot, AWS)
Access to investment and partner network
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AFFILIATE CLIENTS
Company-specific roadmap for growth
Monthly, quarterly business counseling
Access to collaborative, cowork space
Access to 40-50 specialized mentors
Discounted 3D printing and design
Partner services (HubSpot, AWS)
Access to investment and partner network
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EDUCATIONAL OPPORTUNITIES
Programming for CLIENTS (economic impact) and the COMMUNITY (public visibility and lead generation)
Leverage skills and expertise of leaders across the globe
Seminars, workshops, retreats, meet-ups, and others
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Partnerships with like-minded organizations to host workshops
* State/government * Corporate partners * Entrepreneurial supporters * Meet-up groups
Consider discounted or free access for clients to “external” events
EDUCATIONAL OPPORTUNITIES
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EDUCATIONAL OPPORTUNITIES
Student business incubation program (virtual or physical space)
High school entrepreneurship
* Tie with STEM initiatives * 3D printing and coding * Entrepreneurship primer
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BUSINESS COUNSELING
Core of traditional incubation program
Onsite professionals are vital for daily and weekly needs
Beware of “mixed messages”
Consider different stages of development
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Monthly Quarterly
Tactical
Immediate challenges
Status check
Meeting program requirements
Strategic
Goal setting
Overall business traction
Major pivots
BUSINESS COUNSELING
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MENTORSHIP
Support business counselors
2-3 in each major expertise and/or industry:
* Marketing * Manufacturing * Finance * Regulatory | government
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MENTORSHIP
Mutually-beneficial arrangement:
MENTORS build new client relations and increase community exposure
ENTREPRENEURS receive pro bono consulting and discounted services
INCUBATORS gain network of specialized expertise and support
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METRICS TO MEASURE
Clients Incubator
Job creation *FTE *Part-time *Contract *Interns
Revenue
Investment (equity, grants)
Partnerships / Sponsorships
Occupancy rate
PR visibility and social growth
Educational opportunities offered
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COMMUNITY PARTNERSHIPS
HUGE differentiator
Helps create “patchwork” quilt of the entrepreneurial method
Local, national and international opportunities
Helps advance startup ecosystem and incubator positioning
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COMMUNITY PARTNERSHIPS
Economic development: City of Phoenix, Arizona Commerce Authority
Incubators, accelerators, cowork spaces: Seed Spot, CO+HOOTS, AzBIA
Industry-specific: AZBio, Flinn Foundation, Clean Tech Open
Corporate: SRP, Dignity Health
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STRATEGIC PARTNERS AND SERVICES
Discounted services * HubSpot Jumpstart program * Amazon Web Services
Strategic guidance, expertise * MediCoventures * Dan Tyre, HubSpot * Legal firms, Ron Kisicki
Community college resources * Business, entrepreneurship faculty * Operations support (Facilities, IT) * Student internships
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Access to capital investment * VA Angels * Arizona Tech Investors * Desert Angels
Pre-incubate, post-graduate * Selection committee: mentors | incubation leaders | industry experts * Graduation partners: Discovery Triangle
STRATEGIC PARTNERS AND SERVICES
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STRATEGIC PARTNERSHIPS
Small Business Development Center (SBDC)
* Early support and staffing * Dedicated business counselor * Network of business analysts * Additional programming and workshops * Student incubator operations
Learn more:www.slideshare.net/ceigateway/pioneering-partnerships-with-your-local-sbdc
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STAFFING NEEDS
Strategic vision | partnership development
Client business strategy and development
Day-to-day accountability
Executive Director
Entrepreneur-in-Residence
Business Counselor(s)
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Operations management | reporting
Public visibility | client lead generation
Reception | administrative support
Coordinator
Marketing Specialist
Office Assistant
Support marketing and operationsInterns
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THE BUDGET
Invest in people first and build a great team
Balance your expenses with client receivables and other revenues
Reinvest gains into the program * New positions * New services
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REVENUESEXPENSES
Facilities
Operations
Marketing
Expansion
Program Fees
New revenue streams
Sponsorships
Grants
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MARKETING SERVICES
Overall brand development
Inbound marketing: content-driven, lead generation
Website: optimize for user, platform for fresh content, mobile-friendly, opportunity to showcase sponsors
Public relations
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MARKETING SERVICES
Client-related services:
Revenue Non-revenue
Video production
Graphic design
Photography
Mentorship
Brand development
Social strategy
Event sponsorships
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NEW REVENUE STREAMS
3D printing center
Competitive Intelligence Lab
CLIA Lab
Equipment rentals
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STARTUPLABS 3D PRINTING CENTER
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COMPETITIVE INTELLIGENCE LAB
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CLINICAL LABORATORY IMPROVEMENT AMENDMENTS (CLIA) LAB
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SPONSORSHIPS/GRANTS
Value-based (Friends of CEI) vs. Real-estate (conference rooms)
Corporate incubation opportunities
Numerous grants available for ongoing operational expenses and expansion efforts
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ADVISORY BOARD
Vet the strategic direction of incubation program
Source for eventual succession planning
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OUR BEST PRACTICES
Your mission is your FOUNDATION that should guide every aspect of your incubator
DESIGN A FACILITY that is flexible and tailored to serve diverse entrepreneurs
Your program is your DIFFERENTIATOR – layer it with multiple services and partners
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OUR BEST PRACTICES
STAY RELEVANT for your entrepreneurs and in the marketplace, but don’t pivot just to make a change
Validate your STRATEGIC DIRECTION regularly with key stakeholders
BE CREATIVE with your staffing, your marketing and new revenue-generating opportunities
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MORE RESOURCES
NATIONAL BUSINESS INCUBATION ASSOCIATION: Best practices for incubator programs and managers | nbia.org
OTHER INCUBATION PROGRAMS: * Reputable * University & Higher Ed models * Community-based
GRANT OPPORTUNITIES: Economic Development Administration | SBA Accelerator Fund | Coleman Foundation
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LEARN MORE
@mcorcollege | @ceigateway
maricopacorporatecollege.com | ceigateway.com
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