Incubator, Accelerators, Tech Parks, Incubator, Accelerators, Tech Parks, and Other Hubs for Innovation & and Other Hubs for Innovation &

Entrepreneurship Entrepreneurship

Regional Economic Impact WorkshopLaPorte, IndianaOctober 6, 2011

Workshop ObjectivesWorkshop 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 Entrepreneurship & Innovation Is Like a Horse RaceIs Like a Horse Race

A Horse RaceA Horse Race

• The Horse – The Innovation

A Horse RaceA Horse Race

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

A Horse RaceA Horse Race

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

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

Technology PipelineEconomic GardeningCapital Mentoring

K-12Workforce TrainingCommunity CollegesUniversities

MarketingAdvertisingSocial MediaBuzz

BroadbandPhysical SpaceNetwork Development

Partnerships Strategic Alliances New Models

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

Brainpower: Purdue Research ParkBrainpower: Purdue Research Park

Innovation & Entrepreneurship Support: Innovation & Entrepreneurship Support: Austin’s (TX) Capital Factory Austin’s (TX) Capital Factory

20 Mentors10 WeeksCashFree StuffDemo Day

New Narratives: Charleston (SC) Flagship2New Narratives: Charleston (SC) Flagship2

Quality Connected Places: Quality Connected Places: Entrepreneurs Hall @ RIT Entrepreneurs Hall @ RIT

Collaboration: Georgia Research Alliance Collaboration: Georgia Research Alliance

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

Case Study: North Central Indiana Regional Case Study: North Central Indiana Regional Innovation & Entrepreneurship NetworkInnovation & 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 @ Case Study: Skunkworks @ Kokomo’s (IN) InventrekKokomo’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 Case Study: North Central Indiana Regional Innovation & Entrepreneurship NetworkInnovation & 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 Case Study: How ACEnet Built a Rural Entrepreneurship & Innovation NetworkEntrepreneurship & 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 NetworkACEnet 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 They Found it Was a Network of “Scattered Fragments”“Scattered Fragments”

Decided to Invest in a Kitchen Incubator as a Decided to Invest in a Kitchen Incubator as a Network “Hub”Network “Hub”

Kitchen Incubator became a hub for restaurateurs and farmers

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

Additional Activity Began to EmergeAdditional Activity Began to Emerge

• Farmers Market• Outdoor Café• Restaurant Association

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

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

Case Study: How ACEnet Built a Rural Case Study: How ACEnet Built a Rural Entrepreneurship & Innovation NetworkEntrepreneurship & 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!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”Qualities & Responsibilities of a“Network Leader”

NEW NETWORK LEADER ROLE RESPONSIBILITIESConvener 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

ExerciseExercise

If You Could, Would You Change How Your Community If You Could, Would You Change How Your Community Invests Its Economic Development Resources to Support Invests Its Economic Development Resources to Support

Innovation & Entrepreneurship?Innovation & Entrepreneurship?

For More InformationFor More Information

• 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 HutchesonPurdue University

Purdue Extension & Purdue Center for Regional DevelopmentBurton D. Morgan Center for Entrepreneurship

1201 W. State Street, Room 227765-479-7704 (mobile)

hutcheson@purdue.edu

www.pcrd.purdue.eduwww.pcrd.typepad.com

www.facebook.com/PurdueCRDwww.twitter.com/pcrd