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Keelin O'Leary, Memorial University of NewfoundlandTom O’Neal, University of Central Florida
Joel Stevenson, University of South Carolina, Columbia
The role of University Affiliated Incubators in economic development strategies
Commercialization & Incubation at a UniversityCommercialization & Incubation at a UniversityCommercialization & Incubation at a UniversityCommercialization & Incubation at a University
Quality Relevant Quality Relevant Research Research
Quality Relevant Quality Relevant Research Research
Proactive Proactive Technology Technology
Transfer Transfer
Entrepreneurship Entrepreneurship
Licenses Licenses
UCF Spin offsUCF Spin offs
Leaders to create Leaders to create new companiesnew companies
Rich Academic Rich Academic Programs Programs
CommercializationCommercialization
New CompaniesNew Companies
Stronger existing companiesStronger existing companies
High Paying jobsHigh Paying jobs
PartnershipsPartnerships
Economic DevelopmentEconomic Development
Diversified EconomyDiversified Economy
Core Activities
ContributionInfluence Secondary affect
Idea Basic Research Applied ResearchPrototype Products
What do Incubators do?What do Incubators do?What do Incubators do?What do Incubators do?
MarketingMarketing SalesSales DistributionDistribution FinancialFinancial TechnicalTechnical IPIP CashCash ManagementManagement ManufacturingManufacturing ContactsContacts
MarketingMarketing SalesSales DistributionDistribution FinancialFinancial TechnicalTechnical IPIP CashCash ManagementManagement ManufacturingManufacturing ContactsContacts
Incubator staff
Community Political support
Technical Expertise
Business Expertise
Networking
Regional Professional Service Providers
University resources
Focus
Tactics
Strategy
Connectivity
New Client Identify and fill in the holes
Add Value
Graduate Companies poised for success
MarketingMarketing SalesSales DistributionDistribution FinancialFinancial TechnicalTechnical IPIP CashCash ManagementManagement ManufacturingManufacturing ContactsContacts
Why IncubationWhy IncubationWhy IncubationWhy Incubation
87% of incubator graduates are still in business87% of incubator graduates are still in business vs 80% that fail during the first 5 yearsvs 80% that fail during the first 5 years
84% of incubator graduates stay in their 84% of incubator graduates stay in their communities and continue to provide a return to communities and continue to provide a return to their investors. their investors.
For every $1 of estimated annual public For every $1 of estimated annual public investment, clients and graduates incubators investment, clients and graduates incubators generate approximately $45 in local tax generate approximately $45 in local tax revenue. revenue.
Every 50 jobs created by an incubator client Every 50 jobs created by an incubator client generate another 25 jobs in the community. generate another 25 jobs in the community.
Source: National Business Incubator AssociationSource: National Business Incubator Association
87% of incubator graduates are still in business87% of incubator graduates are still in business vs 80% that fail during the first 5 yearsvs 80% that fail during the first 5 years
84% of incubator graduates stay in their 84% of incubator graduates stay in their communities and continue to provide a return to communities and continue to provide a return to their investors. their investors.
For every $1 of estimated annual public For every $1 of estimated annual public investment, clients and graduates incubators investment, clients and graduates incubators generate approximately $45 in local tax generate approximately $45 in local tax revenue. revenue.
Every 50 jobs created by an incubator client Every 50 jobs created by an incubator client generate another 25 jobs in the community. generate another 25 jobs in the community.
Source: National Business Incubator AssociationSource: National Business Incubator Association
Kinds of IncubatorsKinds of IncubatorsKinds of IncubatorsKinds of Incubators Technology IncubatorsTechnology Incubators
University AffiliatedUniversity Affiliated
Mixed UseMixed Use
EmpowermentEmpowerment
Niche industryNiche industry
Kitchen IncubatorsKitchen Incubators
ArtsArts
Construction Construction
Technology IncubatorsTechnology Incubators
University AffiliatedUniversity Affiliated
Mixed UseMixed Use
EmpowermentEmpowerment
Niche industryNiche industry
Kitchen IncubatorsKitchen Incubators
ArtsArts
Construction Construction
Finding an IncubatorFinding an IncubatorFinding an IncubatorFinding an Incubator
Go to the national or State Web site firstGo to the national or State Web site first
www.nbia.orgwww.nbia.org
www.fbiaonline.orgwww.fbiaonline.org
Ask you local Economic Development Ask you local Economic Development
OrganizationOrganization
Go to the national or State Web site firstGo to the national or State Web site first
www.nbia.orgwww.nbia.org
www.fbiaonline.orgwww.fbiaonline.org
Ask you local Economic Development Ask you local Economic Development
OrganizationOrganization
Getting into an IncubatorGetting into an IncubatorGetting into an IncubatorGetting into an Incubator Incubators normally have selection processIncubators normally have selection process
ApplicationApplication
InterviewInterview
May or may not require business planMay or may not require business plan
Usually require full time commitmentUsually require full time commitment
UCF Technology Incubator requires UCF Technology Incubator requires
participation in a 7 session program called participation in a 7 session program called
“Excellence in Entrepreneurship”“Excellence in Entrepreneurship”
Incubators normally have selection processIncubators normally have selection process
ApplicationApplication
InterviewInterview
May or may not require business planMay or may not require business plan
Usually require full time commitmentUsually require full time commitment
UCF Technology Incubator requires UCF Technology Incubator requires
participation in a 7 session program called participation in a 7 session program called
“Excellence in Entrepreneurship”“Excellence in Entrepreneurship”
ExpectationsExpectationsExpectationsExpectations Incubation is a process, not a placeIncubation is a process, not a place
Don’t expect too much. This is support, Don’t expect too much. This is support,
coaching – not life supportcoaching – not life support
You’re still in chargeYou’re still in charge
Reduces riskReduces risk
Usually allows you to grow or contractUsually allows you to grow or contract
Adds credibility - to a pointAdds credibility - to a point
Usual term is 3 – 5 yearsUsual term is 3 – 5 years
Incubation is a process, not a placeIncubation is a process, not a place
Don’t expect too much. This is support, Don’t expect too much. This is support,
coaching – not life supportcoaching – not life support
You’re still in chargeYou’re still in charge
Reduces riskReduces risk
Usually allows you to grow or contractUsually allows you to grow or contract
Adds credibility - to a pointAdds credibility - to a point
Usual term is 3 – 5 yearsUsual term is 3 – 5 years
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Incubators often fill gaps in a region’s Eco Incubators often fill gaps in a region’s Eco SystemSystemIncubators often fill gaps in a region’s Eco Incubators often fill gaps in a region’s Eco SystemSystem
Steeples of Excellence
Economic Development
Research, IP Creation & Management
Innovation
Realization
Result
Commercialization Licensing / Start-up / Incubation
Areas addressed by Incubator
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Strategy DevelopmentAssessment / Marketing/Technology Maturation
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Sta
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Ideas
Infrastructure / resources
IP T
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Center of Excellence
The underlying foundation is keyThe underlying foundation is keyThe underlying foundation is keyThe underlying foundation is key
SponsoredResearch
IP Creation &Management
Strategy DevelopmentAssessment / Marketing/Technology Maturation
Commercialization Licensing / Start-up / Incubation
Economic Development
Build Strong Foundation
Strong Partnerships with Industry and economic development agencies
Attract and retain the best people
Provide them the best facilities
Give them the opportunity to compete at the highest level
Provide a clear strategic vision - the ultimate goal is economic development
UCF Incubation ProgramUCF Incubation ProgramUCF Incubation ProgramUCF Incubation Program
UCFUCF 50,000 Students50,000 Students $130M in Research (Med School just started)$130M in Research (Med School just started)
Orlando, Known for what?Orlando, Known for what?
UCFUCF 50,000 Students50,000 Students $130M in Research (Med School just started)$130M in Research (Med School just started)
Orlando, Known for what?Orlando, Known for what?
Current Incubator ClientsCurrent Incubator ClientsCurrent Incubator ClientsCurrent Incubator Clients
100 Companies served 100 Companies served Created more than Created more than
900 jobs900 jobs Average salary of Average salary of
$60,000$60,000 Raised $200M+ in Raised $200M+ in
venture capitalventure capital Generate more than Generate more than
$500M in annual $500M in annual revenuesrevenues
100 Companies served 100 Companies served Created more than Created more than
900 jobs900 jobs Average salary of Average salary of
$60,000$60,000 Raised $200M+ in Raised $200M+ in
venture capitalventure capital Generate more than Generate more than
$500M in annual $500M in annual revenuesrevenues
0
20
40
60
80
100
120
140
Companies Graduates
Number of Clients/Graduates
GoalsGoals Expand high tech industry in Central FloridaExpand high tech industry in Central Florida Help UCF meet its goal to be America’s leading Help UCF meet its goal to be America’s leading
partnership universitypartnership university Facilitate tech transfer, collaboration and Facilitate tech transfer, collaboration and
economic development in the technology sectoreconomic development in the technology sector Provide business training and support to:Provide business training and support to:
Technology Start-UpsTechnology Start-Ups University spin-offsUniversity spin-offs Existing companies, restartingExisting companies, restarting Existing company with new project/productExisting company with new project/product SBIR / STTR start-upsSBIR / STTR start-ups
ServicesServicesServicesServices
On-site business coaching and mentoringOn-site business coaching and mentoring Entrepreneurship curriculum, seminarsEntrepreneurship curriculum, seminars Access to community leaders and an exceptional Access to community leaders and an exceptional
advisory boardadvisory board Adaptable space, flexible leasesAdaptable space, flexible leases Shared resourcesShared resources
Reception, conference rooms, business library, Reception, conference rooms, business library, high speed internet access, work / break high speed internet access, work / break rooms, office equipmentrooms, office equipment
Networking, close proximity to UCF technology, Networking, close proximity to UCF technology, expertiseexpertise
Access to interns and graduate student support Access to interns and graduate student support
On-site business coaching and mentoringOn-site business coaching and mentoring Entrepreneurship curriculum, seminarsEntrepreneurship curriculum, seminars Access to community leaders and an exceptional Access to community leaders and an exceptional
advisory boardadvisory board Adaptable space, flexible leasesAdaptable space, flexible leases Shared resourcesShared resources
Reception, conference rooms, business library, Reception, conference rooms, business library, high speed internet access, work / break high speed internet access, work / break rooms, office equipmentrooms, office equipment
Networking, close proximity to UCF technology, Networking, close proximity to UCF technology, expertiseexpertise
Access to interns and graduate student support Access to interns and graduate student support
Evolution (UCF Example)Evolution (UCF Example)Evolution (UCF Example)Evolution (UCF Example) Program/ActivityProgram/Activity StartedStarted
Central Florida Research Park 100 companies, 10,000 jobsCentral Florida Research Park 100 companies, 10,000 jobs 19811981
UCF Research FoundationUCF Research Foundation 19911991
Technology Transfer ProgramTechnology Transfer Program 19921992
Technology IncubatorTechnology Incubator 19991999
Industry match grants program (SBIR External investment)Industry match grants program (SBIR External investment) 20002000
Establish Office of Economic DevelopmentEstablish Office of Economic Development 20022002
Technology Entrepreneurship:Technology Entrepreneurship:
Emerging Business NetworkEmerging Business Network 19961996
Excellence in Entrepreneurship Excellence in Entrepreneurship 20002000
Boot-camps for EntrepreneursBoot-camps for Entrepreneurs 20002000
Entrepreneurship graduate courseEntrepreneurship graduate course 20032003
Business Plan CompetitionBusiness Plan Competition 20042004
Technology Venture LabTechnology Venture Lab 20042004
Established Center for Innovation and EntrepreneurshipEstablished Center for Innovation and Entrepreneurship 20052005
Establishment of Angel fundEstablishment of Angel fund 20062006
Program/ActivityProgram/Activity StartedStarted
Central Florida Research Park 100 companies, 10,000 jobsCentral Florida Research Park 100 companies, 10,000 jobs 19811981
UCF Research FoundationUCF Research Foundation 19911991
Technology Transfer ProgramTechnology Transfer Program 19921992
Technology IncubatorTechnology Incubator 19991999
Industry match grants program (SBIR External investment)Industry match grants program (SBIR External investment) 20002000
Establish Office of Economic DevelopmentEstablish Office of Economic Development 20022002
Technology Entrepreneurship:Technology Entrepreneurship:
Emerging Business NetworkEmerging Business Network 19961996
Excellence in Entrepreneurship Excellence in Entrepreneurship 20002000
Boot-camps for EntrepreneursBoot-camps for Entrepreneurs 20002000
Entrepreneurship graduate courseEntrepreneurship graduate course 20032003
Business Plan CompetitionBusiness Plan Competition 20042004
Technology Venture LabTechnology Venture Lab 20042004
Established Center for Innovation and EntrepreneurshipEstablished Center for Innovation and Entrepreneurship 20052005
Establishment of Angel fundEstablishment of Angel fund 20062006
Creating New Business OpportunitiesCreating New Business Opportunities
Proactive Tech TransferProactive Tech Transfer
UCF Orange County Venture Lab
UCF Orange County Venture Lab
Technology Entrepreneurship Center
Technology Entrepreneurship Center
Savvy EntrepreneursSavvy Entrepreneurs
Solid Market ResearchSolid Market Research
NCIIA E-TeamsNCIIA E-Teams
Entrepreneurship ProgramsEntrepreneurship Programs
Business Plan CompetitionsBusiness Plan Competitions
Helping to Plant 1,000 SeedsHelping to Plant 1,000 SeedsHelping to Plant 1,000 SeedsHelping to Plant 1,000 Seeds Technological Entrepreneurship Technological Entrepreneurship
CenterCenter Entrepreneurship educationEntrepreneurship education Business plan showcases Business plan showcases Technology Business ForumTechnology Business Forum
UCF Orange County Venture Lab UCF Orange County Venture Lab 100 students and faculty, 100 students and faculty,
7 companies started7 companies started
Small Business Development CenterSmall Business Development Center 6,000 individuals trained and counseled6,000 individuals trained and counseled 78 business starts78 business starts 904 jobs created or retained904 jobs created or retained
Technological Entrepreneurship Technological Entrepreneurship CenterCenter Entrepreneurship educationEntrepreneurship education Business plan showcases Business plan showcases Technology Business ForumTechnology Business Forum
UCF Orange County Venture Lab UCF Orange County Venture Lab 100 students and faculty, 100 students and faculty,
7 companies started7 companies started
Small Business Development CenterSmall Business Development Center 6,000 individuals trained and counseled6,000 individuals trained and counseled 78 business starts78 business starts 904 jobs created or retained904 jobs created or retained
Help New and Small Companies Grow Strong
Help New and Small Companies Grow Strong
UCF IncubatorUCF IncubatorUCF IncubatorUCF Incubator Disney/SBA National Disney/SBA National Entrepreneur CenterEntrepreneur CenterDisney/SBA National Disney/SBA National Entrepreneur CenterEntrepreneur Center
Florida HighFlorida HighTech CorridorTech CorridorFlorida HighFlorida HighTech CorridorTech Corridor
Student InternsStudent Interns
Seed / Gap FundingSeed / Gap Funding
Networking EventsNetworking Events
Service Provider Support
Service Provider Support
SBIR CollaborationsSBIR Collaborations
Early Stage SupportEarly Stage SupportEarly Stage SupportEarly Stage Support UCF Technology IncubatorUCF Technology Incubator
100 companies, 900 Jobs, $60K average 100 companies, 900 Jobs, $60K average
salarysalary
Disney/SBA National Entrepreneur CenterDisney/SBA National Entrepreneur Center
26,000 clients, 214 startups served26,000 clients, 214 startups served
2,400 jobs retained2,400 jobs retained
Florida High Tech CorridorFlorida High Tech Corridor
Supporting workforce development Supporting workforce development
Matching research fundingMatching research funding
615 projects with 250 local companies 615 projects with 250 local companies
worth $130M worth $130M
UCF Technology IncubatorUCF Technology Incubator
100 companies, 900 Jobs, $60K average 100 companies, 900 Jobs, $60K average
salarysalary
Disney/SBA National Entrepreneur CenterDisney/SBA National Entrepreneur Center
26,000 clients, 214 startups served26,000 clients, 214 startups served
2,400 jobs retained2,400 jobs retained
Florida High Tech CorridorFlorida High Tech Corridor
Supporting workforce development Supporting workforce development
Matching research fundingMatching research funding
615 projects with 250 local companies 615 projects with 250 local companies
worth $130M worth $130M
ContactsContactsContactsContacts
Tom O’NealTom O’Neal
407 882-1120407 882-1120
oneal@mail.ucf.eduoneal@mail.ucf.edu
Associate Vice President for Research &Associate Vice President for Research &CommercializationCommercialization
Director UCF Incubator ProgramDirector UCF Incubator Program
President, Florida Business Incubator AssociationPresident, Florida Business Incubator Association
Tom O’NealTom O’Neal
407 882-1120407 882-1120
oneal@mail.ucf.eduoneal@mail.ucf.edu
Associate Vice President for Research &Associate Vice President for Research &CommercializationCommercialization
Director UCF Incubator ProgramDirector UCF Incubator Program
President, Florida Business Incubator AssociationPresident, Florida Business Incubator Association
Where (Context)
Why (Purpose)
Who (Admission process / clients)
What (Desired results)
How (Support provided)
Outline
Context:Newfoundland &
Labrador• Population– ~500,000– land area of California
• One university– 18,500 students– $85m research budget
• Econ. devt. mandate enshrined in University Act
• Located in tech. transfer group• Opened February 1997• Technical support for knowledge-based
businesses
Preparing them for private investment
The Genesisof the Genesis
Centre
• Nfld./Lab. ventures:1. Technology (knowledge) -
based product2. High growth potential
(multi-million $ revenue)3. ENTREPRENEURIAL
ABILITY
• Selection Board - private sector
Entrance to the Centre
• IT (21)• Engineering (9)• Manufacturing
(4)• Biomedical (4)
Clients to Date (38)From community & university:
• Investment-readiness:– experienced management
team– active Board of Directors– comprehensive business plan
$ (venture) capital
Desired Results
graduation
• 38 clients– 23 graduates– 7 current clients> $11 million in private equity
secured
• Over 660 employed
• Rutter Technologies Inc.– public– annual revenue >$72 million
Results to Date
A. TechnicalB. BusinessC. PhysicalD. Intangible
Resources Provided
Examples:• Manufacturing Technology
Centre• Videoconferencing (comm. &
mkting.)• Lab space & equip.• Medical School• Technical Services• Business courses
A. Technical Resources“Engineering the product”
Human Resources- Mentor- Advisory Board- Consultant- Centre Staff
Events- Roundtables- Networking
luncheons
“Engineering the company”
B. Business Resources
C. Physical Resources• Office space, furniture &
equipment• High-speed network• Board & meeting rooms• Videoconferencing• Computer & AV equip.• Admin. assistance
• Credibility
• Synergy
• Vision
• Confidence
D. Intangibles
SIFE Memorial
• Started incubator for students• 2006 - Canadian Champions• World Cup: Round of 16• 2007 - Canadian Champions• World Cup: 1st Runner-Up• 2008 - Canadian Champions• World Cup Champions!
Campus IncubationConsortium
• Genesis Centre• SIFE Incubator• Faculty of Business• Faculty of Engineering• National Lab
Genesis Centre -Results for University
1. Good PR, locally & nationally2. Strengthened network in
local business community3. Strengthened univ. culture
of innovation & entrepreneurship
4. Contribution towards ED mandate
ContactInformatio
nKeelin O’LearyManager - Genesis Centre
Director –National Business Incubation
Assn.Canadian Assn. Business
Incubationkeelin@mun.ca709-737-2365
www.genesis.mun.ca
USC – Technology
USC/Columbia Technology USC/Columbia Technology IncubatorIncubator
Non-Traditional Economic Non-Traditional Economic DevelopmentDevelopment
USC – Technology
The USC/Columbia The USC/Columbia Technology IncubatorTechnology Incubator
Founded in 1998 in the USC’s College of Engineering & Information Technology.
USC – Technology
MissionMission
The mission of the USC/Columbia Technology Incubator is to increase the vitality of the regional economy by recruiting and nurturing start-up
companies that advance technological development, employ highly skilled
workers and contribute to the economic development of the area.
USC – Technology
Values we followValues we follow• USCCTI believes in, and adheres to, the
following core values within its structure, policies, and practices:• Integrity and Professionalism • Teamwork and Loyalty • Uncompromised Quality and
Commitment to Excellence • Innovation • Respect and Diversity
USC – Technology
Progress since Incubator Progress since Incubator inception in 1998inception in 1998
Growing from 3000 sq feet to a 40,000 sq foot facility
Increasing the number of our supporters
Improving our services
Assisting in creating jobs (605 jobs to date)
Increasing Average Salary per job to $48,7500
USC – Technology
This is truly a public private This is truly a public private partnership that is workingpartnership that is working
How have we done this?• City of Columbia• The State of South Carolina• Richland County• Lexington County• Corporate Partners (e.g. BellSouth,
SCANA)• Educational Institutions (e.g. USC, MTC)• Private Partners (e.g. Tomlin &
Company, Inc.)
USC – Technology
Incubator in NumbersIncubator in Numbers
73 companies admitted since 1998
605 Jobs created
171 Minority jobs created
43 Current Companies
20 Graduates
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