The eFactory: Growing the Local Economy from Idea to Job Creation Brian Kincaid Business Incubator Coordinator Allen Kunkel Associate VP for Economic Development
UEDA Summit 2013 - Awards of Excellence - Community Connected Campus - The eFactory: Growing the Local Economy from Idea to Job Creation
Nov 12, 2014
Beginning in 2005 with the development of the Jordan Valley Innovation Center (JVIC), Missouri State University has shown a commitment to the redevelopment of an 88-acre footprint in Springfield’s center city that experienced decades of decay and dilapidation. Known as IDEA Commons, Missouri State University’s vision and mission to create an urban innovation park has been touted as a new type of research park that blends right-brain and left-brain creativity by bringing together and encouraging collaboration between Innovation, Design, Entrepreneurship and the Arts.
Since 2009, Missouri State embarked on its most recent redevelopment project focused on fostering entrepreneurial opportunity to complement and leverage technical innovation at JVIC, the Small Business and Technology Development Center, and the ideas and creativity of the University’s faculty, staff and students. As a result, in March of 2013, the Robert W. Plaster Center for Free Enterprise and Business Development was opened to serve as the principal Entrepreneurship component of IDEA Commons.
Housing both The eFactory, a technology-focused business incubator and business development center, and the cooperative engineering program between Missouri State University and Missouri University of Science and Technology, this project has created a mixed-use development that provides opportunity for economic impact through new job creation as well as the advancement of educated persons who are equipped to contribute meaningfully in an evolving economy.
The eFactory has brought together many of the region’s economic development entities to create a one-stop-shop for entrepreneurs in order to facilitate their development from start-up to maturity, from idea to job creation.
View the case study: http://universityeda.org/value-to-members/best-practice-sharing/awards-of-excellence/awards-of-excellence-2013-finalists/the-efactory-growing-the-local-economy-from-idea-to-job-creation/
Since 2009, Missouri State embarked on its most recent redevelopment project focused on fostering entrepreneurial opportunity to complement and leverage technical innovation at JVIC, the Small Business and Technology Development Center, and the ideas and creativity of the University’s faculty, staff and students. As a result, in March of 2013, the Robert W. Plaster Center for Free Enterprise and Business Development was opened to serve as the principal Entrepreneurship component of IDEA Commons.
Housing both The eFactory, a technology-focused business incubator and business development center, and the cooperative engineering program between Missouri State University and Missouri University of Science and Technology, this project has created a mixed-use development that provides opportunity for economic impact through new job creation as well as the advancement of educated persons who are equipped to contribute meaningfully in an evolving economy.
The eFactory has brought together many of the region’s economic development entities to create a one-stop-shop for entrepreneurs in order to facilitate their development from start-up to maturity, from idea to job creation.
View the case study: http://universityeda.org/value-to-members/best-practice-sharing/awards-of-excellence/awards-of-excellence-2013-finalists/the-efactory-growing-the-local-economy-from-idea-to-job-creation/
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The eFactory: Growing the Local Economy
from Idea to Job Creation
Brian KincaidBusiness Incubator Coordinator
Allen KunkelAssociate VP for Economic Development
Missouri State University
MSU IDEA COMMONSTHE EFACTORY
Located in Springfield, Missouri
Second-largest university in Missouri
180+ undergraduate & 50 graduate programs
Missouri State University is known for its statewide Public Affairs mission – a focus on Community Engagement, Cultural Competence, and Ethical Leadership.
$Sponsored research exceeds $20 million
Springfield
Kansas City
St. Louis
Urban Innovation Park
MSU IDEA COMMONSTHE EFACTORY
Jordan Valley Innovation Center (JVIC)
Brick City (Art+Design, PharmD)
Robert W. Plaster Center for Free Enterprise & Business Development
I.D.E.A. Commons – Innovation, Design, Entrepreneurship, & Art. An effort to transform an 88 acre overlooked area of Springfield into a vibrant urban neighborhood.
Building on Success
MSU IDEA COMMONSTHE EFACTORY
Evolution of the Innovation Park Model
Expansion of IDEA Commons was based on the success of JVIC and a growing need identified by the University and supported by community partners.
• More mixed-use development• Focus on supporting entrepreneurs with formal incubator space and specialized services• Develop a sense of place that’s attractive to young talent• University partnerships with entrepreneurs and local business
Fostering Entrepreneurship
MSU IDEA COMMONSTHE EFACTORY
The Robert W. Plaster Center for Free Enterprise& Business Development
• The eFactory• MSU/Missouri S&T Cooperative Engineering Program• MSU Printing & Postal Services
Redevelopment of an abandoned space to create the entrepreneurial component of IDEA Commons, as the hub of entrepreneurship and small business development in the community. This mixed-use development provides economic impact and enhanced student experience.
The eFactory
MSU IDEA COMMONSTHE EFACTORY
Created The eFactory to foster entrepreneurial opportunity and leverage technical innovation. Designed as a one-stop-shop to assist businesses from start-up to maturity; from idea to job creation.Unique Springfield brand approach
Long-term economic development & growth
Creating a culture of entrepreneurship
Mission and Vision
MSU IDEA COMMONSTHE EFACTORY
Facilitate the successful growth and development of start-up and emerging businesses, creating high-wage jobs for the local economy.
Support client companies in a way that will enable them to graduate from the incubator in three to five years and establish themselves in the local community.
Partnerships
MSU IDEA COMMONSTHE EFACTORY
Springfield Innovation, Inc.
Small Business & TechnologyDevelopment Center
Management Development Institute
Missouri Enterprise
SCORE
Missouri Procurement Technical Assistance Center
Other partners include Chamber of CommerceSpringfield Angel Network, Drury University, SBA
Private business service providers and regional governments
Business Incubation Program
MSU IDEA COMMONSTHE EFACTORY
The Business Incubation Program lies at the heart of The eFactory’s mission and vision. With 20,000 sq. ft. of leasable space and a virtual incubator, the incubator gives start-ups room to succeed and grow.Target Industries
• Manufacturing• Medical Device & Health Services• Logistics & Supply Chain Management• Technology (IT, software, energy solutions, agri-tech)
Economic Impact
MSU IDEA COMMONSTHE EFACTORY
Redevelopment Project: $11,500,000• $2,750,000 Economic Development Administration• Significant private gift from the Robert W. Plaster Foundation• $7,000,000+ Missouri State University
Over 450 businesses served
Over 650 jobs created
$30,000,000 investment in local economy
Repurpose of underutilized properties
Attraction and retention of human capital
Long-term stability of University
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