ueda summit 2013 - awards of excellence - community connected campus - incubation and outreach...
DESCRIPTION
The goal of the Wyoming Technology Business Center Incubation Program is to provide development assistance to early-stage Wyoming businesses preparing for high growth. Business assistance is offered through the Wyoming Technology Business Center (WTBC) staff and focuses on four important aspects of growing a business; sales and marketing, organizational structure, financial and information systems, and ongoing strategic planning. Through this work, the WTBC is creating a fertile business environment that will assist in the diversification of Wyoming’s economy. Because of the success of the incubator program in Laramie, the WTBC’s mission is to grow the program across the state. Recently, an incubator was added in Casper, Wyoming, and there are plans for another location to be opened in Gillette. In addition to expanding our own program, the WTBC also works with other established incubators, such as Forward Sheridan of Sheridan, WY to achieve a statewide presence. View the Case Study: http://universityeda.org/value-to-members/best-practice-sharing/awards-of-excellence/awards-of-excellence-2013-finalists/incubation-and-outreach-program/TRANSCRIPT
Jonathon L. Benson, CEO
Christine Langley, COO
Incubation and Outreach ProgramCommunity Connected Campus
WYOMING NEEDS ECONOMIC DIVERSITY
• Wyoming stats– 97,100 square miles– <570,000 people– 5.8 people per square mile
• Populations of Largest Cities– Cheyenne, 60,096– Casper, 55,988– Laramie, 31,312– Gillette, 23,238
Problem: How to encourage the development & growth of entrepreneurial & technology companies
throughout the state.
PROCESS OF FINDING A SOLUTION FOR STATEWIDE IMPACT
• WTBC Laramie - Incubator
• Outreach Advisory Program Throughout Wyoming
• Focus on Entrepreneurial Nodes
- Add Networking Educational Program
•Develop Incubators in Entrepreneurial Nodes
SOLUTION: BUSINESS INCUBATORS
• Laramie
• Casper
• Gillette
• Key Features:
SOLUTION: BUSINESS ADVISORY PROGRAM
Goal: Help Companies Grow Larger & Faster
Advice is tied to Stage of Development:Pre-Venture, Pre-Revenue, Initial
Sales, First Growth
Business Process
SOLUTION:
• Networking Educational Group• Improve climate for entrepreneurial companies & Identify Pre-Venture Companies.• Meet 5x per year
- 90 Minutes; Networking & Program• Chapters in Laramie, Sheridan, Gillette, & Casper
FUNDING & COLLABORATIONLocal Economic
Development GroupsState & National
IMPACT: WTBC LARAMIE
Acquired by:
• Graduate Stats– Average annual revenues: $2 Million - $5 Million– Combined FTE employment: 95+– Average wage: $65,000– Combined footprint in community = 25,000sq ft.
• 2-3 student administrative assistants per incubator
• 2 paid internships per yearLuke Schneider
2007 WTBC InternCEO Medicine Bow Technologies
Weston Welch2007 Entrepreneurship Competition WinnerCEO Pronghorn Tech
SUMMARYProblem:
- How to encourage the development & growth of entrepreneurial & technology companies throughout the state.Solution:
- Business Incubators, Business Advisory Program, e2e Identified by:
- Wyoming Legislature, UW Community, and Local Economic
Development GroupsOriginality / Innovation:
- Business Advisory Program, Strategy of Developing IncubatorsSustainable / Scalable / Replicable:
- Completed 2 Nodes, 3rd Node in Development, 4th Node InterestedBenefits / Impacts:
- New High-Potential Companies, Employment, Revenues, Natural Diversification
Role of WTBC: - Managed & Developed Program with Local Advisory Groups
Student Involvement: - Internships $=& student employment @ WTBC, Wyoming
employment opportunities