vcet tech council 10.11.12
TRANSCRIPT
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VCET Today
• 2005 doors opened as classic incuba2on program
• 2007 total remake of programs, value proposi2on and infrastructure began
• Financial support from US Senator Patrick Leahy, Vermont Technology Council, Agency of Commerce, UVM and Middlebury College
• 2.5 Employees, 1-‐3 EIR’s, 3-‐4 interns, 100+ mentors/advisers, scores of strategic partners, network effect of 36+ Client firms. Outstanding Board of Directors
• Opera2ng budget halved, impact up 20x
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VCET Today
Mentor Network (i.e. Talent Cloud, volunteers) Incuba0on Programs (2 facili2es, remote services, partners and hands-‐on counseling/assistance) Seed Capital Fund ($5M revolving fund, May 2010) Por<olio Impact
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Entrepreneurs Served
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Entrepreneurs)Served)2008)0)2012)Cumula2ve"Entrepreneurs"Served" Entrepreneurs"Served"
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Next Generation Jobs
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Next%Genera*on%Jobs%2008%2%2012%Cummula3ve"Next"Genera3on"Jobs" Next"Genera3on"Jobs"
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Revenues
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FY"2008" FY"2009" FY"2010" FY"2011" FY"2012"
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Capital Investment
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Capital'Investment'2008'1'2012'Cumula1ve"Capital"Investment" Capital"Investment"
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How We Innovate
• Institutional paranoia around relevancy to Vermont entrepreneurial ecosystem
• Measure key performance drivers to validate relevancy and reach to entrepreneurs
• Engage with regional and national partners to learn about not just best practices, but superior outcomes
• Solve their problems, not necessarily ours
• 1 principal new initiative a year
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Innovation In Practice
Forward Leaning – Highly Relevant – Great Timing
• Entrepreneurs-In-Residence • Seed Capital Fund • Partnerships • Tech @ Networking Series • Co-working space • UVM Start • What’s Next ?
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Connecting Student Entrepreneurs with Alumni Donors
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Get Involved!
• 8 Student Teams • Each raising ~$3,000 • 45 Day Campaigns • Launching October 18th • www.uvmstart.org
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Challenges Ahead
• Maintaining high degree of relevance and service levels to Entrepreneurial Ecosystem
• Scaling the VCET team and services model to meet record market demands
• Deepening relationships with Colleges and Universities for faculty and student start-ups
• Securing modest annual funding to replace expired Senator Leahy provided SBA grants
• Supporting entrepreneurs and their inherent ever dynamic situations