ASU Small Business Development Center Business Incubation Presented by: Dave Erickson Director ASU Small Business Development Center

Business Incubation Business Incubator in San Angelo What is Business Incubation? Why Business Incubation In Rural Communities? Some Do’s and Don'ts Final Thoughts For More Information Questions Business Incubation --TMCN Cisco Economic Development Alliance Meeting

Business Incubator in San Angelo 1.0 Concho Valley Center for Entrepreneurial Development CVCED Est. 2003 Business Incubation --TMCN Cisco Economic Development Alliance Meeting

First CVCED Client in 2003 Now part of General LED Inc. San Antonio, Tx Business Incubation --TMCN Cisco Economic Development Alliance Meeting

Business Incubator in San Angelo 2.0 Concho Valley Center for Entrepreneurial Development Est. 2008 Business Incubation --TMCN Cisco Economic Development Alliance Meeting

Business Incubation in San Angelo 3.0 Inside the Business Resource Center (BRC) Est. 2012 Business Incubation --TMCN Cisco Economic Development Alliance Meeting

What is Business Incubation? Supportive environment Help, synergy and networking Shared services Flexible structure Less than market costs Ramp up costs Resources to bear Regional Graduation time Public /private funding Business Incubation --TMCN Cisco Economic Development Alliance Meeting

Why Business Incubation for Rural Communities? Grow Your Own Business Incubation --TMCN Cisco Economic Development Alliance Meeting

The Three Legged Sto0l of Economic Development Local Economic Development Recruiting Businesses Grow your own Expansion/support of Existing Businesses Business Incubation --TMCN Cisco Economic Development Alliance Meeting

Some Do’s and Don'ts Do: Focus on what will work in your community-that comes from planning Tech, general, ag business, food, creative class, etc. Build your regional resource network for assistance Ex. SBDC for technical business advice and training Have policies, agreements in place Have staff person to oversee-champion Have an advisory committee Be responsive/supportive to client needs/requests Consider funding programs for clients Educate/inform the whole community-show ROI Celebrate successes Promote synergy among clients Business Incubation --TMCN Cisco Economic Development Alliance Meeting

Some Do’s and Don'ts Don’t: Try to bring any kind of business into incubator Forget regional resources Forget the proper mix on advisory committee Forget to be sensitive to existing local businesses Forget you when starting out, you are “incubating an incubator” Business Incubation --TMCN Cisco Economic Development Alliance Meeting

Final Thoughts Business incubation is an active approach in creating a positive business environment and support system for existing and budding local entrepreneurs. Business Incubation --TMCN Cisco Economic Development Alliance Meeting

Final Thoughts “Supporting entrepreneurs through incubation is so much more than just providing a building and some technical assistance, there has to be a champion in the community, with boots on the ground. Incubation is the synergy, the services, the partner relationship between the clients and advisors and clients and each other.” David Terry Executive Director West Texas A & M University Enterprise Center From NBIA’s Best Practices in Rural Incubation Business Incubation --TMCN Cisco Economic Development Alliance Meeting

More information www.nbia.org/store Business Incubation --TMCN Cisco Economic Development Alliance Meeting

Questions? David.erickson@angelo.edu 325-942-2098 Business Incubation --TMCN Cisco Economic Development Alliance Meeting