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

2. 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

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

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

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

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

7. 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

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

9. 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

10. 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

11. 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

12. 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

13. 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

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

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