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HomeMy WebLinkAbout4.a. Business Incubator Discussion ROSEI v1OUN ]T EXECUTIVE SUMMARY PORT AUTHORITY Port Authority Date: September 4, 2012 AGENDA ITEM: Business Incubator Discussion AGENDA SECTION: New Business PREPARED BY: Kim Lindquist, Deputy Director and Dwight AGENDA NO 4.a. Johnson, Executive Director ATTACHMENTS: Newspaper clippings APPROVED BY: DA) RECOMMENDED ACTION: Review, Comment and Consider establishing a Work Group to further consider a Business Incubator project ISSUE Under the goals adopted by the Port Authority is: To increase the quantity and quality of business and employment opportunities for residents while broadening the sector and tax base. One of the implementation strategies is to: Investigate /partner to determine feasibility of establishing a "business incubator" growth model. Consider emerging technologies, sustainability, nanotechnology opportunities. The Port Authority has briefly discussed this topic over the last year but in a cursory way. At the last meeting it was noted that we had a resident, Mr. Tom Luing, contact staff expressing interest in assisting in investigating startup of a business incubator. He also might have some additional residents who would also help out. One of us (Kim) spoke with Mr. Luing and indicated that a small work group might be put together to work on this project outside of the traditional port authority meetings. He expressed interest in assisting and is waiting to hear back about next steps. In general, business incubators are intended to provide entrepreneurs and fledgling businesses with a boost toward success that will ultimately add value and jobs to the community. Such businesses may start in the home or local coffee shop, migrate to an incubator space, and ultimately find a permanent space to do business. DISCUSSION Staff has included a number of news clippings about various kinds of business incubator projects in the area. Some of the considerations brought forth in a review of the other projects include: Location: Some business incubators are contained within an existing business, some are independent underused commercial spaces, one is planned for an old City Hall building, one is in a business library setting and one is in a Chamber of Commerce office. In Rosemount, staff has considered that we have some underused space in the downtown "mall" building and another possibility might be at DCTC. Characteristics of Space: Many of the spaces seem to have some rent or lease requirement, although often discounted by the sponsoring agency. However, Northfield appears to have more of a drop -in networking space. The spaces vary from a large room to over 10,000 square feet in size. One even provides space for actual manufacturing to take place. They often have some normal office furniture and supplies, access to the internet and perhaps a conference room. Access to Resource.: An important ingredient in most of the incubators appears to be access to knowledgeable business resources. In some cases, successful business people volunteer to help. Members of our Chamber of Commerce could be recruited to assist us. DCTC undoubtedly has significant potential resources. The University may also be willing to jump in. In our case, assistance and mentorship could also be provided by the MCCD group (Metropolitan Consortium of Community Developers) which the Port Authority recently agreed to join along with most other Dakota County communities. A year or two ago, the Port Authority also heard a presentation on Angel Investing which might be another resource. Who can use the incubator space: While some incubators have a drop -in networking philosophy, others have a specific, targeted recruitment policy for a specific kind of business that is needed or desired to meet the community's needs. In the latter case, a specific lease with a maximum time of occupancy may be executed (18 months in one case). Some incubators have specific requirements for tenants, such as creating a business plan in a certain time frame. At least one incubator has an application process. Commissioner Bob Leuth has some past experience with a business incubator project in Wisconsin and plans to share some information about that project as well. Also, as noted before, Mr. Tom Luing has some background that could help us. RECOMMENDATION The quick survey of various incubator projects provided above is intended to be a starting point for discussion. The Port Authority should determine if it wants to pursue this matter by forming a small work group. This memo could provide an initial roadmap for the small work group to consider the matter further if so desired. In addition to Mr. Leuth and Mr. Luing, other resources that should be consulted by the work group should include DCTC, the University and the Chamber of Commerce. Some questions that would need to be addressed by a small work group would include: Where should it be located? How big should it be? Are we going to target specific kinds of businesses? What will be the requirements of prospective incubator tenants? What community and business resources will commit to help with the project? How much will the project cost and how will it be funded? 2 StarTribune Print Page Page 1 of 2 StarTribune SPUR: A business percolator in Northfield Article by: SUSAN FEYDER Star Tribune August 7, 2012 11:23 PM Fledgling businesses in Northfield in need of a place to start up and grow have a new alternative to the coffeehouses sprinkled throughout the college community. A coworking center, a type of business incubator where entrepreneurs can drop in to work alone or collaborate with each other, opened last week in the heart of the city's quaint downtown. Located in a second -story office suite that decades ago housed the Northfield News, the center offers a variety of services, including work spaces, a conference room, WiFi, a networked copier /printer /scanner, mailboxes, coffee and "lunch- and learn" sessions with business coaches. Membership rates start at $20 for a one -day pass and go up to $250 for 24 -hour access for a month. Launched by the North Enterprise Center, a business development nonprofit, the new venture is called SPUR. That's shorthand for "Strengthen Productivity Unite Resources," but the name also defines the incubator's raison d'etre, according to Executive Director Megan Tsui. "Our goal is to accelerate business development, getting new businesses started and helping others expand," she said. SPUR is funded by $40,000 from the Southern Minnesota Initiative Foundation and Northfield's Economic Development Authority with a mission to create 10 new businesses and help 50 others expand or improve in the center's first year of operation. Tsui, who already counsels businesses at the enterprise center, also will be providing that guidance at SPUR. But she said she hopes members embrace the full concept of coworking, which involves helping each other. "What I would like is that everybody here at SPUR becomes a coach," she said. Coworking ventures got their start on the West Coast several years ago and now can be found nationwide and in Europe. SPUR is modeled after a pair of similar operations one in Minneapolis's Grain Exchange Building and another in St. Paul's Lowertown operated by CoCo, short for Coworking Collaborative Space. The two centers have about 350 members, according to Kyle Coolbroth, CoCo's co- founder. Tsui said some of SPUR's members may wind up being people who have previously traveled to the city to use CoCo's facilities. Others could be people who have operated their businesses out of their homes or have parked themselves and their laptops in area coffeehouses. "This will be a place where they don't have to compete with the sh000sh noise of an espresso machine," she said. Mary Schmelzer, executive director of Northfield's Chamber of Commerce, said the coworking site not only provides start-up businesses with a more professional working environment but also a downtown mailing address. "That's something that can add legitimacy to your business," she said. Some businesses that already have small offices could use the coworking center for flex space, she said. Griffin Wigley, a longtime Northfield resident and independent Internet consultant, said the city is an ideal location for a coworking venture. Home to Carleton College and St. Olaf College, the town of 20,000 is full of cultural amenities that attract educated, independent workers http://www.startribune.com/printarticle/?id=165022976 8/22/2012 StarTribune Print Page Page 2 of 2 Wigley, who also writes a Northfield community blog, said creating and expanding numerous small businesses could work better for the city than trying to lure a few large companies to town. This is an alternative economic development model, given the recession and realities of what a big business might be looking for," he said. Wigley and Schmelzer note that Northfield faces some challenges when it comes to attracting large businesses. There isn't an abundance of land, and some vacant properties would require substantial investments in upgrades and infrastructure improvements. Northfield also is known for resisting big business, partly because of the uproar in the late 1990s when Target Corp. wanted to build a store in town. The hotly debated issue wound up being put to a vote, and it was narrowly approved. Other big -box retailers have arrived since then, although a couple have chosen to locate instead in nearby Dundas. "You've got two camps here," said Jack Hoschauer, president of the economic development authority. "One camp wants Northfield to look the way it did when Jesse James rode into town, and the other camp wants to have economic development and growth. In my opinion those goals are not mutually exclusive." Hoschauer said SPUR is part of larger effort to stimulate business development in Northfield. "It's a piece of what we need to do to support enterprises to keep them here so their businesses can thrive here." Susan Feyder 952-746-3282 2011 Star Tribune http://www.startribune.com/printarticle/?id=165022976 8/22/2012 River Heights Chamber Opens Small Business "Incubator" Inver Grove Heights, MN Pa... Page 1 of 3 Editor Jeff Roberts jeff.robertseboatch.com Like 509 Patch Newsletter Nearby jski Sian In InverGroveHeightsPatch 'T 7$o Home News Events Directory Commute Pics Clips I Elections j More Stuff Update: Like Inver Grove Heights on Facebook and follow us on Twitter (a)InverGrovePatch Business River Heights Chamber Opens Small Business "Incubator" River Heights Chamber of Commerce President Jennifer Gale says the incubator will provide the resources necessary to grow a small business. By David Henke Email the author November 29, 2011 Tweet 2 Email Print Comment Related Topics: Economic Development, Jennifer Gale, River Heights Chamber of Commerce, and small business incubator ;z= Creating a successful small business is an uphill battle, but the River Heights Chamber of Commerce hopes that its new, Small Business Incubation space will make the fight a little easier. Located in the Chamber's office building on Blackshire Path in Inver Grove Heights, the roughly 650 square -foot space has an array of business friendly amenities and can be rented out by fledging businesses that don't have the resources for their own office space, but need to grow, Chamber President Jennifer Gale said. In return for paying approximately $600 a month to lease the space, an entrepreneur gets a fully- furnished office space and reception area, access to wireless Internet, use of a conference room, an LCD projector and a flat screen TV. The office space is insured and has a security system in place, Gale said, and entrepreneurs who move into the space can also use a color copier and postage machine if they pay a small usage fee. Gale got the idea for the incubation space after visiting the Austin Chamber of Commerce earlier this year and seeing their business incubation center in action. She hopes the River Heights Chamber of Commerce's incubation space will serve as an intermediary step for emerging businesses and facilitate their growth. "I think there's quite a bit of space between the time you start your business out of the home or wherever, and can actually afford the resources to be an independent business," Gale said. And if a budding entrepreneur has any questions on business management? Established business owners who are members of the Chamber of Commerce will be on hand to provide support and consultation services for businesses participating in the incubator, Gale said. The space is currently occupied by local business Financial Sync, which will soon be striking out on its own in an independent office space, Gale said. Small businesses looking to locate in the space will be limited to an 18 -month lease, she added. Inver Grove Heights Community Development Director Tom Link believes the incubator will provide a helpful service to the local business community and could facilitate economic growth. http /invergroveheights.patch.com /articles/ chamber opens- small business incubator 8/22/2012 River Heights Chamber Opens Small Business "Incubator" Inver Grove Heights, MN Pa... Page 2 of 3 "To be able to have the support services would be a major benefit to someone who's trying to get their business off the ground," Link said. "Communities that are interested in economic development are always looking for that growth, and a successful small business is an important way of achieving that growth," Link said. Interested in learning more? Contact the River Heights Chamber of Commerce at 651 -451 -2266. Email me updates about this story. Enter your email address Keep me posted Recommend 3 Tweet 2 Email Print Follow comments Submit tip Comment Leave a comment Submit 1) Tlik AMERICA'S MOST SPECTACOlARTRAILS E r.- e .,,:r. •i „....60. ,44.t,.-,, 4 tz,,L.,;„,1..,,,Ig,,,,,,u Sponsored Links 2 "How Doctors Lose Weight" Celebrity Doctor Reveals His #1 Trick to .-Lose Weight Fast. www. H Lifestyles com ki VIPIOVERSTOCK 52" TVs: $49.53 Get a 52" LED TV for $49.53. Limit One Per Customer. Grab Yours Now! www Woman is 57 But Looks 27 Rosemount Mom publishes simple facelift trick that angered doctors C V o n s u m e r li fe s ty l e s. o rg BEST EATS Everyone's a critic. kN We made` ittttatway. HAND Rabe Review Now 1 Pakh DOWN! Advertise Volunteer Contribute Advertise on Patch and reach potential If you want to help local causes, or your cause Send us news tips customers in your backyard and beyond. Click needs local help, your next click should be right Put an event on the calendar http /invergroveheights.patch.com /articles/ chamber opens small- business incubator 8/22/2012 Cottage Grove: Businesses Curious About Cheap Rent at Old City Hall 1 Business News Page 1 of 2 Site Web Search powered by YAHOO!SEARCH News Local Sports Business Ent Life Travel Multimedia Blogs Opinion 1 Obits Jobs Cars Homes Classifieds Shop Pets loin us! Register 1 Sign in 1 Customer service l Mobile 1 E- dition 1 Contact 1 News tips 1 Correction request l Advertise 1 Subscribe 0 nvYAHOOt 1 Cottage Grove: Businesses Curious About Cheap Rent at Old City Hall BETTER FOR YOUR BUSINESS. Cottage Grove By Bob Shaw bshaw ©pioneerpress.com 08/21/2012 12 29 PM EDT CARB4HITE Cottage Grove sponsored an open house for its new business incubator this week, and interest was strong. ONVIE BACKUP "We definitely feel like we are getting some prospects," said leasing agent Greg LaSalle of Tapestry Management AUTOMATIC, SECURE. LLC, which is handling the leasing of space to startup Businesses. PROTECT YOUR BUSINESS FROM $224, The city is planning to rent out the existing city hall on 80th Street when staff moves into the new public safety building-city hall on Ravine Parkway in November. It's hoped that fledgling businesses will be attracted by the TRY R FOR FREE heavily subsidized rent and, ultimately, bring irtjobs and tax income. LaSalle said that an open house on Monday, Aug. 20, MORE HEADLINES drew about 20 people representing various businesses and potential businesses. That, in addition to contacts Best Buy's Joly Gets $20 Million Pay and previously made with LaSalle, makes him optimistic. Stock Options Package Cardiologist Questions St. Jude's As a landlord, Cottage Grove will charge S6 per square Defibrillator toot, including utilities. LaSalle said that comparable office space normally would cost about S10 a square foot, Best Buy Sees Continued Softness in plus utilities. Second Quarter Want to place your ad here? Advertise on The Street St. Paul Now Has Its Own "cash Mob" "We are covering our utility fees and maintenance costs," Caribou Coffee Partners with Jewel -Osco to city administrator Ryan Schroeder said. "Effectively, Enter Chicago Market there is no rent." The space available for the Business Enterprise Center will be the 25,00o-square -foot city- hall, plus a 6,000 square foot heated garage. The startup companies will be screened for benefit to the city, LaSalle said. "The goal is finding tenants that provide high quality jobs and potential for growth," he said. Brokerage Partners The city is planning to go to great lengths to make sure the businesses succeed. "A big piece of it is providing F FREE E.`TRADE' N AN ACCOUNT men[oring services and business plans," Schroeder said. LkIRNOt SfWRInLi llC susr 5 4 95 PER TRADE LaSalle said the city would be willing to remodel to accommodate, for example, a laboratory or a high -tech 10 de business. TRADEKING "We are very flexible as landlords," he said. (f Tr1ClC$t1t1011 Bob Shaw can be reached at 651- 228 -5433. Follow him at twitter.com /BshawPP Latest Trade Alerts See all Jim Cramer's Action Alerts PLUS ACTION ALERTS PLUS null Action Alert: Weekly Roundup Want to place your ad here? Advertise on The Street http: //busine ss- news.thestreet.com/ twin cities /story/ cottage grove- businesses curious abou... 8/22/2012 StarTribune Print Page Page 1 of 2 StarTribune Med -tech manufacturer tackles own ideas =„p Article by: JAMES WALSH Star Tribune August 12, 2012 11:16 AM Rich Nazarian chooses his words carefully when explaining his company's foray into turning its own ideas into medical technology. "We have no intention of being in competition with our customers," f '-i he said. "We really intend to be complimentary to what they do." Nonetheless, the St. Paul -based medical technology design and Minnetronix's staff of 200 includes 70 engineers, such as a bit of a tightrope. Minnetronix, begun Andrew Serrian, above, working on a project in his St. Paul manufacture firm is walking 9 office in 1996, has made its name in working fast and well for others, Joel Koyama, Star Tribune leading 150 design and manufacturing projects for more than 100 companies, including corporate giants such as 3M, Medtronic and St. Jude Medical. But in June, it announced plans to start developing its own intellectual property. The risk, Nazarian's assurances notwithstanding, is that one of its longtime customers will see the move as a threat. Officials for Medtronic and St. Jude declined to comment for this story. But Nazarian said he is convinced Minnetronix can continue its core business while venturing into new products and technologies of its own design. The trick, he said, wit be to develop products that might not otherwise have been built. "We want to build a portfolio of devices that are attractive to our customers," said Nazarian, company president and CEO. Minnetronix didn't get into specifics about the products it would make. Recognizing the gaps One reason for developing its own intellectual property is simple enough: money. Minnetronix, a private company with nearly 200 employees that include 70 engineers, has developed dozens of patents over the years. Etched into metal plaques, the patents make for an impressive display on a corridor wall at Minnetronix headquarters in St. Paul's Energy Park. But the ideas belong to their customers. "What we do is really challenging, but we don't get as much of the reward," Nazarian said. "Could we realize more value for ourselves, and could we give more value to our customers [by filling a void] Minnetronix's technology has been used to make cardiovascular and monitoring systems, therapeutic and implantable devices, and diagnostic instruments. But in June it announced its partnership, a licensing agreement with Penn State Research Foundation for wireless energy transmission technology for mobile and implantable devices. The products will treat end -stage heart disease and congestive heart failure. It is a new world for Minnetronix, Nazarian said. But if it can walk the tightrope, "We can be a greater value and a greater asset to all our customers." Nazarian said some areas are considered taboo. Minnetronix will not develop technologies or products that stem directly from work they have done or are doing for customers. "There is some nuance here," he said. "But," he added, "There is an importance in preserving relationships with customers. If we lose that, then we become just like any other start-up," The idea is more about recognizing voids and gaps in what is out there, he said, developing products that solve problems but don't stomp on toes. Those gaps certainly exist, Nazarian said. At a time when private venture capital for medical technology start-ups is drying up or going overseas, he said that Minnetronix could serve as an incubator for all kinds of medical device ideas that just need a little help to get off the ground. Strategy not uncommon George John, an associate dean of the Marketing Department at the University of Minnesota who studies how companies deal with other companies, said Nazarian can pull it off. In fact, what Minnetronix is doing moving from contract manufacturing to developing its own intellectual property is not unusual, he said. The world today is much more fluid than it used to be," said John. "Almost every innovation that comes to market is dispersed across companies up and down the chain. The magic word is adjacency." In short, where companies once were "islands unto themselves" in the development of new ideas and new technology, companies now regularly contract with other firms to not only build something, but to invent it, design it, troubleshoot it. It stands to reason, then, that companies want and do take the next step: Own it. http://www.startribune.com/printarticle/?id=165788476 8/22/2012 StarTribune Print Page Page 2 of 2 "There are risks," John said. "Their relationships with these companies become much more multifaceted. You have to sit down and talk to them, develop trust." Tapping creativity Don Evans likes the idea. Since his hiring in 2005, Evans has worked on a variety of interesting electrical engineering projects. Now, the prospect of developing his own ideas is even more interesting because its a more direct line to the patients who need the technology. This is where the hard problems are," Evans said. Does he have ideas just waiting to be explored? "Yeah," he smiled. Rick Pike, a principal software engineer, said the ability for Minnetronix employees to pursue their own ideas will make the company an even more attractive place to work. "It's a different way of thinking about the job and what I'm doing," said the eight -year employee. James Walsh 612-673-7428 ©2011 Star Tribune http://vvvvw.startribune.com/printarticle/?id=165788476 8/22/2012 The James J. Hill Reference Library's Business Incubator I Minnesota Business Magazine... Page 1 of 2 Online but outdated? plaudit uU 77 It Partner with Plaudit Design for a site that makes you proud. 0 0 Minnesota, E -NEWS( ETTER ADVERTISE CONTACT 1 .,A (search GO BUSINESS The James J. Hill Reference Library's usiness Incubator (http: /www.addtoany.comjshare savexurl= httn °b'tA °021,%2Fminnssolabusinoss .con "n2Fjames -j- hill- reference- hbrary %25F, .02580 %29996- business- incubator4title= ThP"ti2oJames°62oJ. o2ollill %201:eference %2q Library E2 %995% 2oBusiness'o20lneubator v20 %7C %2oMinne sofa %20Busin 2(L%l° a a7.7RC ^_0 b7 (-',.20Minnesota %20Business %2o Blo>s %20"f 7C% 2oMinnesota ".2oBusiness &description= Minnesota %zoBusiness %20Ma;azine% loin forms °F2C°s2oeducales °n2oand "ti 20inspires% 2othe% 2oentrepreneurial %2obusiness °52oowners% loan "zokey %2otlecision %20tmakers 0200E %2oMinnesota- based9; 2C"620priva tely %2oheld %2obu sinesses. BY HOLLY DOLEZALEK I APRIL 20111 TECHNOLOGY Down times have a potential upside: they demand reinvention. The James J. Hill Reference Library in St. Paul hopes that its developing business incubator can be part of its reinvention strategy, demanded by both the good and bad times of the last two decades. Like many a nonprofit, the library (or "The Hill" as it's sometimes called) fell on hard times in 2008. But the roots of those hard times had been growing since the rise of the Internet. The library's claim to fame for many years has been its business reference service, which helps entrepreneurs and other business oriented visitors locate information that they can't find anywhere else. Then the Internet changed everything. "We had invested heavily in online proprietary databases you couldn't get without heavy subscription fees, but in the last three to four years, many of those databases have become more widely available at no cost," says Greg Heinemann, chairman of the board of directors of the James J. Hill Reference Library. "With the confluence of the Internet and Google, and even proprietary data being more widely available anywhere, we needed to redefine what we did." RAISING OPPORTUNITY Part of that redefinition will open this spring or early summer, when the James J. Hill library will open a business incubator, a center that gives access to resources, connections and opportunities to help entrepreneurs start successful new businesses. The incubator will occupy 10,000 square feet in the library, primarily on the ground floor but also on the floors above the reading room. Heinemann says the incubator will include working areas for entrepreneurs and possibly flat screen TVs with telepresence technology so that access to content from all over the world will be available. The idea is to create a place for dialogue and connection rather than supply individuals with technology or content. "We want to be able to offer connections with experts here and worldwide," Heinemann says. "There has been an explosion of interest in business incubators and accelerators around the country," explains John Stavig, director of the Gary S. Holmes Center for Entrepreneurship at the University of Minnesota Carlson School of Management. "Historically, there have been a lot of large -scale efforts where the overall track record wasn't good, but now we're seeing a number of smaller, shorter -term efforts led by entrepreneurs or tied to specific industries that have showed signs of success." One of those efforts is the University Enterprise Laboratories Inc. (UEL). The UEL is a collaborative research center in St. Paul that houses 3o early -stage businesses that are involved in some way in bio- and medical technology. "It's a community of businesses in similar areas that gets them shared resources and other content and, most important access to people in the business community who can help them," Stavig says. The UEL, which started in 2005, has succeeded in part because it focused on one area of industry, Stavig explains. But it has also enjoyed funding and support from a number of stakeholders, including the University of Minnesota, the cities of Minneapolis and St. Paul, and the state of Minnesota. "They've created more than 300 jobs, and the tenants have really benefitted from co- location with similar companies," says Stavig. http /minnesotabusiness.com james j -hill- reference library %E2 %80 %99s business incuba... 8/22/2012 The James J. Hill Reference Library's Business Incubator Minnesota Business Magazine... Page 2 of 2 CHALLENGES AHEAD The Hill's incubator also has a solid lineup of interested parties that Heinemann hopes will be able to help it succeed: Secretary of State Mark Ritchie, St. Paul Mayor Chris Coleman, Erik Jolly at the Science Museum, and the College of St. Scholastica. Stavig says that's good, because incubators are less about the technology they offer and more about how they use that technology to make connections and mentoring available to new entrepreneurs. "Starting up a business is hard all by itself, and making the right resources available to entrepreneurs in a timely way is even more challenging," he says, explaining why many business incubators don't succeed. "You need people who can share their experience, who are at the right point in their careers where they have the expertise others need and are interested and able to give back —to make it work. James J. Hill has unique resources with their research focus, but they also have to pull together the committed leadership to be available to these businesses." A Partnership to Keep IT Jobs in Minnesota Recovery from the economic crisis means jobs, both creating new ones and protecting the ones that exist. A new partnership between Maverick Software Consulting and MnSCU intends to keep IT jobs here in Minnesota. In 2006, Thomson Reuters was a client of Maverick Software Consulting. To help the company save money and give it a more reliable talent pipeline, Maverick established an office on campus at Minnesota State University in Mankato. Maverick recruited the best computer science students and offered them jobs in software testing and development. The students worked for an hourly wage with teams on Thomson Reuters projects. "It's great experience for the students at a convenient location and a good wage, and it gives them the start they need," says Marty Hebig, founder and president of Maverick Software Consulting. "Thomson Reuters gets an affordable software development and testing resource in the same time zone. Then when the students graduate, Thomson can employ them full time." Now Maverick has partnered with Advance IT Minnesota, a program to develop the IT workforce in Minnesota that's managed by MnSCU. The partnership will expand Maverick's existing center to three more universities: Metropolitan State University in St. Paul and Minneapolis, St. Cloud State University and Winona State University. The offices at those schools will go live when Maverick finds clients interested in a similar arrangement to Thomson Reuters'. The program makes sense for employers and employees, says Bruce Lindberg, executive director of Advance IT Minnesota. "It's the supply side of the labor market we're concerned about," Lindberg explains. "We see the type of program Maverick runs as the best route to prepare students to be the kind of employees that companies are looking for employees with experience, who already know how to work in their organization." Lindberg says that faculty at the targeted universities have been very supportive of the partnership. "They understand that the skills that employers want —like the ability to work on teams, take initiative, and be self managed— students develop those skills in the workplace, not the classroom," he says. Equipment for the centers has already been purchased, and Hebig says that Maverick's goal is to get at least one of them up and running in the next three months. So far the Thomson Reuters program has been a success for Thomson and students alike, Hebig says. Not only has it kept millions of dollars in the local economy, it has led to jobs for nearly all the participants. "We've had 120 students graduate in the program in the last four years, and 119 of them have full -time jobs now," he says. "Two went to Microsoft, seven to HP, three to Intel, and 27 to Thomson Reuters." http /minnesotabusiness.com/james j -hill- reference library %E2 %80 %99s business incuba... 8/22/2012 UMD: Center for Economic Development Business Incubator Page 1 of 3 Northeast Minnesota's Small Business Development Center University of Minnesota Duluth registration 1 search 1 about CED 1 contact us 1 locations Consulting Programs Business Incubator Small Business The UMD Center for Economic Development Business Incubator will Development support businesses that use or s Center (SBDC) develop technology. Participants will have access to the tools, Syr 21st Centuryb� Arrowhead structure and guidance Initiative necessary to maximize the firm's chance of success and NRRI Business growth. Group a Student to B Incubator Features �s Business Initiative The Program Agreement Business covers the cost of the Incubator leased space and services Client Success Services include: mail service, telephone answering, voicemail, Stories cleaning service and broadband Internet Access to UMD Center for Economic Development's professional Workshops business consulting services including: business plan Events development, feasibility analysis, market research, Business advertising /sales, financial analysis, loan packaging, strategic Computer planning, record keeping systems, workshops, information Workshops resources, exit planning, e- commerce and electronic Online procurement Workshops Resources include: training classroom, computer lab, conference room, focus group facility, and resource library Joel Labovitz The tools, structure, and guidance necessary to maximize the Entrepreneurial firm's chance for success and growth Success Ongoing management and technical assistance in support of Awards business plan implementation upper Midwest Access to business and software workshops. Basic Economic Program Participant Responsibilities Development Course The first thing to do is to COMPLETE A BUSINESS PLAN Register Online 1. Each applicant must provide a completed business plan and a Resources cover letter requesting acceptance into the UMD Center for Services Economic Development Business Incubator Program. Locations 2. UMD Center for Economic Development Business Incubator staff will review the business plan, ask questions, and provide NewsWire feedback. Weekly 3. The applicant's business plan will be reviewed by the Admission Newsletter Selection Committee. http: /www.umdced.com /businessincubator 8/22/2012 UMD: Center for Economic Development Business Incubator Page 2 of 3 Focus Group 4. Accepted applicants must participate in a regular review of their Facilities business and financial progress to measure company performance against their business goals. Room Rentals 5. Accepted applicants must adhere to the terms and conditions of Resource two (2) agreements: Lease Agreement and Program Agreement. Library 6. Accepted applicants must agree to stay in the seven county Arrowhead region of Minnesota for up to five (5) years after Website leaving the Business Incubator. Planning An applicant's information is confidential. Frequently Asked Questions What is a Business Incubator? It is an economic development initiative designed to accelerate the growth and success of entrepreneurial companies. Business support resources and services include physical space, coaching, common services, and networking connections. A business incubator's main goal is to graduate successful firms that will be financially viable, freestanding and create a regional economic impact. May any business apply? Businesses that use or develop technology will be given preference. Why the requirement to stay in the area? The mission of the UMD Center for Economic Development is to assist entrepreneurs and businesses to grow and succeed. The requirement to stay in the area will enhance the economy of Northeastern Minnesota. Is broadband Internet included? YES Is local phone service included? YES UMD CED hot line: 1.888.387.4594 umdced @d.umn.edu For more information on the UMD Center for Economic Development Business Incubator, please contact: CURT WALCZAK Technology Consultant 218.726.7298 1.888.387.4594 cwalczak @umdced.com 11 E Superior Street, Suite 130 Duluth, MN 55802 2012 Center for Economic Development 218- 726 -7298 Toll free: 888 -387 University of Minnesota Privacy Statement -4594 The University of Minnesota is an equal opportunity educator and employer. umdced @d.umn.edu I Fax: 218 Last modified on 05/10/12 10:15 AM 726 -6338 11 East Superior Street, Suite 210 Duluth, MN 55802 http: /www.umdced.com /businessincubator 8/22/2012 Owatonna Business Inc ubator Page 1 of 1 1065 SW 24th St. Owa ton na Bu siness Incubat P O. Box 505 ,A...(_,- Owatonna, M1\1,150550617 0 ---il Help S ma l l B Start &Expand s07- 4 ��'i lif4l i Ian email us At-'0,- 3 o n C' a ft Owatonna c" Bus iness Incubator I ,,-:::.:,,,-,:,7,,,,.„.E.--:,,,,: Starting a new busines or E 4 expanding an existing one can be a� j t exp and full of challenges +r ks for t he entrepreneur. Since 1988, the Owatonna Business Incubator a private 501 (c) 3non- profit corporation, has been helping start new busines and assisting in the growth of young com panie s The Owatonna Business Incubator o ff e rs v i rtu ally all of the amenities an entrepreneur needs to start their new business. From high ce iling manufacturing a floor, modern office space to on site business guidance we will assist you to make your dream reality We are committed to support the strong entrepreneurial nt Cent sines rvices spirit that has g rown Owatonna's business co mmunity into the future. Our staff is also a satellite off office for the Small Business Developmeer in Rochest We can provide business co to start ups; existing small or medium bus and non profit organizations. Counseling services are free to those seeking assistance. Se provided range from brainstorming ideas through re istration with state and federal agencies to development of business plans. 8/22/ http /www.owatonnaincubator.com/