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1、DESIGNING AN INCUBATOR SYSTEMCHANGZHOU CITYCHINA1.11.11ASHER EPSTEINMANAGING DIRECTORDINGMAN CENTER FOR ENTREPRENEURSHIP,My IntroductionWhat is IncubationIncubator ModelsIncubator Best PracticesFinding the RIGHT companiesProviding the RIGHT infrastructureMeasuring Success,Agenda,Day Job,48 Operating
2、 Companies 191 Existing Jobs Created $12,000,000+ (2009 Revenues) $22,000,000+ Funding Raised,Dingman Center Companies,Accelerates the successful development of start-up Provision of management guidance, Technical assistance, Advisory Services Access to appropriate rental space flexible leases, shar
3、ed basic business services and equipment, technology support services assistance in obtaining the financingSource:http:/www.nbia.org/resource_library/best_practices/index.php,What is Business Incubation?,Produce successful firms that will leave the program financially viable and freestanding. Gradua
4、tes have the potential to create jobs, revitalize neighborhoods, commercialize new technologies, and strengthen local and national economies.Source:http:/www.nbia.org/resource_library/best_practices/index.php,Goals of Business Incubation,Business incubators generate up to 20 times more jobs than any
5、 other federally funded community infrastructure projectSource: https:/www.nbia.org/sponsorship/,The Case for Business Incubators,200799.7% of all employer FirmsAbout 50.2% of all private sector employees Pay nearly 45% of private payroll Generated 60-80% net new jobs 50% nonfarm private GDP Hire 40
6、% of high tech workers Source: http:/www.sba.gov,The Case for Small Business (500 employees),Incubator Models,earliest incubation programs focused on technology companieslight industrial, technology and service firms New incubators targetfood processing, medical technologies, space and ceramics tech
7、nologies, arts and crafts, and software development.,Incubator Models,Local Scientific Corporate InvestorEconomy,http:/,Local Scientific CorporateInvestorEconomy,Programs support microenterprise creation, women and minorities, environment Source:http:/www.nbia.org/resource_library/best_practices/ind
8、ex.php,Incubator Models,GovernanceStaffingIncubator FinancesSelecting ClientsServing ClientsGraduationMarketing and PRFacilities ManagementMeasuring ImpactEnvironmental Impacts,Best Practice Areas,1. Obtain consensus on a missionStructure for financial sustainabilityRecruit and appropriately compens
9、ate managementBuild an effective board of directors committed toPrioritize management time to place the greatest emphasis on client assistance,Industry Best Practices,6. Develop an incubator facility, Seek to integrate the incubator program and activities into the fabric of the communityDevelop stak
10、eholder supportMaintain a management information system for ongoing program evaluation,Industry Best Practices,Choosing Locations-build on existing strengthsUpgrading the cluster drive innovationWorking collectively-leveraging local relationships,Finding an Incubator Focus,4. Infrastructure support
11、(access to suppliers and partners)5. Better access to employees and suppliers6. Access to specialized information7. Better motivation and measurementImperative to drive wealth creation,Finding an Incubator Focus,Favorable tax ratesSupportive legal systemAccess to skilled employees in the areaTrainin
12、g/recruitment opportunitiesAccess to institutions and public goods,Business Environment(Local and National),Effective application and screening processMaking sure target companies solve real problemsEntrepreneurs who support the incubators goalsIdentifies a potential clients needs,Selecting Clients,
13、Fundamental Question,What Drives Value?,Making Sure You Find the Right Companies,The product is only a small component of the solution,Solutions are End- End,DCE PROCESS,Problem Being SolvedMarket SizeSolutionManagementWorthwhile,Assess the Fundamentals,Find Your Niche How Big is it?,Who is your 1st
14、 Customer?,Assessment: Market,Where does the value flow?PeopleProducts/ServicesProcessCan you iterate on the process?What are you key assets?Can they be leveraged?,Where Does the Value Flow?,Business Operations:Who runs the business?What is the most promising opportunity?What Metrics evaluate succes
15、s?How disciplined is your business?Is there a board?Is the accountability clear?,Critical Operating Questions,Good Incubators helps companies build their management teamraise financingeffective service provider networkassess their needs and offer advice referrals and solutions to problemsfacilitates
16、 networkingestablish milestones,Serving Clients,Develop networks: Investors and Venture CapitalistsEntrepreneurs Community ParticipantsMentorsSocial VenturesAlumniStudents,Community Building (Human Capital),Investment Challenges:What is your company worth?How much money do you need?Who owns the comp
17、any?How do you align your interest with shareholders?How will you exit?,Critical Funding Questions,Valley of Death in Raising Capital,Stages of Capital,Graduation process based on established criteria2. Regularly monitors client progress3. Discusses graduation and exit strategies4. Straightforward d
18、iscussions about alternatives when clients do not meet agreed-upon goals,Graduation,Moves failing and nonperforming companies out of the incubation program as non-graduates.Helps its graduates find suitable space to relocate in the community, if possible.7. Maintains regular contact with its graduat
19、es.,Graduation,Annually collects impact datarevenue, employment, investment2. Ensures the incubation program is meeting its mission.,Measuring Impact,A Good Incubator:Evaluates its program of services at least annually.Adds, removes, or changes business assistance services as the result of systemati
20、c evaluation based on:mission statementchanges in client business conditions,Incubator Continual Improvement,Ecosystem is Essential Selection is Critical Sustainability should be designed from the start,Summary,Asher EpsteinManaging Directoraepsteinrhsmith.umd.edu(301) 405-9510,www.rhsmith.umd.edu/d
21、ingman,Questions,https:/www.nbia.org/resource_library/peer/benchmark/resource_library/environmental_impacts.php,Incubator Best Practices,GovernanceThis incubators mission is in writing and is current, clear and appropriate. This incubators stakeholders and sponsors understand the mission and support
22、 it.This incubator has a business/strategic plan that supports its purposeThis incubators board of directors or advisory board is organized and involved in order to help the program achieve its purpose. Members are focused on responsibilities to the incubator and its clientsThis incubators board inc
23、ludes diverse representation from the business community, including current and former entrepreneursThis incubator has sufficient stakeholders (sponsors and supporters) to support its operations, ensure its sustainability and assist in the development of client companies,StaffingThis incubators staf
24、f are qualified to assist emerging companies, with the skills needed to help companies grow and succeed.This incubator has sufficient staffing to meet client needs.Top incubator staff excel in managing incubator operations and finances.This incubator makes use of community mentors, business advisors
25、 and other experts to supplement services provided by staff.This incubators staff are appropriately compensated.This incubator invests in professional development and training for the programs manager/staff.,Incubator FinancesThis incubators planning and budgeting processes are based on realistic as
26、sumptions and long-term projectionsThis incubators budgets are reviewed each month against actual revenues and expenditures.This incubator is financially self-sustaining or has mapped a path to self-sustainability.This incubator charges appropriately for its service and space offeringsThis incubator
27、s financial records are audited annually by an independent auditor or other independent third party (university internal audit, board finance committee, etc.).The incubators sponsors and supporters are capable of ensuring its continued operation and effectiveness.The incubator collects amounts due f
28、rom its clients, has mechanisms for dealing with slow payment or nonpayment, and consistently uses those mechanisms.,Selecting ClientsThis incubator has implemented an effective application and screening process that identifies companies that can help the incubator achieve its current mission.This i
29、ncubator successfully selects entrepreneurs who support the incubators goals, are willing to take advice and share information, and contribute to a positive atmosphere of entrepreneurial support within the incubator.The selection process identifies a potential clients needs and indicates how the fir
30、m could benefit from the incubators services.During the selection process, incubator management gains each companys commitment to providing revenue, investment, employment and other necessary data throughout the incubation period and for at least five years thereafter.,Serving ClientsThis incubator
31、offers a comprehensive program of business assistance services.This incubator helps companies build their management team.This incubator helps companies raise financing.This incubator has developed an effective service provider network.This incubator screens and regularly evaluates business service
32、providers, company mentors and other client advisors to ensure high quality.This incubators management regularly meets with clients to assess their needs and offer advice, referrals and solutions to problems.This incubator actively facilitates networking (doing business, sharing contacts, equipment,
33、 expertise, etc.) among its clients and with the outside business community.This incubator helps clients establish milestones to measure the progress of their business and checks back regularly with them about meeting these milestones.This incubator gives highest priority to time spent directly serv
34、ing clients and organizes its resources to ensure the incubator is devoted, above all, to growing companies.This incubator evaluates its program of services at least annually.This incubator adds, removes, or changes business assistance services as the result of systematic evaluation based on its mis
35、sion statement, changes in client or business conditions, surveys of client needs, requests, and other factors.,GraduationThis incubator has implemented a graduation process based on established criteria that promote incubator and graduate success.This incubator regularly monitors client progress to
36、ward achieving graduation criteria.This incubator discusses graduation and exit strategies at regular client meetings.Incubator management has straightforward discussions about alternatives outside the incubator when clients do not meet agreed-upon goals and/or do not use incubator resources.This in
37、cubator consistently moves failing and nonperforming companies out of the incubation program as non-graduates.This incubator helps its graduates find suitable space to relocate in the community, if possible.This incubator maintains regular contact with its graduates.This incubator provides reasonabl
38、e continuing care, assisting graduates with issues that may arise after graduation,Marketing and PRThis incubator has developed and implemented an effective incubator marketing plan.This incubator has implemented a wide range of activities to raise public awareness, generate support and recruit clie
39、nts.This incubator showcases clients to the community through its Web site, open houses, press releases and other means.,Facilities ManagementThis incubators size and configuration support program success and generate sufficient revenues to contribute to program sustainability.This incubator facilit
40、y offers space that is appropriate to the needs of its client companies and supports program success.This incubator provides access to up-to-date data communications infrastructure and equipment.,Measuring ImpactThis incubator at least annually collects quantifiable data and information to ensure th
41、e incubation program is meeting its mission.This incubator at least annually collects impact data (revenue, employment, investment, etc.) from its current clients.This incubator collects impact data (revenue, employment and investment, etc.) from graduates on an annual basis for a minimum of at leas
42、t five years.,Environmental ImpactsThis incubators construction (main facility, if more than one) is based on an energy-efficient designThis incubator has identified facility investments and process changes that can save the incubator money in the long term and reduce adverse environmental impacts.
43、This incubator takes full advantage of recycling opportunities, encourages its clients to do the same and otherwise models positive environmental stewardship.,Appendix:,Incubator Models,Location: Pasadena, USA130 W. Union StreetPasadena,CA,91103USAYear Started: 1996Operates community and e-commerce
44、web sites in automotive, travel and leisure, and home-related categories.,What resources does Idealab provide to its businesses?In addition to capital, Idealab provides a full range of resources to infuse start-ups with the support they need to rapidly introduce innovative products and services. Res
45、ources include office space and the accompanying office services, development and technology, product and graphic design, marketing, financial advice, human resources, competitive research, legal, accounting and business development support and services. In addition, Idealab provides advice on strat
46、egy, branding and corporate structure.,Location: Mountain View, USA320 Pioneer WayMountain View,CA,94041USAYear Started: 2005Y Combinator does seed funding for startups. Seed funding is the earliest stage of venture funding. It pays your expenses while youre getting started.,Philosophy:We think hack
47、ers are most productive when they can spend most of their time hacking. Our goal is to create an environment where you can focus exclusively on getting an initial version built. In any startup, the first couple months tend to be the most productive of all. Those first months define the company. So a
48、nything you can do to maximize their effects is probably a good idea.,Location:LaunchBox DigitalSuite B-005334 Blackwell StreetDurham, NC, 27701, USAYear Started: 2007Launchbox fund technology oriented companies, typically these are web-based or other software companies.,LaunchBox Digital is a seed-
49、stage investment program helping entrepreneurs maximize their chance of success through hands-on mentorship. Once a year, we select 7-10 teams out of hundreds of applications to participate in LaunchBox.,PhilisophyWe believe that mentorship for early stage companies is key to success. Therefore, eve
50、ry chosen company is assigned aBoard of Advisorswithin the first of week of the program, consisting of some of the best minds and most successful entrepreneurs on the East Coast.,Location: Hub World Ltd5 Torrens Street, London EC1V 1NQYear Started: 2004The Hub is an incubator for social innovation.
