Empowering Imagination Applying Knowledge Exploring Innovations Tomorrow Seizing Opportunities Accelerating Business Inspiring

Innovations Empowering Imagination Applying Knowledge Explori Seizing Opportunities Accelerating Business Inspiring Tomorrow

Empowering Imagination Applying Knowledge Exploring Innovation Tomorrow Seizing Opportunities Accelerating Business Inspiring T

Student Incubators: Experiential Learning Programs

Lynn AllendorfBedell Entrepreneurship Learning Laboratory

http://www.iowajpec.org/bedell/

What is the Bedell Lab?

10,000 square foot facility dedicated to student entrepreneurship

A cross-campus business incubator program to any University of Iowa student

Opened May 2004 - one of the first of its kind in the country

Former fraternity house remodeled into 17 private offices

Note: The university also has two traditional incubators at the University of Iowa Research Park

What does the BELL offer?

Physical space and equipment Intense mentoring and support Business model / plan development

Physical Space and Equipment

A building dedicated to student entrepreneurs 17 furnished, private offices (300 sq. ft.) Computer & printer Private phone, voice mail, high-speed internet Central fax & copiers, AV equipment, laptops Meeting & conference rooms Informal business library 24/7/365 access to facility

Note: the offices help students to compartmentalize their lives

Mentoring and Support

Required Elements (1 s.h. Seminar Class) Roundtable Lunches

“Forced” interaction to learn from each other and create a sense of community

Informal talks with Entrepreneurs and Service Providers

Weekly intense mentoring from faculty / staff Entrepreneur-in-Residence series

Business Models and Plans

Lean Startup approach (recent transition) Business Model and Business Plan

development Competitions

Elevator Pitches – great recruiting tool Business Model Competition http://

intl.businessmodelcompetition.com Traditional Business Plan Competitions

Seed Funding

Seed Funding for Bedell Lab participants End-of-Semester Competition (Fall) - $2,500

Who accomplished the most Judged by alumni via YouTube pitch Winners announced at a reception

BELL Biz Fair (Spring) - $7,500 Judges and the public vote via “play money” Students vote for “People’s Choice” award Winners announced at a year-end recognition event

Application Process

Ability to articulate an initial business model

Most students are accepted, serious ones get a private office

Students remain in the program as long as they continue to make progress each semester

Program Funding

Building Renovations: $150,000 in private gifts

Operating Expenses (building operations and programming): $600,000 Endowment - Tom Bedell of

Pure Fishing Office Sponsorships - $2,500 per year or

$50,000 endowments

Impact

2011-2012 Enrollment: 75 Students started 44 Businesses

Enrollment since program launch in 2004: 286 Students have started 165 Businesses Combined, the businesses have raised over $5,000,000 in External

Funding including venture capital, business plan competitions, grants, loans

An average of 5 Revenue-generating Businesses have been started each semester; this compares with 1 or 2 per year before the BELL opened

In addition to self-employment for the entrepreneur, an average of 5 Jobs are created each year

An average of 20 Articles on our students and program appear in the local / regional press each year

Benefits to the University

More motivated, engaged students Great recruiting tool Good publicity Economic Development / Entrepreneurial

Eco-system A natural connection to alumni and

entrepreneurs who are potential donors They love mentoring the students

Benefits to Students

Practical application of their education Serves as a capstone

More motivated to learn Better prepared to enter the workforce or

for eventual business ownership Gain a better understanding of the “big

picture” and of how business disciplines fit together

Develop a realization that business ownership is a possibility in their future