Entrepreneur & Small Business Forum: Choosing the Right Incubator

http://www.meetup.com/ny-tech/messages/boards/thread/26904432

On Thursday, September 20, OLC attended the Entrepreneur & Small Business Forum. The topic of the evening was Choosing the Right Incubator. Eva Cramer of SUNY Downstate and Jerry Creighton of the Economic Development Center at NJIT presented on the incubators they oversee.

http://research.downstate.edu/biotech/abi.htm

Biotech Grows in Brooklyn

The Downstate Technology Center & BioBat are two incubators for early and growth stage science commercialization companies. Located in Brooklyn, the two can serve as a startups’ first home or a place to expand and manufacture.

President Eva Cramer shared the following details. She can be reached at ecramer@downstate.edu

§  Incubator Overview

o   Started in 2000

o   24,000 sf, expanding to 50k sf

o   Modular wet lab/office space

o   University Resource access

§  Basic and clinical scientists

§  Graduate and MD/PhD students

§  Specialized research facilities

§  Vivarium

§  Seminars

§  Medical and scientific

§  Clinical trials

§  Synthetic Chemistry Space

§  Representative Tenants:

o   Apath (Hepatitis C)

o   BioSignal (miniature EEG machine)

o   International AIDS Vaccine Initiative

§  BioBAT

o   LEED Silver biotech research and manufacturing space (524,000sf)

o   Gated waterfront facility

o   Affordable rents

o   Easy access to NYC research institution

o   Parking

o   Anchor tenant (IAVI)

§  Resources

o   Access to downstate resources

§  Scientists/clinicians/students

§  Medical/scientific library

§  Adjunct appointments

§  Vivarium/research facilities

o   Job training programs

§  Scientists

§  Technicians

§  Bioscience/Biotechnology Technician Training Program

o   Programs

§  Workshop - 1 per month

·         Lectures/laboratory

§  Internships - 3 per month

·         students learns new techniques and workplace skills

·         employers access potential hires

§  Job placement

·         student benefits

·         employer benefits

§  Entrepreneurship Program

o   Patents in Action: challenges and disputes in business and the courts

o   Financing and managing startup biotech company

o   Developing a SBIR or STTR Grant

o   Partnerships and strategic alliances in the Bio/Pharma Industry

o   Developing a Clinical Product: Regulatory Requirements

http://www.njit-edc.org/

New Jersey Economic Development Corporation

Jerry Creighton then presented the following information about the NJEDC, a Commercialization center serving companies of all stages with an exit strategy. The NJEDC is home to 93 Companies, all small businesses (less than 100 employees), and is part of the NJ Business Incubation Network, which is a state-wide collaboration. Jerry can be reached at jerry.creighton@njit-edc.org.

o   EDC at NJIT Goals

o   create and retain and grow jobs

o   encourage entrepreneurship

o   nurture the development of new technologies

o   enhance the global competitiveness of NJ

o   attract and retain investors

o   EDC at a glance:

§  90 companies, 800 jobs, 335 students employed

§  on NJIT campus

§  $82 mil in revenue & $67 in third party funding

§  no restriction on length of stay

§  largest center in the country for tech and life science

§  110,000 sf

§  labs, offices, cubicles, virtual work areas

§  rail, highway, and airports nearby

§  ventures from seed to expansion varying from life sciences to software

§  lower than market cost with services included, little over $1,000/mo, cubicles are $400/mo

§  aim to help innovators commercialize ideas, reduce startup risk and increase chances of success

o   Services:

o   Increase speed to market

o   Reduce cost of commercialization

o   Offer a professional business presence

o   Fundraise

o   Shared services:

o   Mailing address, conferences rooms, internet, cable, telephone, 24/7 access, copying and fax services, utilities, parking, vendor café, custodial services

o   Access to NJIT

o   Tech centers, faculty, R&D resources

o   School of management, computing sciences

o   Students, interns, co=ops, capstone programs

o   Lab services and instrumentation

o   Defense procurement technical assistance center

o   Public relations/university communications

o   On-campus recruiting (students and grads)

o   Others- university restaurants, gym facilities, library

o   Technology transfer opportunities

o   Access to other local universities (UMDNJ, Rutgers)

o   Programming Offered

o   Entrepreneurs in Residence

o   SBIR training,

o   Quick books

o   Business plan seminar and coaching

o   CFO coaching

o   Marketing and branding

o   Legal seminars, chats/services (some pro bono)

o   Investor coaching

o   Seminar/monthly entrepreneurs gathering

o   Angel forum (annual)

o   People 2 business program

o   Volunteer mentoring and company job posting

§  collaborative opportunities with entrepreneurs in portfolio companies

§  mixed skills and experience

§  open ended time commitment

§  online access- p2bprogram.org

o   Designated Soft Landings International Incubator

o   Handles nondomestic companies can enter

o   Slate of business services for nondomestic firms

o   About 20 worldwide, NJIT EDC is one of the locations

o   Help with:

§  staffing

§  visa

§  housing

§  government relations

o   Revolving Loan Fund

o   (pay it off, come back and apply)

o   Receivables lending

o   Working capital

o   Capital equipment