Transcript Slide 1

Ten Year Celebration 2004 to 2014
A Brief History of Inventrek
Michael O’Hair, Ed.D.
Jan Hendrix
October 2, 2014
Our Journey Began . . .
The January 2000 Challenge
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January Partners in Education Meeting
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Kevin Clancey, new General Director HR Delphi Electronics, told
us, based on a recent trip to California, that Kokomo should have a
“High Tech” incubator
Following the meeting, I discussed the idea with Greg Aaron,
Director of Development for the City of Kokomo
Our next step was to visit the Purdue Technology Center at the
Purdue Research Park
Assess
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On January 13, 2000, a successful first visit was
made to the Purdue Technology Center. Ruth Person,
Chancellor of IUK, and Charlie Sparks, President of the KHCD, Todd
Moser, Chamber President joined Greg and I on the first visit to the
Purdue Technology Center
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April 21, Purdue announced Statewide Partnership
In June KHDC formed first Local Focus Groups and
July 1, Greg Aaron becomes President of KHDC
KHDC BOD authorized Task Force on August 11
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Executive Committee
Facilities and Finance Committee
Technology Committee
Assess
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August 14, 2000, the Kokomo Technology Summit was held in
cooperation with the Indiana Technology Partnership (ITP)--Mayor Jim
Trobaugh, Scott Jones (ITP), Michael O’Hair (Purdue), Senator Steve
Johnson, and Matt McKillip (Momentum)
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North Central Indiana Entrepreneurship & Technology Conference
held at IU Kokomo
Initial Task Force Decisions
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The incubator would be called the Kokomo Technology Center
patterned after the Purdue Technology Center.
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The Kokomo Technology Center would be referred to as a
“technology driven” incubator instead of “high tech” – definition
not clear.
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The Technology Committee was charged with identifying the
core technologies of our local “technology driven” companies.
We got full cooperation.
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We quickly recognized that this venture was an entrepreneurial
experience like any new start-up.
Community
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On September 2000, a full bus load of community leaders toured
the Purdue Technology Center at the Purdue Research Park
Purdue Technology Center
Gateways Program
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Purdue Gateways Program
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Assist University researchers in commercialization
of intellectual property
Establish sound business plans
Proven model for the commercial “launching” of new
firms with innovative products, processes or
services
Gateways staff provided value support to the
Kokomo Technology Center
Conceptualize
February 2001, Assessment of Interest, Potential, & Resources
presented to the KHDC BOD
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Findings
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Kokomo Niche
1500 Patents since 1975
Recommendations
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Support Purdue Initiative
Develop Financing
Join National Business
Incubator Association
Create Website
Prepare Feasibility Study
Plan
April 2002, Feasibility Analysis Report
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SBC/Ameritech $25,000 grant
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Pittsburgh Gateway Consulted
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Report Outcomes
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Kokomo’s Potential
Benefits of Incubator
Demonstration Projects
Plan
September, 2002 Business &
Financial Plan
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Facility Financial Plan
Potential Services
Human Resources
Demonstration Budget
Demonstrate
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Memorandum of Understanding---Purdue
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Federal Funding proposal—Indiana, Purdue, KHDC
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Virtual Incubator (An incubator without walls)
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Mentoring Team Established
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Research Venture Capital and Angel Investors
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Research Potential Sites
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Secure Funding—City, County, KHDC, USDA
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Initial gift of $200,000 from the City of Kokomo—Thank you Mayor Trobaugh
Demonstrate
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October 3, 2003, Delphi Electronics donation
agreement signed
Secure Anchor Tenant – Ivy Tech Health Sciences
November 13, 2003, dedication of the Firmin Street
facility—Cold Building
November 17, 2003, Jan Hendrix hired as General
Manager
2004 Launch
Our mission is to…
focus on long-term economic growth for
Kokomo and Howard County by creating
new high-tech companies and supporting
the development of new technologies for
our existing companies.
Operate--Initial Strategy
Kokomo/Howard
County Development
Corporation
A CommunityBased Incubator
Indiana
University
Purdue
University
Kokomo Technology
Center 3-Pronged
Strategy
Center of Excellence
Traditional Incubator
Program/Services
Commercialization
Management
Operate--Key Functions
Marketing
Facilities
Management
Key Functions of
Incubator
Development
Organizational
Development
Service
Delivery
Financial
Management
Kokomo Technology Center (KTC)
Changes Name
In an October 2004 press release, the Kokomo Technology
Center announced it had changed it’s name to:
The new name was derived from the word “invent,” which
means to produce or contrive by the use of ingenuity or
imagination, and “trek” because it takes startup companies
on a journey that is sometimes difficult, and unities the two
to reflect the mission and vision of the corporation.
Facilities
Facility Rehabilitation:
•Lobby
•ADA Restrooms
•Shared Conference Facilities
•Equipment Room
•Access Control & Security
•Signage
•Build-outs
•Roof
•Main Entrance
SOP:
•Lease Agreements
•Building Policies
•Rate Schedules
Promotion
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Strategic Objectives
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Positioning & Identity Development
Promotional Activities
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Increase Awareness
Generate Leads
Build Key Relationships
Interactive Web Site
E-Marketing
Brochure
Publicity
Magazine Advertisement
Networking Events
Funding
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Community Foundation
Cinergy
Let’s Get Crackin’
Organizational
Development 2004
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February 2004 KHDC Board appointed
Inventrek Board of Directors
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July 2004, Technology Park
Certification approved
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Angel Network
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Mentor Network
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Purdue Gateways Assistance
Proposed Service Delivery
Inventrek
Services
Business
Development
On-Site
Support
Business Plan
Review
Intellectual
Property
Reception
Conference
Facilities
Coaching
Mentoring
Marketing
Strategies
Security & Access
Control
Office Equipment
Commercialization
Assistance
Revolving
Loan Fund
Internet Access
Exhibit
Space
Workshops &
Training
Venture Capital
Assistance
Video
Conferencing
Mail Services
Financial
Review
SBIR/STTR
Grow
2006
2007
2008
• Delphi Assessment
Center
• IT Network
Expanded
• Ivy Tech Expands:
2E
• $1M
Congressional
Appropriation: Lab
& office build-outs
2W
• Chrysler Training
Center
• Purdue
Technology
Review
• CTP Recertified
• $900K : Indiana
TDGF
• Website Upgraded
• Billboard
Campaign
• Restrooms ,
Auditorium,
Central Area
Upgraded
Grow
2009
• Delphi
outplacement
prospecting
• $400K:
Skunkworks
• Fast Track
Teck Venture
• Energy Audit
2010
• CAD Lab
opened
• New Roof
• In-Kind
donation from
Delphi
2011
• Entrepreneurial
Bootcamp
• Advisapedia
• $1M in Energy
Improvements
Completed
• Neupath
Grow
2012
• CTP
Recertification
• CAR Case
Study
• Promo Video &
Collateral
Materials
2013
• Swim with the
Sharks
• Chrysler
Assessment
Center
• Business Model
Refined
• Website
Content
Revised
2014
• CEO Launch to
Expand
Entrepreneurial
Initiative
• IT & Security
Network
Upgrades
Complete
Grow
Public Funding
1400000
1200000
1000000
800000
600000
400000
200000
0
2003
2004
2005
2006
Public
2007
2008
Grants
2009
2010
2011
2012
Tax Recapture
2013
2014
Grow
Operating Costs
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$2008 (85% Occ)
2009 (85% Occ)
2010 (86% Occ)
2011 (67% Occ)
2012 (80% Occ)
2013 (84% Occ)
2014 (Budget)
Grow
100
Inventrek Technology Park--Occupancy Rate
90
80
70
60
50
40
30
20
10
0
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Incubator
9
29
32
45
59
68
69
71
53
68
74
Tech Park
33
42
43
75
80
85
85
86
75
81
84
Grow
300
Inventrek Technology Park--Jobs Created
250
200
150
100
50
0
2003
2004
2005
2006
2007
2008
2009
Graduated
2010
2011
2012
2013
2014
26
51
60
87
107
New-Incubator
16
28
44
57
50
75
76
55
113
127
107
New-Other
9
9
14
28
21
21
21
21
21
21
21
22
22
22
22
22
22
22
22
22
22
22
Existing
22
Grow
2003
2004
• Altiss
• Benchmark
• Purdue
• Ivy Tech
• KHDC
Partner
10%
Fell
Short
12%
Grad
Active
34%
44%
2005
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AirVoyance
Dealerflow
E-Systems
Frontline
Momentum
SBDC
Grow
2006
• Foresite
• HC
Technology
• IU Kokomo
• LAT
• Synergy
2007
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•
2008
AndyMark
Outbound
TAP
Ultraforce
Partner
10%
Fell
Short
12%
• Starfish
Grad
Active
34%
44%
Grow
2009
• Criterion Water
Labs
• Electronic
Systems
Group
• Green
Alternatives
• Neupath
• Profit Web
Systems
• Zuna
2010
2011
• Chrisso
Technologies
• Tbi
Partner
10%
Fell
Short
12%
• Options in Play
Development
Hero
Grad
Active
34%
44%
Grow
2012
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FDIS Central Indiana
Bridge Landscaping
CDLogistics
Current Wind
ICAPE
Kokomo Checks
Martin & Bell
Mythics
PC Doctors
PhysioCare
Productive Assistant
Reishauer
RLM Productions
Small Giant Designs
Verified Ventures
2013
2014
• Corsair Quality
Cleaning
• Devise Mend
• Foster Technologies
• I Care Stick Pins
• Invotek
• Ookii Industries
• BSN Sports
• True Presicion
Partner
10%
Fell
Short
12%
• Brunell Land
Surveying &
Engineering
• Glass Eye
Productions
• Ignite
• Mashino Design
• Sunshine
Transportation
• TLB Electric
• Today’s the Day
Coaching
Grad
Active
34%
44%
Contributors
Greater Kokomo Economic Development
Alliance
GM
Hayes Bros.
Haynes International
Hearn Construction
Howard County
Humphrey Printing
Huston Electric Teletec Communications
IBEW
Indiana American Water Company
Indiana University Kokomo
Ivy Tech Community College
J & J Electric
Kokomo Howard Cty Development Corp
Kokomo School Corporation
Kinder Sign
Kokomo Sanitary Pottery
Kokomo Perspective
Kokomo Tribune
Liberty Financial
Lorentson Manufacturing
Lowe’s of Kokomo
McGogonical
Merrell Bros.
Mid-America Beverage
Momentum, Inc.
Moonlight Mold & Machine
My Favorite Muffin & Bagel