Great strides have happened at universities to cultivate entrepreneurs, and regions have developed stronger programs for collaborating with their higher education institutions to launch ventures. However, measurement and tracking of these economic development programs still lags the myriad approaches to starting new ventures. This delay may be attributed in part to continued reliance on traditional measurement methods for economic development performance within entrepreneurial ecosystems that are not structured to produce traditional results. This session presents new perspectives on the challenges of university-based entrepreneurship within regional economic systems and suggests new approaches to measuring and managing new venture creation.

1. WEXFORD
SCIENCE+TECHNOLOGY
From Borders to Horizons -
Collaboration for Scale, Impact, and Prosperity at
The ‘Engaged’ University

2. Confluence of Events
 A shift in some state and municipal economic
development efforts in favor of business expansion
and creation over pure incentive-laden attraction.
 Focus on corporate profits keeping in-house R&D to a
minimum and encouraging partnerships.
 Challenges to business creation climate and capital
markets. There is a silver lining, I think.
 Increased state interest in university research as
economic development driver.
 You, Me, Mike – Here.

3. Old School Universities
Economic Development Roles
• Educated graduates
• Major employer
• Research
• Passive participants
– (attraction efforts)
• Gravitas
• Cultural backbone
• Destination campus
• “Big Thoughts”

4. Right Idea – Wrong Ruler
Traditional – REMI, IMPLAN
Google and
Gatorade
Research, Research, Research

5. The Pursuit of Knowledge
Teaching Knowledge for the sake of
Research knowledge
Service

6. The Management of Knowledge
Management of knowledge for
competitive advantage Sales
Development
Marketing

7. The Benefits of Knowledge
Pursuit of Knowledge Management of Knowledge
Intellectual Capital
Teaching Sales
Innovation
Research Infrastructure Development
Service Ecosystems Marketing
Benefits of Knowledge

8. The Next Generation University
Economic Development Roles
• Workforce continuum
– Graduates
– Interns-coops
– Executive development
– Customized training
• Active Leader
– Attraction efforts
– Business creation
– Retention and Expansion
• Extended campus
– (physical and technological)
• “Application of Ideas”

9. The Metropolitan University
Old Dominion University Model
•Destination faculty •Intellectual Property
•Faculty expertise •Clusters/Ecosystems
•Student workforce •Magnetic research
•Continuing education
Intellectual Innovation
Capital
Infrastructure Ecosystems
•Core Instrumentation •Public-Private partnerships
•Communications network •Sense of Place
•Specialized laboratories •Integrated activities
•Collaboration for scale

10. WEXFORD
Geographic, Proximate, Intellectual SCIENCE+TECHNOLOGY
Oceanography Bioelectrics
Particle Physics
Modeling and
Simulation
Alternative Energy
Aerospace & High
Performance
Port & Maritime Engineering

11. Maximizing Research Investments
Alternative
Energy
 Faculty
Entrepreneurship
Bioelectrics  Technology Transfer
 Translational Research
 Incubation &
Acceleration
M&S
 Spin-offs
 Market Expansion
 Business Attraction

12. Easy to Say; Harder to Do
Public
Investment
Science Technological Productivity Economic
Research Advance Growth Growth
Private New
Investment Companies Job
Growth
New
Industries

13. University – Business Relations
Venus and Mars
University Business
Intellectual Property Rights Want to own IP Want to own IP
Value of IP Next Google, Gatorade Have to invest $$$ to
Commercialize
Public Domain Publish or Perish Can’t Publish and Protect
Culture Very Bureaucratic Responsive – Bureaucratic
Who Can Say Yes ??? Business Leader
Who Can Say No Tech Transfer, Inventor, Business Leader
Dean, Lawyer, Others
Value of Time Lots of Meetings Time is Money
Priorities Teaching, Research Development, Sales
Customer Facing Development, Research Sales
Office, College,
Department, Professor

14. The Problem We Are Trying to Solve
 Virginia Universities not universally
Our viewed as ‘business friendly’ (IP &execution)
Assessments  Lack of single point of contact for
University-Corporate relations (non
philanthropic, non-research)
 Few linkages between technology and
‘knowledge’ to create industry value
 University non-porous for majority of
Validated by discoveries and scholarship
Interviews  No University-centric ‘sense of place’ for
economic development
 Current corporate engagements generally
one dimensional and activity-focused
 Need to become a “go to” place for
solutions.(private and public sector)

15. The ODU Business Gateway
Providing companies and organizations of all
sizes a single entry point to engage the
intellectual capital, innovative technologies, and
world-class infrastructure of Old Dominion
University to solve business problems, create
new offerings, and unlock operational
efficiencies that save time and money.

16. An Integrated Outreach
Creating a single entry point for corporate
relations (non-research, non-foundation)
Establishing non-encumbered consulting
capabilities within the University
Marketing the capabilities and infrastructure
of the entire University as a single enterprise
Using idle IP as a relationship magnet

17. Single Point of Entry Colleges Faculty
Business
Career Expertise
Problems
Management Student
Municipal Center
Issues workforce
Faculty/Student Office of Graduate
Entrepreneurs Research jobs
SBIR/STTR Research
Needs Veterans Business
Business Outreach Center
Econ. Dev.
Tech Transfer
Gateway
Partners Continuing ED
Training
Vets/SWAM Manufacturing CEUs
Extension Program
International
Procurement
Companies Business
Assistance Center
Partners
Corp. University
Fellowships
Technology Applications Center

18. Scalable Wrap-Around Services
Business and Advanced Manufacturing Strengthening Community
Entrepreneurial Services And Industrial Solutions Businesses
Business Consulting Lean Process Improvement Veterans Business Outreach
Technology Development Six Sigma Projects Center
SBIR/STTR Guidance Supply Chain Logistics Procurement Assistance
Marketing Services ISO Certification/Audit Prep Municipal Consulting
Technology Transfer (idle) Human Factors Consulting SWAM Assistance
Prototype Development Engineering Consulting Technology Sandbox
Fair Witness Testing Industrial Hygiene Business Plan Competition
Language Translation VPMEP Services PLTW
Search Engine Optimization Sustainable Engineering Disadvantaged Business
Assistance
Continuing Education
Procurement Assistance Center

19. More Impact Lies in Unlocking New
Ways to Apply Know-How
 Companies bringing their own IP to the table
 Joint venture opportunities w/ equity stake
 Faculty and student entrepreneurship
 Department Intrapreneurship
ODU Motion
Analysis Clinic

20. How Is It Going So Far?
Strong Success in Existing Services
Manufacturing Extension Procurement Professional
Assistance Center Development
Partnership
 20+ active projects  150+ active projects  TRADOC - $300K
 80% repeat  Across Hampton Roads  Merchant Marine
 10 current continuous  Over $20 million assisted  Engineering
improvement projects awards since July Unplugged
with Sentara
Veterans Business
Outreach Center
 Over 400 Veterans
Over $200 million in economic
assisted since June development impact*
 Working >25 companies
 Conducting First Regional
*as measured by NIST
SDVOB - SBA Expo

21. All in This Together
UBED Mission
Focus on University Impact for
Business Attraction, Expansion and
Creation
Foster Collaboration
Identify and Support Research
Strengths

22. PART OF SOMETHING BIGGER

23. THE KNOWLEDGE COMMUNITY
TENANT
PHYSICAL
ATTRACTION &
ENVIRONMENT
“VIBRANT MIXED-USE SUPPORT
COMMUNITY” TENANT “STIMULATE
PHYSICAL
ATTRACTION & COLLABORATION &
ENVIRONMENT
SUPPORT INNOVATION”
COMMUNITY THE WEXFORD
COMMUNITY ENGAGEMENT NETWORK THE WEXFORD
ENGAGEMENT NETWORK
“EXPANDED SOCIAL & “COLLABORATION FOR
ECONOMICAL FABRIC” SCALE”

24. PHYSICAL ENVIRONMENT VIBRANT MIXED-USE COMMUNITY
ELEMENTS
 Lab Office + Research Building  Multi-Modal and Transit-Oriented
 Flex/Cool Space  Major Retail
 Iconic Spiritual Center  Temporary Uses
 Lobbies and Street Science  Open Spaces
 Housing and Hotel

25. TENANT ATTRACTION & SUPPORT STIMULATE COLLABORATION & INNOVATION
ELEMENTS
 Event Programming  Develop the Research Park as the Center
for Innovation within the Region
 Innovation Centers
 Wexford Networks
 University & Private Industry
Partnerships  Talent & Capital

26. TENANT ATTRACTION & SUPPORT STIMULATE COLLABORATION & INNOVATION
EVENT PROGRAMMING 3
FOR PUBLIC SPACES WITHIN BUILDINGS AND OUTDOORS
Provide comprehensive programming to promote knowledge
exchange, congregation, and collaboration.
4
1 2
1 Outdoor entertainment
2 Small conference / lecture
3 Gathering at an iconic spiritual center
4 Competition for young entrepreneurs

27. TENANT ATTRACTION & SUPPORT STIMULATE COLLABORATION & INNOVATION
1 INNOVATION CENTERS
ATTRACTING ANCHOR TENANTS FROM INDUSTRY:
Provide a broad spectrum of space, infrastructure, and programming for
companies in all strategies of development
2
3 4
1 Flexible/cool co-working space
2 Flexible lab space
3 Services – CIC coffee bar
4 Conference center

28. COMMUNITY ENGAGEMENT EXPANDED SOCIAL AND ECONOMIC FABRIC
WHY COMMUNITY ENGAGEMENT?
• For the park to thrive, the broader community must thrive
• Healthy broader community protects and grows real estate values over time
• Produces level of community support critical for park approvals, subsidies and
improvements
• Generates qualified workforce needed to support Knowledge Community
• Promotes Knowledge Community as hub of regional innovation

29. COMMUNITY ENGAGEMENT EXPANDED SOCIAL AND ECONOMIC FABRIC
TARGETED WEXFORD PROGRAMS
WORKFORCE TRAINING EDUCATIONAL PARTNERSHIPS
• In today‟s global economy, building and • Strong neighborhood schools are
retaining an educated, highly-skilled critical to revitalize communities
workforce is key to regional • Effective STEAM/STEM-H education
competitiveness is the foundation for a strong
• Investments in education and workforce Knowledge Community workforce
development play an essential role in
growing and retaining talent

30. STIMULATE COLLABORATION & INNOVATION
THE WEXFORD INNOVATION NETWORK
Wexford's nine locations create a platform for learning and sharing between a
broad based group of Wexford, its university partners and the community
PRIMARY BENEFITS
• Provides platform for exchange of ideas, identify best
practices and programming
• Enhances access to subsidies and provides greater
political influence
• Provides broader support structure for new companies
• Improves value proposition for universities due to broader
private industry connections
• Improves access to venture capital
• Improves value proposition for private industry due to
multiple location alternatives
• Encourages greater collaboration, connectivity, and
congregation of people and ideas

31. A Multidimensional Relationship
Product improvements Engineering expertise
New customers Port of Miami, Halifax
Fresh ideas Student design projects
Talented employees Internships
Dynamic environment Knowledge Community

32. Questions?
Executive Director
Economic Development
tosha@odu.edu

33. WEXFORD
Questions? SCIENCE+TECHNOLOGY
Managing Director
Innovation and Economic Development
tosha@wexfordequities.com

34. MODERN MEASUREMENT
O F 2 1 s t C E N T U RY
U N I V E R S I T Y- B A S E D
ENTREPRENEURSHIP
UEDA Annual Summit
23 Oct 2012
Mike Provance, Ph.D.
@mikeprovance mike@provance.us

35. The Startup Process
System of activities involved in mapping
creativity to need, and both to economic
value
People, ideas, technology – in that order
– “Everything that can be counted does not
necessarily count; everything that counts
cannot necessarily be counted.” - Einstein

36. The Startup Process
How does it differ for university-based startups?
– Small business inside a bureaucratic organization
– Higher levels of scrutiny, numbers of stakeholders
– Management talent gaps
– Commercialization chasm

37. Startup Success
How do university-based startups look at success?
– Jobs are not a measure of success; they are [the]
factors of growth
– First sale
– Reputation & credibility
– Survival
Diversity of source, form complicate measurement

38. Startup Success
UNIVERSITY-BASED ENTREPRENEURSHIP
THE INFORMAL APPROACH THE FORMAL APPROACH
Class Projects Tech Transfer
Clubs Training Programs
Labs, Cafes, and Incubators
Hallways
Catalyst programs
Entrepreneurs-in-residence
Long-form mentoring
Ecosystems/networks

39. Startup Success
Funding is an
important
metric, but…
Not a measure of
success
Measures the quality
of people, ideas &
technology
assembled
greenlitelabs.com

40. Engaging the Institution & Community
Trends in University-Based Entrepreneurship
– Collaborations between University & Community
– Tension between Quantity & Quality
– Increasing Speed & Variety

41. Engaging the Institution & Community
Align to institutional objectives & outcomes
– Modifying expectations of institution
• Longer payoff horizons, lower upfront
• Ownership dilution
– Investing in potential
• Remove focus on jobs, place on growth targets
• Building ecosystem to supply management
• „Privatizing‟ the spinoff process

42. ?