1. Student Incubators:
Experiential Learning Programs
Lynn Allendorf
Bedell Entrepreneurship Learning Laboratory
Empowering Imagination Applying Knowledge Exploring
http://www.iowajpec.org/bedell/
Innovation Tomorrow Seizing Opportunities Accelerating Business
Innovations Empowering Imagination Applying Knowledge
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Explori Seizing Opportunities Accelerating Business Inspiring
Tmpowering Imagination Applying Knowledge Exploring
E omorrow
Innovations Tomorrow Seizing Opportunities Accelerating

2. 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

3. What does the BELL offer?
 Physical space and equipment
 Intense mentoring and support
 Business model / plan development

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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

10. 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

11. 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

12. 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