Program Jon Benson The Wyoming Technology Business Center t - - PowerPoint PPT Presentation

WTBC Entrepreneurship Program Jon Benson

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The Wyoming Technology Business Center (WTBC) is a business development program

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the University of Wyoming, and its mission is to support the start-up and development of early stage, technology-based and high growth companies and to support the evolution of an entrepreneurial ecosystem throughout the state of Wyoming.

• Focus on stimulating high-growth and

technology-based company development in rural areas

– Business Incubator – Business and Management advice – Target client company has potential for $3-$5M annual revenue with 10-20% net profit margin

• Opened in October of 2006
• 30,000 sq. ft. with lab, office, and

conference room space

• Opened completely full
• 2 year drought

• Realized that Laramie was not naturally starting these

types of companies at a very fast rate

• Improve climate for entrepreneurial companies

& Identify Pre-Venture Companies.

• Meet 5x per year
• Chapters in Laramie, Sheridan, & Casper

e2e Wyoming: networking and educational group that brings together entrepreneurs and people interested in entrepreneurship

IMPACT: WTBC LARAMIE

Acquired by:

• Graduate Stats - 2016

– Combined FTE employment: 100+ – Average wage: $55,000 - $65,000 – Combined footprint in community = 30,000sq ft.

• Statewide focus with multiple facilities

– Full time WTBC staff in Laramie, Casper, and Sheridan

• Focus on pre-venture clients (talented individuals

thinking about starting a business)

– Existing ecosystem does not stimulate technology and high growth startups

• Activities that stimulate people to think about

starting a business

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Stimulating People to Start Businesses

1) Have you ever wanted to start your own business?

1) Percentage of people saying “yes” is different if you grew up in San Jose than if you grew up in Laramie Wyoming 2) Also affected by “large numbers”; NBIA used to say an area needed 75,000 to support an incubator

2) Tried to influence this through:

1) e2e (real people start businesses) 2) publicizing the success of local start-ups; and, 3)

• ffering counseling to those thinking about starting a business

3) In the last year we have run some entrepreneurship competitions that offer interesting results

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$125,000 Fisher Innovation Challenge

1) Why a competition?

1) Build excitement 2) See people we have not seen before 3) People try to think of an idea in order to enter 4) People act on a business idea that they had previously

2) Process

1) Direct Marketing through radio, newsprint, emails, mixers 2) Students fill out an application answering questions about their business 3) Select semi-finalists 4) WTBC works with each finalist to develop idea and a pitch 5) Judging is a “qualifying event” 6) Had six qualifiers and all of them are starting their business

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Casper and Sheridan

1) Casper Start-up Challenge

1) Ran last spring: $65,000; Ellbogen Foundation 2) See people we have not seen before 3) 3 qualifiers; all started businesses and are in the incubator 4) 2 others started their business and we are working with them 5) Doing it again now

2) Sheridan Start-up Challenge

1) Doing it now; $65,000 raised 2) just selected 5 finalists; 60 applicants 3) Qualifying event in May

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Robert Lumley, AirLoom Dakota Roberson, Aktzin Systems Kaspars Krutkramelis, Pollution Control Technologies Pourya Nikoueeyan, Resono Pressure Systems

Energy and Entrepreneurship