Incubator Innovation Center Tim Distler, Business Economics Concentration: Finance James Garzia, Dual Major in Professional Accounting and Math Disttj81@oneonta.edu & Garzjp44@oneonta.edu $8,365/ 1 year SUMMARY This proposal is seeking a one year funding allocation for an Innovation Center. This center will promote creativity, enhance problem solving skills and better prepare students for the real world. Students will collaborate across majors in an entrepreneurial atmosphere creating a different way of thinking and communicating. Linking students with start-up businesses in the community and identifying existing business needs through internships and project based learning will be developed, thus enhancing collaborative efforts between SUNY Oneonta, the Oneonta community and Mohawk Valley Region. Our great liberal arts, sciences and business programs will benefit and work together better with this facility. SECTION I A. PROPOSAL OBJECTIVES AND SIGNIFIGANCE Through this StAR funding, SUNY Oneonta will be able to enhance professional development, innovation and entrepreneurship activity on campus. The creation of this center will act as a resource to students across all majors where they can get real world exposure through innovation and entrepreneurship. The center's location will be based in the current spot of the Red Dragon Outfitters of Hunt Union. With the new additional building, the Associate Vice President of Facilities and Safety, Tom Rathbone, has been looking for a new purpose for that space. Mr. Rathbone was enthusiastic to hear this idea when we discussed with him. Utilizing this space to benefit the university's image, especially to incoming freshman. Student involvement and creating a place for more hands-on experiences and internships would be best for the college. This center will get students more involved on campus. By working with students across majors on business ideas they will increase their ability to communicate and solve problems in teams, in addition to working on business ideas it can be a space where students and faculty can interact in a non classroom setting. As well as a place where students can participate in leadership programs looking for new ways to innovate and develop campus. We need a faculty run program where students can get real world experience. Students will be given the knowledge and experience integral to the development of new business ideas. It is envisioned that a strong advisory committee will be developed between SUNY Oneonta s School of Economics and Business and other interested faculty across disciplines, the Small Business Development Center and local business leaders for dedicated mentoring for student innovations. Guest lecturers, strategic mentors, business plan competitions, associated travel expenses, and concentrated Business Development Bootcamps can be implemented to provide ongoing opportunities for students to learn the fundamentals of business development and pathways to innovation.
B. CONTRIBUTION TO THE STRATEGIC PLAN 2016 In alignment with SUNY Oneonta s Strategic Plan, the opportunity for student and faculty to engage in entrepreneurism will directly add to the empowerment of students to identify and achieve ambitious goals. A campus wide entrepreneurialism ecosystem will enable students to increase their engagement across disciplines during their collegiate experience. Experiential learning and internships are an important component of education today. They not only enhance the educational experience, but also help students to get better paying, skilled jobs after graduation. The creation of focused business development networks would create new opportunities to get hands-on experience working with early stage businesses and entrepreneurs. At the same time, it would provide opportunities for faculty to engage with entrepreneurs and bring this experience back to the classroom. C. SUPPORTING DATA FROM ASSESSMENT PROCESS Entrepreneurial education has been given an important role in educating new entrepreneurs, strengthening the entrepreneurial spirit and increasing the number of start-ups and spin-offs from the higher education institutions. The benefits to successful entrepreneurialism programs can be far-reaching. It is envisioned that robust student and institutional interaction with the local community would result in business retention and job creation; serve as a pipeline for new student ventures that may not be available through other channels and provide additional opportunities for student recruitment as well as deeper alumni engagement activities. Incubators have become an innovative approach to help entrepreneurs in the United States in their startup phase with reduced overhead costs, expert assistance, and financial banking. However, in order for any possible incubator at SUNY Oneonta to move forward in the future, it is imperative that the supply and demand for resources is sufficient, and the culture and quality of such programs can be sustained. The goal of enhancing entrepreneurial activity on campus is to establish a structured process for creating and maintaining student-run businesses on campus. Many incubators being developed are focused on attracting local business development ideas to use a network of services offered through the incubators. However, there is a continued lack of local partnerships for economic development that tap into college students and/or faculty as entrepreneurs. D.HOW THE ACTIVITY WILL BE ASSESSED To help fulfill the need to cultivate entrepreneurship, this project would create various programs to assist entrepreneurs with a business concept to develop a business plan, and then move to business start- up. Number of students and faculty utilizing the space Number of people educated or impacted through events
The amount of students working on a start- up initiative or working as an intern for a local start- up Number of events held at the center and the impact on the culture between students E. IMPLEMENTATION STRATEGY AND TIMELINE Some of the elements that this proposal discusses are already taking place on this campus through events held by the School of Economics and Business and the Entrepreneurship Club. The newly recognized club has grown rapidly in popularity. The club is preparing to submit and introduce and idea at the Regional Business Plan Competition. This Innovation Center is endorsed by the Entrepreneurship Club. It is envisioned that a skype room will be created using the funding from this proposal. This skype room will consist of a conference room table with 6 chairs around it. There will be a 32" TV screen with a camera attached where one can input a laptop for a skype conference call. Also envisioned, all along the walls will be white boards. This will promote creativity among the users of the rooms. There will be group tables with 4 chairs each with big pads of paper at each table. In addition, three scanners will be placed around the room so that somebody can easily scan an idea they have on paper into a computer. With the increase of the digital age, having that data in computers is convenient. Also included in the budget is an Ideum Touch Table Pro. This touch table is the latest technology and will be viewed as a big attraction to the school. This will be a great selling point to attract incoming students. Build Committee of Student leaders, Faculty and Local Business owners to advice Innovation Center (and already have interest from at least 1 local business owner). Beginning in August we will receive the grant for $8,365. Order Supplies and Installation of Equipment happen immediately as equipment and supplies arrive. Organize events to be held at new innovation center with help of the Committee. Educational workshops and events will be partnered with the Small Business Development Center. In partnership with the School of Economics and Business and different clubs, students will be identified that may have start- up business ideas. These student businesses will be assigned a mentor, who will provide coaching and guidance, and will help them / their teams establish quarterly milestone targets.
StAR Appendix A The Chief Information Officer has reviewed this proposal and verified potential costs as it relates to technology: [ ] Yes t Applicable Comments: The Associate Vice President for Facilities has reviewed this proposal and verified potential costs as it relates to facilities: [X] Yes t Applicable Comments: The Budget Director has reviewed this proposal and verified potential costs: [X] Yes t Applicable Comments: The Senior Executive Employee Services Officer has reviewed this proposal and verified potential costs as it relates to human resources: [ ] Yes t Applicable Comments: Other consultation (be specific): Albert Colone (local business owner)