Resource:How to create an off-campus incubator

This article is constructed based on an interview with former UI fellow, Fletcher Richman, on his experience of starting an off-campus incubator, SparkBoulder near University of Colorado.

Contents

Introduction

Spark Boulder is a student designed and created coworking meets incubator space, designed to foster creativity, progress talent, and accelerate innovative ideas. Spark Boulder is a student entrepreneurs playground that will allow boulder and the University of Colorado to remain at the forefront of student innovation and entrepreneurship.

Spark Boulder is designed to provide a place for students to innovate new ideas, and work in an environment dedicated to forward progress. Spark was created by the very students that needed it most, ensuring Spark meets all the criteria required to give students the tools and opportunities they need to design, create, and innovate ground-breaking ideas.

Spark Boulder is more than just a coworking space, it is a hub of innovation. With top grade professional services such as Archer Bay and Tuition Specialists, combined with some of CU's most talented and aspiring students. Spark Boulder offers its own server services, complete with SDK's, Master Suite, monitors, iPad's, iPhone's, and Android devices to give developers every tool they need to develop their projects.

Throughout the duration of the Spark project, we're made sure to stay true to our mission of helping students. Students have done everything from the business plan and finances, to the branding and marketing, and the design of the space itself.

Need and Goal

Need and goal (what you did to assess the need and how this space would fill that need) Incubator space is a only facilitator. It needs the entrepreneurs to thrive. If the students don't use the space, the existence of the space would be hard to maintain. This makes correctly identify the need and provides the correct need very important.

Richman was inspired by the phases in life cycles in Startup Community, which states bringing entrepreneurs together will create a synergy that can accelerate the innovation process. By recognizing there are 12 entrepreneurship related student organizations and school run programs, Richman found students are in need of a working space to start their entrepreneurial pursuits. In Boulder, Colorado, one of the center for entrepreneurs, the local community also greatly supports the idea of having a student incubator space.

The goal of having an incubator space in Boulder, Richman said, is not only limited to providing space for young students entrepreneurs, but also give the opportunity to local investor to see some great work put by the students.

Academic Permission

Academic permission (what kind of permission and proposals were needed)

When the collaboration with colleges and universities, some paperwork may be required based on the type of collaborations that the incubator space provides. If the incubator space merely provides the space for extra-curriculum activities, obtaining the permission to collaborate with the school may be much easier. However, if the collaboration relates to student's credits or class work, this permission can be very restricted. Also this permission process is very individually based. Depending on the type of school and the level of support towards entrepreneurship, the permission varies a lot.

In the case of Spark Boulder, one of the problem that Richman went into was getting support from University of Colorado, although students and low level faculty members are in need and love to have a student incubator space to work on their entrepreneurial projects. However, Richman chose another route. Instead of getting support and collaborate with the school, he leveraged the local highly entrepreneurial community and simply made the space available to the students. So he didn't need to get permission from the school, but at same time, student entrepreneurial organizations will still come and use the space for their meetings and events.

Support

Support (what types of support were necessary — faculty, student, leadership, alumni, community, etc)

The success of Spark Boulder is largely because the excessive support from the faculty, student, and community.

In University of Colorado - Boulder, there are over 12 student organizations, programs, and many more classes about entrepreneurship. However, the school doesn't have an incubator space for these organization and programs. So the students very much support opening an incubator space close to campus that they can work on their own projects or even start their companies.

Although getting support from the high level faculty or administrators are difficult, the low level faculty are in love of an incubator space. Richman said there are many faculty members are actually entrepreneurs themselves. An incubator space close to their office can greatly help them develop their ideas and entrepreneur pursuits.

Boulder is very entrepreneurial city. There are hundreds of startups in the local community. An student incubator space will give these startups a place to look for future collaborators, or even provide investor a place to find good project to fund.

Cost

Cost (what funding was necessary to create and maintain the space, and how that funding was found/raised)

In preparing Spark Boulder, Richman raised $100,000 to rent the 4500 square feet space and renovating it for incubator the use. However, he also mention that this cost can be as low as $25,000 if they were on a tight budget. With the sufficient support from the community, Richman was able to get enough fund to put full sets of furniture, provide inclusive electricity, WiFi, or even monitors and 3D printers if the budget is allowed.

Location

Location (where the new space is located and why it was located there)

Spark Boulder locates very close to the main campus of University of Colorado - Boulder. At the same time, it's also surrounded by many start-ups offices. This nice location matches the needs of both students and local community.

Activities

As a newly founded incubator space, Spark Boulder hasn't planned many activities for its residents. It will mainly serves as a new space for students to develop their ideas and meet with each other. And the organization can work hold their business competition in the space as well. Richman also plans to bring some third party start-up accelerator programs to the incubator space to help the student entrepreneurs.

Materials

Spark Boulder aims to provide a truly lean start up opportunity for student entrepreneurs. In terms of essential materials provided, students will have fully covered electricity, WiFi, provided furniture. Since many of the new start-ups are related to application development, Richman also plans to have monitor and 3D printer, iPad, and iPhones in place for the students to use.

After all, Richman emphasizes that, "The space is the thing!" If the space is available and affordable, it will help entrepreneurs.

Management

Management (how you selected who would manage the space and how it would be managed)

Spark Boulder is currently managed by students on the board. A law firm provides a secretary for greeting. In the future, Richman would like to hire an executive director to manage the space. But the space will still be mainly managed by students.

Launch

Launch (how you promoted and launched the new space)

Lessons & Tips

Lessons learned and tips for others (what worked and what didn’t, and your recommendations for others)