Oklahoma Business Incubator Profile

Rogers State University Innovation Center - Claremore
rsu.edu/about/CECD/

June 29, 2006 -- As far as the community of Claremore is concerned, one of its finest natural resources is Rogers State University Innovation Center. Entrepreneurs and expanding business owners throughout northeastern Oklahoma are particularly pleased to have the Innovation Center in such close proximity for a host of reasons.

The 7,000-square-foot Innovation Center, which opened in December 2005, is charged with fostering economic development and addressing the educational needs of area business and industry by providing the following services:

• A technology and business incubator that may be licensed to private companies for offices, research labs, or light manufacturing;
• Entrepreneurial training;
• Small business counseling services;
• Economic, demographic, and social research related to economic development.

The Center is just one of the 40+ certified business incubators located throughout the state. As an affiliate agency with the Oklahoma Department of Commerce State Data Center, the Center provides economic and demographic data to area businesses, industries, and individuals. Other partners include the Oklahoma Department of Commerce, the Oklahoma Alliance of Manufacturing Excellence, the Claremore Industrial and Economic Authority and numerous others.

Growing New Businesses Into Financially Viable Entities

“Studies show that 80 percent of businesses fail within the first five years. That’s why one of the Center’s primary goals is to improve its clients’ odds of being successful,” says Ray Brown, Ph.D., vice president for Economic and Community Development and director of the Innovation Center. “The overriding goal of the Innovation Center’s incubator program is to provide resources and services to new or expanding companies and thereby help them emerge from the program as growing and financially viable entities. Our staff provides assistance to companies in the form of one-on-one meetings or via small workshops with other like-minded entrepreneurs .”

Workshops offered at the Innovation Center can be customized for a variety of topics, including:

• Writing a winning business plan
• Sources of small business funding
• Improving management skills
• Successful marketing techniques
• Tax training
• Customer service strategies
• Legal aspects of Human Resources, entity selection, contracts and more
• Analyzing and using financial statements.

Valuable Resources for Entrepreneurs

In addition to a variety of workshops, the Innovation Center also offers the following to entrepreneurs and/or prospective small business owners:

• Business assessments : Upon entering the incubator program, each client undergoes an assessment with incubator staff and Advisory Board members. Based on the assessment, the incubator and the client jointly establish action plans to help the client achieve business goals.
• Advisory Board: The purpose of the Advisory Board is to (1) meet regularly with the client to evaluate progress, (2) provide feedback on the client’s marketing, financial and operations strategies, (3) help mentor the client and (4) link the client with contacts and resources that will help advance the tenant’s business.
• Regional research and community data center: The Center provides information, training and technical assistance to private businesses, governmental entities, academic institutions and non-profit organizations. It also conducts basic and applied research that focuses on the regional economy and population of northeast Oklahoma.
• Virtual online entrepreneurial program: Ten modules are available 24 hours a day, 7 days a week. Subject matters range from, “Do I have what it takes to be an entrepreneur?” to “Developing business and marketing products.” In addition, staff members at the Innovation Center also provide one-on-one counseling and/or video conferencing services to meet the individual client’s needs.
• Close collaboration with RSU-certified facilities in Bartlesville and Miami.

First Tenants Move In

The Innovation Center recently welcomed its first tenant, J.M. BioLab, which focuses primarily on biodiesel environmental tests. In addition, the Center expects a second tenant very shortly.

“At the outset, the Innovation Center has targeted prospective incubator tenants to include technology-related companies, information technology businesses, life science businesses and other professional knowledge-based businesses,” Brown says. “Not only do these two companies fall in that category, but they also have the potential for long-term growth; will provide high-paying jobs; and plan to stay in the area served by Rogers State University. Needless to say, we anticipate they will have a very positive impact on our state’s economy.”

To contact Rogers State University Innovation Center: Dr. Ray Brown – 918-343-7533 or innovation@rsu.edu.

For information about how the Oklahoma Department of Commerce can help your company expand, contact the Business Solutions team today at 405-815-5114.

More Incubator Profiles:
OSU-Okmulgee/MAIP
Center for Emerging Technology and Entrepreneurial Studies (CETES)
Rural Enterprises of Oklahoma
Summit Technology Park, LLC
Fred Jones Business Development Center