WTBC Entrepreneurship Program Jon Benson
The Wyoming Technology Business Center t (WTBC) is a business development program of 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
e2e Wyoming: networking and educational group that brings together entrepreneurs and people interested in entrepreneurship • 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
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
Stimulating People to Start Businesses Have you ever wanted to start your own business ? 1) Percentage of people saying “yes” is different if you grew up in 1) San Jose than if you grew up in Laramie Wyoming Also affected by “large numbers”; NBIA used to say an area 2) needed 75,000 to support an incubator t 2) Tried to influence this through: 1) e2e (real people start businesses) 2) publicizing the success of local start-ups; and, 3) offering counseling to those thinking about starting a business 3) In the last year we have run some entrepreneurship competitions that offer interesting results
$125,000 Fisher Innovation Challenge Why a competition ? 1) 1) Build excitement 2) See people we have not seen before 3) People try to think of an idea in order to enter t 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 Judging is a “qualifying event” 5) 6) Had six qualifiers and all of them are starting their business
Casper and Sheridan Casper Start-up Challenge 1) 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 t 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
Energy and Entrepreneurship Robert Lumley, AirLoom t Dakota Roberson, Aktzin Systems Kaspars Krutkramelis, Pollution Control Technologies Pourya Nikoueeyan, Resono Pressure Systems
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