The OSU Institute of Technology/MidAmerica Small Business Innovation & Incubation Center, adjacent to the OSU Institute of Technology technical education facility, is located at 4059 Redden Street in the MidAmerica Industrial Park, between Pryor and Chouteau, Oklahoma. The major purpose of the non-profit center is to provide incubation and entrepreneurial services to innovative ventures that demonstrate the ability to develop market niche products in technology and light manufacturing areas.
In an effort to increase economic development opportunities in northeast Oklahoma, the Oklahoma Ordnance Works Authority and OSU Institute of Technology completed the Small Business Innovation & Incubation Center, a 12,000 square foot facility, in 2005. The Oklahoma Ordnance Works Authority provided funding for construction as well as funding for operations, and OSU Institute of Technology is responsible for providing management and operational oversight of the facility. The Center has two clients, Non-Metallic Sciences, Inc., a polymer chemistry company and DTS Communications, Inc., a wireless telecommunications company.
The scope of operations at the Center involves access to production and manufacturing space as well as the availability of the following value-added services:
- Assistance dealing with government agencies, legal issues and accounting.
- Assistance with business plan development.
- Facilitation of collaborative partnerships within the incubator and with entities outside the incubator.
- Mentoring in startup and rampup phases of business development.
- Assistance in helping clients identify funding sources.
- Support in development of sourcing and/or time-sharing equipment and resources.
- Periodic review of client's business plans with feedback to assess client progress and satisfaction.
- Access to business office infrastructure requirements (conference areas, workroom and break space, copy and fax services, telecommunications services).
- Access to individual workspaces 24 hours per day.
Vital to the selection process is the examination and acceptance of a solid business plan. Assistance is available in development of the plan prior to acceptance. Incubator client management teams must be capable of handling the daily operational and technical aspects of the business with minimal assistance from the Center. Clients must also provide proof that the innovative technical ideas and products profit from the value-added services provided by the incubator. Job growth and creation of business opportunities for local vendors and contract agencies are also important criteria. And finally clients must show the ability to pay rent, utilities and fees while developing positive cash flow with a financial pro forma statement.
|
|
- Innovative technical idea.
- Intellectual property (legal patent if applicable).
- Product feasibility.
- Technical knowledge and edge.
- Market niche and recognition of market strategies.
- Receptivity to learning and realistic business sense.
- Financial pro forma statements.
- Growth and job potential.
- Community benefit/awareness.
- Strategic planning.
Leann Burger, Manager
OSU Institute of Technology, MAIP Small Business Innovation & Incubation Center
4059 Redden St.
Pryor, OK 74361
918-825-8921
918-825-8922(fax)
leann.burger@okstate.edu
 |
 |
