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Innovate Arkansas - n/a Enterprise & Agriculture United States 2008 - 2009 State of Arkansas |
Bringing High-Paying, High-Tech Jobs to Arkansas
RATIONALETo compete nationally and globally, Arkansas must better coordinate its efforts in assisting the growth of indigenous technology and knowledge-based enterprises that can diversify the local economy and increase the base of higher paying jobs in the state. Innovate Arkansas is positioned to work with new technology-based entrepreneurs as they attempt to move new inventions and high-tech service concepts toward viable commercial enterprises. By doing so, Arkansas will benefit from an increase in higher-paying jobs and enhanced opportunities for its college-educated youth.
OBJECTIVES
1. To recruit and assist technology entrepreneurs by conducting product assessments, market feasibility analysis, commercialization strategies, business plan development, and product and concept valuation.
2. To work with university research centers to assist those technology innovations already identified in the university settings, and help provide the business and financial support services that are needed.
3. Identify existing technology employers who have unused or "on-the-shelf" intellectual property (IP) to negotiate control of the IP, match IP with serial entrepreneurs, and develop IP.
ACTIVITIES
Innovate Arkansas will provide the following steps to determine proof-of-concept of new projects are:
• Defining the innovation concept
• Confirming the inventor's assumptions
• Surveying the industry's state-of-the-art innovations
• Assisting clients in securing intellectual property
• Identifying development barriers
To understand how the product will add value to the project market, the activities are:
• Measuring the market size and potential customers
• Determining the market barriers, risks and trends
• Understanding the competition that already exists
• Clearly defining the market hole to be filled
ACCOMPLISHMENTS
The first full year (2008) of operation for Innovate Arkansas primarily concentrated on creating an expanded pipeline of viable technology start-up companies in the state. We substantially succeeded in that effort, enlisting 48 clients, 45 of which were actively involved in the IA due diligence process/mentoring process leading to commercialization. Another 21 new leads were in the pipeline and in the process of being reviewed for participation in IA.
Having established that the program was capable of developing a strong flow of new knowledge-based enterprises, IA is concentrating its efforts in the final six months of this initial contract on creating a strong base of support services for its client companies. While the first year targeted the quantity factor of client identification, the final six months will set the ground work for the quality of services to be available to those clients working through the grid of IA development steps.
From January through March, 2009, nine (9) new clients were added to the IA portfolio, and another 11 applicants are under various stages of review. This trend through the first quarter indicates that IA is continuing its projected annual client intake goal of 45 new clients. Significant actions taken this quarter were:
- The acquisition of 4,000 square feet of office incubator space was made available for use by the IA clients (this space has been rented in SBA office building directly across the street from Winrock International – it will have telephone, internet, and staff support services available.)
- Support services in the areas of patent enhancement, marketing analysis, development of market entry strategies, financial modeling, and leadership development will be provided to those clients in need.