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MOVERS, SHAKERS AND DISRUP TORS SHAPING OUR FUTURE
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12.26. 2014
Hatching the Upstate’s startup future Incubator-bred businesses more likely to thrive, stay in community By DR. GREGORY M. PICKETT, director, Clemson MBA
Business incubators support entrepreneur-
space to open our incubator. Students apply to receive free office space and tech support for up to a year after they graduate. We wanted to provide more than just the cost-saving benefit of not having to rent an office, so we also provide ongoing educational opportunities, business advising and support, exclusive access to VCs and investors through the Tiger Angel Network and ongoing PR and marketing support for our residents.
ial ventures during the critical startup phase when they are at their highest risk for failure. According to Bloomberg, an astonishing 80 percent of new startups fail within their Currently we have several first 18 months. Incubators BY THE NUMBERS: Clemson graduate startups and accelerators increase using the space, including the chance of success expoa social media app developnentially. The National new businesses that fail er, an international import/ Business Incubation Assowithin their first 18 months export venture, a not-forciation reports 87 percent profit venture focused on of companies developed companies developed through teaching K-12 students through incubators are still incubators still in business five years after about IT, and a consulting in business five years after the program firm that helps product finishing the program. manufacturers maximize Greenville has embraced the effectiveness of their the incubator model for incubator-fostered companies packaging design to attract that stay in their communities launching new business, customers. It’s one of the Source: Bloomberg; National Business and with good reason. Incubation Association more bustling spaces in our Startups are great for their facility and it’s exciting to communities because they watch these companies create jobs and spur ecogrow right before your eyes. Recently we asked nomic development, and incubators are proven for feedback from the first group of residents and to increase the number of successful startups. 84 were excited to see the initiative is having the percent of incubator-fostered companies stay in impact we intended. their communities, which promotes long-term job growth and increases return to investors. Greenville is fortunate in that it has many great spaces where young entrepreneurs can nurture their fledgling business ideas. During my tenure as director of the Clemson MBA program, I have closely followed the development of—and partnered to varying extents with—individuals from the NEXT Innovation Center, Iron Yard and its subsidiary CoWork. These groups have slightly different approaches VOICE THE APP and missions, but all do a great job of finding innovative ways to support startup companies— “I’d say the biggest value is exposure. Every particularly those in the tech sector—with office incubator can give you space, but most of that space, networking opportunities, investor support space is in a basement or an otherwise empty office and mentorship. In addition, the Iron Yard building. The ONE incubator provides space right Academy offers intensive three-month courses in in the middle of one of the most active business coding, Web design and mobile engineering which centers in Greenville. Nearly every day that I’m help attract young creative professionals to the in the incubator I cross paths with business Greenville area. leaders, key players and important individuals When Clemson created its MBA in Entreprewho also happen to be in the building. The ONE neurship & Innovation concentration in 2011, one incubator’s central location creates a tangible of our main goals was to find a way to continue advantage for networking, which is usually a very to support our students in launching their busiintangible process.” nesses after graduation. Our move to Greenville - Ryan DeMattia, Voice the App ONE in January 2014 provided the necessary
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COMMUNITY CODE “The Greenville ONE incubator space has provided CommunityCode not only with a place to grow our business, but the advantage of being able to tap into the minds of the Clemson faculty who work in our industry and opportunities to network with alumni and business leaders from across South Carolina. I have truly enjoyed the conversations and perspectives I’ve gained from the startup businesses that I’ve shared the space with.” - Darryl McCune, Community Code
PACKAGE INSIGHT “My company is commercializing several years of consumer behavior research started on Clemson’s main campus at the Sonoco Institute for Packaging Design and Graphics. Being able to use the incubator space at ONE along with the MBA school’s support in basic infrastructure and critical advice has been integral to our success so far. When starting a company, you’re always looking to initiate conversations—which may lead to a meeting—which may lead to the next step in the evolution of your business. Being able to host those meetings in some of Greenville’s most ideal business space definitely gives us a leg up.” - Drew Felty, Package InSight
It is exciting to see how far these companies have come in such a short time and even more exciting to know that our programs at ONE are having a positive impact on the entrepreneurial ecosystem of this region. Greenville’s startup future is bright.