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VOLUME 51 ISSUE 20 1015 Division St. Cedar Falls, Iowa 50613
UNI entrepreneurial center provides opportunities for students to implement business plans, create cash flow Ben Olson News Editor
T
he John Pappajohn Entrepreneurial Center (JPEC) may be one of the University of Northern Iowa’s best kept secrets. Back in the mid-’90s, Pappajohn, the president of Equity Dynamics, Inc., created five entrepreneurial centers all over Iowa (including UNI) with the hopes of providing entrepreneurship education, technology and capital investments for small businesses. Housed on the second floor of the new JPEC building, the Student Business Incubator (SBI) is a main attraction. The SBI offers 10 free office spaces to budding UNI student entrepreneurs to run their businesses, complete with desks, chairs, computers, a small business resource library and two full-time professionals on staff within the office space. This allows students to focus on their business in a very nurturing environment. Unfortunately, many UNI students spend their four or more years on campus oblivious to this opportunity provided at JPEC. “The saddest words I hear are from second-semester seniors who say, ‘I wish I knew about this earlier,’” Student Business Incubator Manager Laurie Watje said. Katherine Cota-Uyar, Associate Director of JPEC at UNI, elaborated on the other innumerable services provided by the center. “The Entrepreneurial Program at UNI offers a Certificate in Entrepreneurship; the Student Business Incubator, which helps students develop and run a business; and many conferences, competitions, internships,
workshops, a youth camp and a student organization [the UNI Collegiate Entrepreneurs’ Organization].” Specifically, the SBI is an educational learning lab designed to inspire and educate students interested in starting their own business. One of the distinct advantages available to the student business owners in the SBI is their proximity to help and advice.
SBI offers distinct advantages and safety net
“Iowa and Iowa State have similar programs, but we’re the only incubator in the system that is staffed full time with professionals right in the incubator space. That’s why we’re so successful. The owners need to have solutions immediately to maintain good customer service because that can affect their bottom lines. This easy access helps students because they can be reassured and can bounce off ideas all the time,” Watje said. Another distinct advantage of launching a business in the SBI is the cushion it provides. Anyone trying to start a business in today’s economy would have to rent office space, buy technology and market the company. Basically, more money would be spent than money coming in. Fortunately, at the SBI, the office spaces are provided free of charge and most of the technology is provided, so even if a business fails, the monetary losses are minimized.
Book Hatchery hatches into mainstream More impressive than the amenities at the SBI are the student business owners themselves. Take Nick Cash, a 2007 graduate of Cedar Falls High School. Cash is
UNI Student Business Incubator businesses - Book Hatchery is a website geared for self-publishers. Started by UNI junior Nick Cash, the site helps authors and small publishers sell books digitally for ebook devices. The site also regularly updates sales statistics for authors. Visit www. BookHatchery.com. - Harris Graphics, operated by Chris Harris, sells graphics and vinyls for race cars and other needs. - 3-D Glasses Galore, owned by Greg Jass, supplies glasses for the new 3-D televisions on the market. - SEO Solutions provides search engine optimization for online companies to increase their visibility on search engine websites such as Google. SEO was founded by Therese Kuster and Greg Jass. Visit www.seosolutionsllc.com. - GS Solutions, LLC is owned by Thomas Gilbert and Jeffrey Short. It provides houses an e-commerce site that sells breathalyzers for professional businesses and personal use. Visit www.breathalyzershop.com. - Myers Enterprises, owned by Jason Myers, is a holding company comprised of several independent businesses, including a restaurant ceiling tile cleaning business, Celing Pros ASAP, and a printing and a marketing company, Power Ink Marketing and Graphics, Inc. accommodating the e-book craze with his company, Book Hatchery (www.BookHatchery.com). “We help authors and small publishers sell books digitally to get their work on iPads, Nooks, Kindles and other devices. The idea is to make selling e-books as simple as possible because not many people are tech savvy,” Cash said. The system on Book Hatchery will take the author’s work and distribute it to major retailers, such as Amazon, Apple and Barnes and Noble. With a copy of Starting an
Online Business for Dummies on his office shelf, Cash noted that he has always possessed a creative, entrepreneurial spirit, and his interests have all led him to his current business knowledge base. “For me, I started building with Legos, and then I got into web sites and creating computer games in sixth grade. I then moved up to college-level computer programming when I was in
eighth grade. When I got to college at age 19, I worked with Lockheed Martin and then DISTek Integration. Without [those experiences], I wouldn’t understand the processes involved in business. It’s been a long time coming.” Cash said his idea for Book Hatchery began when he was tutoring a group of students because he wanted to write them an e-book to use for studying. He soon realized money could be made from selling this book that he would have been giving away for free. Book Hatchery offers several attractive advantages for authors as compared to the major publishing companies. “We’re a distributor, not a publisher. The authors keep the rights to their books and are self-publishers. We have no control over what the retailers take, though typically they take 30 to 70 percent of profits. We end up taking 15 percent of the net sales of
the books, or the amount left over after the retailers take their cut,” Cash said. This is a 180-degree turn from the practices of many publishers who can take up to 85 percent of the net sales of a published book. Authors using Book Hatchery are also provided with transparency concerning the sales and profits made by their works. “We pay authors monthly, whereas typical publishers pay the author two to four times per year and don’t provide any sales statistics to the authors. We update the statistics right away so the authors know how much money they will be receiving.” Even though Cash has attained much success and recognition for his business plan (he has been recognized by Inc. and Entrepreneur magazines), the entrepreneurial roadway has not always been smooth. “Entrepreneurship is like a roller coaster. One day See JPEC, page 4