October 2, 2014

Ten Year Celebration 2004 to 2014A Brief History of Inventrek

Michael O’Hair, Ed.D.Jan Hendrix

Our Journey Began . . .Our Journey Began . . .

Assess

Conceptualize Pl

an

Demonstrate

Launch

Operate

Grow

The January 2000 ChallengeThe January 2000 Challenge

January Partners in Education Meeting– Kevin Clancey, new General Director HR Delphi Electronics, told

us, based on a recent trip to California, that Kokomo should have a “High Tech” incubator

– Following the meeting, I discussed the idea with Greg Aaron, Director of Development for the City of Kokomo

Our next step was to visit the Purdue Technology Center at the Purdue Research Park

AssessAssess

On January 13, 2000, a successful first visit was made to the Purdue Technology Center. Ruth Person, Chancellor of IUK, and Charlie Sparks, President of the KHCD, Todd Moser, Chamber President joined Greg and I on the first visit to the Purdue Technology Center

April 21, Purdue announced Statewide Partnership In June KHDC formed first Local Focus Groups and

July 1, Greg Aaron becomes President of KHDC KHDC BOD authorized Task Force on August 11

– Executive Committee– Facilities and Finance Committee– Technology Committee

AssessAssess

August 14, 2000, the Kokomo Technology Summit was held in cooperation with the Indiana Technology Partnership (ITP)--Mayor Jim Trobaugh, Scott Jones (ITP), Michael O’Hair (Purdue), Senator Steve Johnson, and Matt McKillip (Momentum)

North Central Indiana Entrepreneurship & Technology Conference held at IU Kokomo

Initial Task Force DecisionsInitial Task Force Decisions

The incubator would be called the Kokomo Technology Center patterned after the Purdue Technology Center.

The Kokomo Technology Center would be referred to as a “technology driven” incubator instead of “high tech” – definition not clear.

The Technology Committee was charged with identifying the core technologies of our local “technology driven” companies. We got full cooperation.

We quickly recognized that this venture was an entrepreneurial experience like any new start-up.

CommunityCommunity

On September 2000, a full bus load of community leaders toured the Purdue Technology Center at the Purdue Research Park

Purdue Technology CenterPurdue Technology CenterGateways Program Gateways Program

Purdue Gateways Program– Assist University researchers in commercialization of

intellectual property– Establish sound business plans– Proven model for the commercial “launching” of new

firms with innovative products, processes or services

Gateways staff provided value support to the Kokomo Technology Center

ConceptualizeConceptualize

February 2001, Assessment of Interest, Potential, & Resources presented to the KHDC BOD

Findings– Kokomo Niche– 1500 Patents since 1975

Recommendations– Support Purdue Initiative– Develop Financing– Join National Business

Incubator Association– Create Website– Prepare Feasibility Study

PlanPlan

SBC/Ameritech $25,000 grant

Pittsburgh Gateway

Consulted Report Outcomes

– Kokomo’s Potential– Benefits of Incubator– Demonstration Projects

April 2002, Feasibility Analysis Report

PlanPlan

September, 2002 Business & Financial Plan

• Facility Financial Plan• Potential Services• Human Resources• Demonstration Budget

DemonstrateDemonstrate

Memorandum of Understanding---Purdue

Federal Funding proposal—Indiana, Purdue, KHDC

Virtual Incubator (An incubator without walls)

Mentoring Team Established

Research Venture Capital and Angel Investors

Research Potential Sites

Secure Funding—City, County, KHDC, USDA

– Initial gift of $200,000 from the City of Kokomo—Thank you Mayor Trobaugh

DemonstrateDemonstrate

October 3, 2003, Delphi Electronics donation agreement signed

Secure Anchor Tenant – Ivy Tech Health Sciences November 13, 2003, dedication of the Firmin Street

facility—Cold Building

November 17, 2003, Jan Hendrix hired as General

Manager

2004 Launch2004 Launch

Our mission is to…focus on long-term economic growth for Kokomo and Howard County by creating new high-tech companies and supporting the development of new technologies for our existing companies.

Operate--Initial StrategyOperate--Initial Strategy

Operate--Key FunctionsOperate--Key Functions

FacilitiesManagement

FacilitiesManagement

OrganizationalDevelopment

OrganizationalDevelopment

FinancialManagement

FinancialManagement

ServiceDelivery

ServiceDelivery

MarketingMarketing

Key Functions ofIncubator

Development

Key Functions ofIncubator

Development

Kokomo Technology Center (KTC) Kokomo Technology Center (KTC) Changes NameChanges Name

In an October 2004 press release, the Kokomo Technology Center announced it had changed it’s name to:

The new name was derived from the word “invent,” which means to produce or contrive by the use of ingenuity or imagination, and “trek” because it takes startup companies on a journey that is sometimes difficult, and unities the two to reflect the mission and vision of the corporation.

FacilitiesFacilities

Facility Rehabilitation:•Lobby•ADA Restrooms•Shared Conference Facilities•Equipment Room •Access Control & Security•Signage•Build-outs•Roof•Main Entrance

SOP:•Lease Agreements

•Building Policies

•Rate Schedules

PromotionPromotion

Strategic Objectives– Increase Awareness– Generate Leads– Build Key Relationships

Positioning & Identity Development Promotional Activities

– Interactive Web Site – E-Marketing– Brochure– Publicity– Magazine Advertisement– Networking Events

Funding– Community Foundation – Cinergy

Let’s Get Crackin’Let’s Get Crackin’

OrganizationalOrganizationalDevelopment 2004Development 2004

February 2004 KHDC Board appointed

Inventrek Board of Directors

July 2004, Technology Park

Certification approved

Angel Network

Mentor Network

Purdue Gateways Assistance

Proposed Service DeliveryProposed Service Delivery

GrowGrow

GrowGrow

GrowGrow

GrowGrow

GrowGrow

GrowGrow

GrowGrow

GrowGrow

GrowGrow

GrowGrow

GrowGrow

Acoustic SupplyAlternative Action

AndyMarkBeck’s Hybrids

Benchmark MechanicalBrad Howe Ford

Bucheri McCarty & MetzButton Chrysler Dodge Jeep

Central Indiana Corporate PartnershipCity of Kokomo

Comfort KeepersCommunity First

Community Foundation of Howard CtyCommunity Howard Regional Health

Coca Cola – KokomoDr. Tim & Dana Davis

DelphiDuke EnergyDimensions

Eastern Howard School CorporationFirst Farmer’s Bank & Trust

ForesiteFortune Companies

Frontline LogicGreater Kokomo Economic Development

AllianceGM

Hayes Bros.Haynes InternationalHearn Construction

Howard CountyHumphrey Printing

Huston Electric Teletec Communications IBEW

Indiana American Water CompanyIndiana University Kokomo

Ivy Tech Community CollegeJ & J Electric

Kokomo Howard Cty Development CorpKokomo School Corporation

Kinder SignKokomo Sanitary Pottery

Kokomo PerspectiveKokomo TribuneLiberty Financial

Lorentson ManufacturingLowe’s of Kokomo

McGogonicalMerrell Bros.

Mid-America BeverageMomentum, Inc.

Moonlight Mold & MachineMy Favorite Muffin & Bagel

Northwestern School CorporationPastarrific

Nick Pate Insurance & Financial ServicesPrince/AlexanderPurdue University

R. D. FilipReed Contracting Company

Regions InsuranceRite Quality Office Supply

Russell McIntrye Hilligoss & WelkeSt.Joseph Hospital

Salin BankSBC

Schmidt Law OfficeShearer Business Solutions

SignProSigns Express

Dr. Charles SimonsSmall Business Administration

Smith FinancialState of Indiana

Stephens MachineSynergy Integration

Taylor School CorporationTbi

The Wyman GroupUrban Enterprise Association

U.S. Department of AgricultureU.S. Postal Service

Western School Corporation

ContributorsContributors