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