By guest authors Irina Patterson and Candice Arnold Jerry: When we hire students at the incubator, the university pays the students weekly, and then I bill the company and they reimburse the university for the students’ services. Irina: How are the faculty compensated? Jerry: It’s up to them. It could be free. It could be
By guest authors Irina Patterson and Praveen Karoshi Tim: We had other ways of doing our Japanese program. We could have gone there. There are other ways of doing that, but that is the way they wanted to do it. They really wanted to see the environment here, which was great, but it wound up
By guest authors Irina Patterson and Candice Arnold Irina: How many companies have been incubated since 1988? Jerry: I wouldn’t know. I presently have 95 companies in my center. We are the largest technology center in the country, to the best of my knowledge.
By guest authors Irina Patterson and Praveen Karoshi Irina: What are your metrics for success? What do you measure? Tim: One of the things we measure is graduation. We try to track our companies, we can’t do it. It is very hard and very expensive. But we have had Northwestern faculty track companies in the
By guest authors Irina Patterson and Candice Arnold I am talking to Jerry Creighton, executive director of the Enterprise Development Center at New Jersey Institute of Technology (NJIT). Based in Newark, New Jersey, the center is home to nearly 86 high-tech and life sciences companies. The center’s entrepreneurs have access to the institute’s facilities and
By guest authors Irina Patterson and Praveen Karoshi Irina: Would you give us an example of service providers that come to your incubator? Tim: We have people who made a living for a couple of years doing programming for various of our companies. You come in, you are doing C++ or something like that, you
By guest authors Irina Patterson and Praveen Karoshi Irina: What other kind of projects students usually do? Tim: We had a company that did consumer electronics. They had a little bug zapper that they were designing, and we had a student group that came in and helped with that. As matter of fact, they produced
By guest authors Irina Patterson and Candice Arnold Irina: What about those entrepreneurs who don’t need or want to raise money? Stephen: Right, the bootstrappers. We have an active community of bootstrapping companies now, that for whatever reason, don’t need to or choose not to raise money – or choose not to raise money right