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Two Temple Entrepreneurship Centers, IEI and SBDC, Serve the Community

Temple is rich in resources, programs, and role models for budding entrepreneurs.   So for young entrepreneurs who want to be the next Dennis Alter (B.S. Ed.‘66), Chairman and CEO of Advanta and benefactor of The Fox School's new building, Alter Hall, or the next Frank Baldino, (Ph.D. Med '80) CEO of Cephalon, a pharmaceutical company that just reached the milestone of $1 billion in annual revenue, Temple is a great place to get an entrepreneurial education.

 

According to Chris Pavlides, Executive Director of the Innovation and Faculty and Students at Innovation & Entrepreneurship InstituteEntrepreneurship Institute, entrepreneurship begins with innovation.

 

"Innovation is the creation of ideas that add value or help us do things better, faster, easier, and at a lower cost," Pavlides said.  "Entrepreneurship is people working together to create that value by putting innovation into practice."

 

Rich in Resources

At Temple, innovation goes beyond students studying entrepreneurship as a major or a minor at The Fox School of Business. The comprehensive resources of the school's two entrepreneurial centers, the Innovation and Entrepreneurship Institute (IEI) and the Small Business Development Center (SBDC), are open to all Temple students, faculty, and staff.

 

In addition, these resources are open to Temple alumni, and the SBDC works with clients in Philadelphia, Bucks, and Montgomery counties.   Because the SBDC is funded through a partnership between The Fox School and the Commonwealth of Pennsylvania with additional funding from the U.S. Small Business Administration, it directs much of its energy outside of Temple.

 

Both centers assist with the planning and start-up of new companies by offering individual coaching as well as workshops and seminars. They cover all aspects of entrepreneurship, from writing a business plan to making a professional presentation, to exporting to China. All IEI workshops are free for people affiliated with Temple.   Some SBDC workshops are free; others are low-cost, and many have discounted student rates.

 

The IEI is also home to the Innovation Lab, an open workspace for entrepreneurship projects. The SBDC has an Incubator that provides office space for new businesses.

 

In the National Spotlight

Recognizing Temple's overall strength in entrepreneurship, this academic year Princeton Review and Forbes.com ranked Temple as the 20th most entrepreneurial campus in the United States, and this spring Entrepreneur magazine ranked The Fox School's entrepreneurship program in the top 30 in the United States.

 

One reason Princeton Review cited for its high ranking was IEI's Business Innovation Competition, which includes three phases: the Idea Competition, the Feasibility Plan Competition, and the Business Plan Competition.   This year's competition winner, Phyllis Ludwig, an executive M.B.A. student and CPA, won a $25,000 package for her plan for Cent$ableKids, a company which will provide money management programs for children throughout the United States. The package included $10,000 cash and a variety of services: Web site design, $5,000 in free Microsoft products, $5,000 of free legal services by Morgan Lewis, free incorporation in Pennsylvania, a travel package to Costa Rica, workspace, and mentoring.

 

The winner of last year's IEI business plan competition, Rebecca Davis (Business Honors '04), created a plan for a local pre-professional dance-theater training program for youth ages 12 to 18, which she has since established as the Rebecca Davis Dance Company.

 

"The Business Plan Competition at Temple was a great opportunity for me," said Davis, who also won a 2004 Fulbright grant to study dance in Russia after graduation. "It bridges the gap between academics and the business community.   Someone like me who's trying to start a business can get exposure while still at a university."

 

Another business plan winner whose plan has since become a reality is Steven Fabbri ('02 winner) of Hubris Industries, an apparel company for extreme sports.

 

"Such success is typical for the IEI," says Pavlides.  "Our main purpose is to help students develop viable business plans. We're ready, willing, and able to assist and mentor anyone with a Temple connection -- students, staff, faculty, and alumni -- who wants to build a business from the ground up."

 

It's a great idea: Now what?

Rebecca Davis is an example of a Temple community member who benefited from the services of both the IEI and the SBDC.  Her first office, which opened after she graduated, was in the SBDC Incubator at 15th Street and Cecil B. Moore Avenue. 

 

Eustace Kangaju, SBDC Director, explains, "Most Incubator tenants are start-ups.   We offer them in-depth help and hand holding in a professional setting."

 

For a low monthly fee (cost varies according to services), along with office space, the Incubator offers printing, faxing, Internet access, voicemail and services including everything from designing a business plan to selecting the right accounting method.

 

"A high success rate coupled with top-quality resources has helped the Incubator reach its capacity of 15 tenants.  As tenants graduate, we encourage others to submit their business plans and apply," said Incubator Manager Marcia Lyssy.

 

Through free consulting and legal services and free or low-cost training in, for example, management skills, the Small Business Development Center also helps clients who are not housed in the Incubator grow their ideas into small businesses.   In addition, the center helps established businesses grow, increase efficiency, and access new markets.  

 

"Our main strength is our knowledgeable staff," said Eustace Kangaju, the SBDC director. "Our staff members handle everyday -- as well as larger -- issues. We have six senior-level business consultants who have an average of 25 years experience each, and six third-year Beasley Law school students each semester who, under the supervision of a practicing attorney, work with clients on contracts and leases. In my six years here, I've never run across someone we weren't able to help. In 2004, our staff helped us achieve remarkable results, including 62 new business starts and more than 150 business plans reviewed."

 

Summing up the benefits of entrepreneurship at Temple, Fox School Vice Dean Raj Chandran said, "For budding entrepreneurs, the right guidance and support by the well traveled is essential for the road to success.   Together, these two centers -- IEI and SBDC -- help The Fox School provide Temple and the greater community entrepreneurial guidance and support."

 

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