New Ideas 2 Business Lab brings startup resources to OU, Cooley community

Successful entrepreneurs, those in the early stages of planning and others with ideas gathered with university and government officials, angel investors and business professionals from across industries to celebrate and learn about Oakland University's new Ideas 2 Business (I2B) Lab in early November.

I2B is set up to help OU community's budding entrepreneurs -- students, faculty and staff at OU and Cooley Law School (CLS) -- gain access to the support and expertise needed to move from the idea stage of a new business, product or service into implementation. It also gives select students experiential learning opportunities in paid support positions.

Support in the startup phase is critical, according a National Business Incubation Association study that reports 87 percent of incubator startups are still in business after 10 years, compared to a survival rate of only 44 percent of non-participants after four years in business.

Asset to students, community

Guest speaker Small Business Liaison, Michigan Economic Development Corporation and OU alumna Cynthia Grubbs said "I cannot express enough the importance of this type of facility to growing business in Michigan ... On behalf of (State of Michigan executives such as Governor Rick Snyder and Oakland County Executive L. Brooks Patterson), I commend Oakland University for having the insight to create this type of facility.

"Michigan is number two in economic growth. It is a wonderful time to be a Michigander and a great time to start a new business," she added. "(But) the cost of growing a business is high. OU's I2B is a great resource for students to have the experience of growing their ideas."

Bringing university support into economic development initiatives is an important activity at OU, said Gary Russi, OU president. During his remarks he cited various partnerships OU has cultivated with businesses and alumni over the years, and the establishment of the OU Incubators in Rochester Hills and Macomb as examples.

"What's happening today is something different," he said. "We're opening a lab devoted to helping students, faculty and staff develop an idea, gain the technical knowledge, research and skills needed to support it and to spin it out. Our I2B lab is set up to do just that."

Helping young companies grow is important to OU and to the region, he said, citing a recent statistic from the Michigan Economic Development Corporation that just one percent of businesses nationwide -- typically companies in their second stage of business growth -- create 40 percent of the new jobs.

"OU's I2B is a realization of how a university can use its vast resources as a primary device to rebirth region and our state," said guest speaker Arnold Weinfeld, director, strategic initiatives and federal affairs, Michigan Municipal League.

Supporting economy, building skills

While the I2B is focused on helping launch new companies and support economic development, it moves beyond that.

"It's not just developing ideas, but also giving students -- those with the ideas and others -- a very special experience as an employee of the I2B, and being involved in every step of the process," Russi said.

The cross-disciplinary mission and support of the I2B means students from any school or college in the OU community have the opportunity to get involved, as an entrepreneur or as support staff, giving those students valuable experience they can use in their professional careers. The I2B is supported through a cross-disciplinary partnership between OU's schools of Business Administration (SBA), and Engineering and Computer Science (SECS), and the OU INC.

"The I2B is an extension of the experiential learning that the SBA has long believed in and supported -- extending the opportunity to students across campus to gain this experience, these skills and build their resumes," said Balaji Rajagopalan, professor, management information systems, and associate dean, SBA. "As we embark on this great venture,  engaging the entire university in the cross-collaboration that will go on here is the centerpiece of the I2B experience."

Through the I2B, students "will see it, touch it, feel it and understand exactly what it's all about," said Amy Butler, executive director, OU INC. "We want businesses to know OU and CLS is graduating students with real, valuable skills."

SECS Dean Louay Chamra emphasized the importance of this cross-campus venture by saying "I'm glad we're partnering to revitalize this region and build our economy, while also helping engineers gain real business skills. Our students and faculty now have a new resource to gain an important perspective -- the business mindset -- so we don't leave an invention to chance."

Connecting, networking

Talking with a sampling of the approximately 150 attendees at the opening illustrates the wealth of ideas in the community, the support available and the impact OU's I2B can have.

"I'm here because my company wants to help retain and attract talent in the area," said Rob Herner, partner, Mars Ventures USA, a new investor firm. "A lot of great ideas come from universities ... we want to keep them here."

Irene Spanos, business development representative, Oakland County's Planning and Economic Development Services, explained her interest in the I2B. "As these companies graduate out of the I2B and OU INC, we went to help them grow and get established locally. I'm here today to let them know we're interested in helping them succeed."

Exploring the opportunity

Though many attendees came to learn more about the how the I2B could help them launch their idea, few would talk specifically about their idea.

"My professor (Ram Orzach, associate professor, economics) encouraged me to check out the I2B as a place to explore my idea," explained Sameena Sheikh, a figure skating coach, and entrepreneurial-minded integrative studies student pursuing premed, business and teaching/dance. "I'm here gaining knowledge from different fields, getting information to help build my new business and find the resources to discover where to go from here (with my new idea)."

CLS student Justin Berrier came "to learn more about how the I2B can help me grow some of my entrepreneurial ideas."

Entrepreneurs in various stages of startup were on hand as exhibitors to offer advice and insight into the new venture experience, and in some cases to present their idea and get feedback.

MBA alum Paul Bonenberger offered an example of how a different customer service model can differentiate a product in the marketplace, using his Phoenix Entertainment venture as an example. "Others may offer a similar (DJ) service, but our personalized, responsive customer service model really makes a difference. My approach to maintaining a steady profit margin without passing cost increases -- such as gas prices -- to the customer is also unique."

Exhibitor Matt Fish, a Lake Orion resident who attends college in Ohio, brought his social media venture -- Town My Way -- to the I2B launch event as an example of how a new venture can support local businesses. "I'm starting my venture in Lake Orion because I want to help my home town, it's a good place to do business, and I want to help it succeed."

He believes the opportunity the I2B offers OU students is valuable, as he describes the college internship that inspired him to move ahead with his venture. "My internship at Detroit Venture Partners connected me to the resources -- like how to obtain venture capital. I saw what to avoid, issues to address and the startup process. The internship gave me the confidence to explore."

That's the feeling OU's I2B wants to deliver to its participant through its support -- the inspiration and confidence that leads to success.

Individuals interested in learning more about OU's I2B should visit the website at www.oakland.edu/i2b.

See photos from the opening here.