IEC director job, entity expectations discussed

Qualifications for a director, organizational expectations and incubator options were the focus of a Tuesday meeting (Sept. 20) that is part of a series of meetings focused on restarting the Innovation and Entrepreneurship Center.

Area business and civic leaders first met June 29 at the University of Arkansas at Fort Smith. UAFS Chancellor Dr. Paul Beran has spearheaded the effort.

The IEC which opened in 2007, was initially a joint effort of the University of Arkansas at Fort Smith, the Fort Smith Regional Chamber of Commerce and the city of Fort Smith. The IEC was created to help foster innovative ideas, inspire new production, assist entrepreneurs, build and strengthen businesses and encourage youth to think entrepreneurially.

Michelle Stockman was hired in April 2007 as the first IEC director, but resigned in November 2008 when hired by Little Rock-based Arkansas Capital Corp. to help implement entrepreneurial programs statewide.

It wasn’t until June 2009 that UAFS officials — who by then were managing the program — hired Nick Remy to direct the IEC. But Remy, concerned the program was becoming more academic than entrepreneurial, left the post in June 2010. Since that time, the program has come to a halt.

Tuesday’s meeting was held at the offices of the Fort Chaffee Redevelopment Authority. It’s at Chaffee Crossing where a new IEC-type organization is likely to be housed.

Beran, during an interview about the meeting, said the group remains “loyal to our decision to stick to the basic plan.” That plan calls for the creation of an organization with a director and executive assistant. The pair would provide support with “advanced business planning,” entrepreneurial/incubator support and create a connection with potential investors. The two IEC employees would also work to funnel small business owners or potential owners to other resources, such as the Small Business and Technology Development Center (SBTDC; regionally administered by Arkansas Tech University in Russellville), Small Business Administration and the UAFS Family Enterprise Center.

As to director qualifications and organizational expectations, the following ideas were brainstormed:
• Keep local talent in the region;
• Help homegrown businesses grow;
• Provide sequential growth support;
• Help attract possible business from other areas;
• Provide “multi-generational” entrepreneurship;
• Educate leaders about help for clients; and,
• Establish clear entry/exit criteria and practice.

If an incubator is part of the new effort, the group discussed the type of services it would provide. Options discussed included space needed; support staff and/or equipment needed; if the incubator would provide general business support, high-tech or a mix of both; and how a business/entrepreneur would enter the incubator program.

“We’re still creating. This is in draft form,” Beran said of the ideas generated Tuesday.

One of the liabilities of Chaffee Crossing is that broadband access is limited. Beran said the area has broadband, but some locations will require laying cable to access the broadband. To that end, Beran said he is researching the possibility of using the Arkansas Research and Education Optical Network (ARE•ON) to connect a future location.

ARE•ON was funded in 2005 and eventually connected 11 Arkansas universities — including the University of Arkansas at Fort Smith — by mid-2010. Mike Abbiatti, executive director of ARE-ON, said during a 2009 interview that the new network “will bring Arkansas to a new level in terms of research and technology, giving us opportunities we’ve never seen before.”

Prior to the next meeting, scheduled for Oct. 5 at the FCRA office, Beran is narrowing the job description for a new IEC director. The group is also expected to consider how to “legally” move the organization forward. For example, do they hire a new director under the UAFS umbrella, or create a board and establish a separate — 501(c)(3) — legal entity.

Beran was unwilling to commit to a timeframe for rollout of a new organization because of the legal structure issue.