Brilliant minds, cutting-edge research, and state-of-the-art technology merge at the Peoria NEXT Innovation Center, a business incubator located just three blocks east of campus along Main Street. The Center is the brainchild of members of Peoria NEXT, a consortium started in 2001 to diversify the regional economy by offering help to researchers, inventors, and entrepreneurs interested in pursuing businesses geared toward technology and innovation.
At the heart of the Innovation Center is Bradley Technology Commercialization Center (BTCC), led by executive director Shad Sleeth. He comments, “Peoria NEXT got the ball rolling. Now, it is the marketing and recruitment arm. We are on the ground, in the trenches, working with the clients.”
Entrepreneurs pursuing a technology-based business come to BTCC. “We are specifically technology-based, innovation-based—anything that can be protected with a patent,” Sleeth says, explaining that BTCC helps with business issues such as business and strategic planning, market entry strategies, access to capital resources, sales and marketing strategies, licensing, and potential merger and acquisition partners.
Thirteen technology-based companies are in the business incubator at the Innovation Center, which is at 76 percent capacity. Sleeth says more than 30 other companies also work with BTCC. They either are not ready to move into the Innovation Center or have space of their own. Some of the entrepreneurs in the center came from Caterpillar Inc. and the Agricultural Research Lab, while others have a medical focus.
Sleeth comments, “From day one, people have come here with great ideas. Some come more advanced in the process with a prototype or a finished product, but what few have is business development. They only have half a company when they come here. For example, with IntelliHot [a tankless water heater
company at the Innovation Center], we have helped revamp the business plan, looked at strategic sales and marketing, and offered resources. Contacts are the most powerful
service we provide.”
He says BTCC has worked with the Heartland Capital Network to form Central Illinois’ first angel investor program. “Funding is the biggest challenge these companies face,” Sleeth explains, noting workshops are held at the Innovation Center to help business owners with grants, angel networks, and other funding options. “Historically, access to capital in Central Illinois has been limited, but we hope that with the development of a new angel network, that changes.”
While the BTCC can’t negotiate on behalf of companies, Sleeth coaches them to work with investors.
BTCC also gives intellectual property assistance, including a technology assessment to look at a product or idea from a marketplace standpoint and determine whether it can be patented. Bradley students are available to conduct market research, while engineering and computer science students work on product and prototype development. The BTCC also offers access to the expertise of professionals at the Agricultural Research Lab, area hospitals, Bradley faculty, and others. In addition, Sleeth has a list of intellectual property attorneys for those seeking legal advice.
Since the companies generally are sales driven, the BTCC offers coaching on sales infrastructure and what sales model is best for each company. Sleeth comments, “The Innovation Center is a positive asset for the community, and it helps Bradley students gain experience. This is great real-world, hands-on experience for Bradley students that also provides resources to start-up companies.”