Columbia mentor program helps businesses take their first steps

COLUMBIA — There is a new mentoring program in town, but you can't sign up unless you're trying to develop a new business.

The Life Science Business Incubator at Monsanto Place opened in January to nurture entrepreneurs who have innovative ideas. The business incubator provides operating space and resources for up-and-coming businesses in the Columbia area.

Director Jake Halliday said the incubator focuses on high-growth companies, which are usually technology-oriented. These industries are key for creating new specialized jobs for the community.

“Our objective is to create a high-tech cluster in mid-Missouri,” Halliday said. “Being focused on technology, they are going to have above-average salaries and professional work.”

The incubator currently houses four companies, but has room for a total of 44 in a variety of size options. Leases start at $300 per month for an “entrepreneurial launchpad,” where businesses are given desk space in a large room with others. Companies can also choose to have more space to themselves in one of 14 more expensive suites.

Halliday said mentoring begins before a company ever moves in. The business incubator helps the companies secure capital and create a solid business plan.

“We help them access the commercial opportunities for their ideas,” he said.

The incubator provides resources that would otherwise be too expensive for individual companies. They have access to office equipment, a dishwasher for laboratory supplies, a conference room and break area, reception services and more. In reducing costs by sharing, the owners get the chance to invest in other areas to maximize profits.

The incubator operates under the theory that two heads are better than one. Business owners like Kevin Keegan say the open atmosphere encourages the owners to collaborate with each other.

But the incubator does not limit its services to new companies. It also attracts companies from other areas of the country and Europe. For example, an animal research company from England, Pet Screen, opened its U.S. headquarters in Columbia.

The businesses can benefit from the assistance of the two professional business advisers and five graduate assistants from MU's MBA program.

“It is a huge advantage for us to work with the MBA students, and we are closely tied to the Trulaske School of Business,” Halliday said.

The MBA students gain real world experience and are paid a small stipend through the university for their work at the incubator.

"I have a new venture that I'm working with. I will be researching (that businesses) competition and helping them form their business plan," said Xandra Sifuentes, a first-year MBA student. "It is really helping me learn more than I am currently learning in my classes."

The business incubator will host MU’s technological entrepreneurship class in the fall.

As much as the business incubator is willing to help out, the ultimate goal is to create companies that will have them move out when they are ready. All companies are encouraged to stay in the Columbia area and serve the community that helped them get a start.

The business incubator will hold a ribbon-cutting ceremony on May 4; the community is invited to attend. There is also an open house every Thursday for MU faculty to become acquainted with the building.

The building was funded by the university, federal grants and private donations. Halliday said this is an investment Columbia can be excited about for the future and he expects the building to be full sometime in its second year.

“It may take longer to build out the building because in this economy we may not have the funding, but I don’t think we’ll be limited on demand,” he said.