The Hoosier Hatchery
The Johnson Center for Entrepreneurship & Innovation recognized a need for the development and incubation of student-developed innovations. Although JCEI has become the hub for entrepreneurial activity at Indiana University, it has been limited in working with students since there was no physical area available for them to setup workstations to advance their innovations. The IU Hoosier Hatchery provides that space within the IU Innovation Center at the Indiana University, Bloomington campus so that JCEI can establish a stronger relationship with IU student entrepreneurs.
The Johnson Center for Entrepreneurship & Innovation has established a tiered model of venture creation that includes its partnership with the Plug and Play Tech Center in Silicon Valley in order to offer one of the most complete student incubation concepts in the world.
The first step, students with innovative ideas will compete in the IU Innovation Idea Challenge for an opportunity to gain access to the Hoosier Hatchery. Students may also gain access through performance in specific entrepreneurship courses like the Spine Sweat Experience or recommendations from professors.
Secondly, the innovation will be “incubated” for a 6-9 month period at the Hoosier Hatchery in order to better position the innovation for venture development.
Next, the student management team will be given the opportunity to present their progress to a panel, comprised of Plug and Play executives, Kelley School of Business faculty and staff and experienced venture capitalists, in the form of a “pitch” for further funding and their innovation’s graduation to the Plug and Play facilities in Silicon Valley. If deemed acceptable by the panel, the students will use the “earned capital” to make the move to Silicon Valley for three months to make full use of Plug and Play’s resources.