Success story: Interdisciplinary Design Collaborative LLC
S&T students win University of Missouri entrepreneurship award
From iPhone apps to energy management, a company founded and run by Missouri University of Science and Technology students is using technology to help consumers cut costs. This month the University of Missouri recognized the company's three top executives with the university's Student Entrepreneur of the Year Award for 2010.
The company, Interdisciplinary Design Collaborative LLC, was founded in September 2008 by Michael A. Orlando, a St. Louis native and recent Missouri S&T graduate who is now pursuing his master's degree in engineering management at S&T. He and two other S&T graduate students — Colby Hall of Imperial, Mo. (an MBA student), and R.J. Miller of Dana Point, Calif. (an engineering management major) — form the company's executive board.
Orlando, Hall and Miller received the award during the UM Board of Curators meeting June 10 in Columbia. The three will share a $2,500 prize from the university.
"We're very proud of everything that Michael, Colby and R.J. have achieved with this business," says Missouri S&T Chancellor John F. Carney III. "These three young men truly represent the spirit of innovation we try to infuse throughout the Missouri S&T educational experience, and I heartily congratulate them on this achievement."
Since launching its first product in 2009 — a free iPhone application that counts down the number of days until the next world-famous St. Pat's Celebration at Missouri S&T — the company has produced three more apps, all for profit.
IDC's business model relies on the technological talents of Missouri S&T students who are looking for real-world business experience while still attending school, Orlando says. Some 40 S&T students are involved with IDC at some level, as software developers or performing design, research or development for one of its projects.
In addition to the free St. Pat's countdown app, the company's other iPhone applications include Barcodescan, which uses the iPhone's camera to scan a product barcode and provide comparison pricing; "Dow in Gold," which allows users to compare the Dow Jones, NASDAQ and the Standard & Poor's 500 stock indices to the price of gold; and "Made In America," which helps consumers find U.S.-made products.
Earlier this year, IDC received a $67,000 grant from the U.S. Environmental Protection Agency through the federal government's Small Business Innovation Research (SBIR) program. Barry White, director of the Small Business and Technology Development Center at Missouri S&T, provided guidance to the young entrepreneurs for their grant application.
With proceeds from the grant, IDC will investigate ways to monitor and optimize home energy usage in hopes of eventually developing technology that homeowners could use to cut energy costs. As a start with this effort, IDC has worked with members of Missouri S&T's Solar House Team to collect data on energy use in S&T's "Solar Village," a small neighborhood of student-built solar homes located near campus. Students live in the Solar Village, supplementing their energy costs via the solar power generated by their homes.
During the six-month life of the grant, IDC will explore the feasibility of an "adaptive energy-management system." Such a system would run algorithms that suggest ways for homeowners to save energy or execute the energy savings directly.
Read this complete success story withan additional photo and a video clip.
Can I put this on my account?
This is the question many small business owners are hearing more and more in these trying financial times. And, many are responding by installing standards for issuing credit to customers and clients. Having a clearly defined policy extending credit under terms and conditions, with qualifications, is an easy way to grow at a faster rate.
Throughout the manufacturing and distribution spectrum, the use of credit has been in place for hundreds of years. On a semi-regular cycle, it goes through times of tightening and loosening, both dependent on the economic factors and the position of monetary policymakers. When both elements merge, watch out! This usually means that tougher credit times are in store for everyone.
Establishing a credit policy can be used effectively, efficiently, and profitably, if installed correctly from the beginning. There are three elements that dramatically affect the policy and how it might be utilized.
Read the complete article on implementing effective credit policies.
SBA News
Google, SBA launch online training partnership to boost small businesses
The U.S. Small Business Administration and Google have announced a new partnership and unveiled "Tools for Online Success," an array of online resources and training designed to help small business owners harness technology to grow their businesses.
The "Tools for Online Success" website (www.google.com/help/sba) features tutorials, video testimonials, and tips from savvy small business people who have leveraged the web to become more efficient, more cost-effective, and more successful.
"The SBA is pleased to partner with Google to put these important tools in the hands of small businesses across the country," said SBA Administrator Karen Mills. "As the web evolves and consumers adapt accordingly, we know that more customers are finding traditional 'Main Street' businesses online. With these tools for online success, we can ensure these small businesses reach new markets and customers so they can continue to create jobs."
"One-fifth of searches on Google are related to location, which shows that people are looking to the Internet to make decisions about where to go and what to do in their daily lives," said John Hanke, Google's vice president of product management. "We want to connect our users with the businesses that provide the goods and services they need, but the first step is for those businesses to have an online presence. We're excited to team up with the SBA to make that process easier for business owners across the country."
SBA offers contracting assistance for service-disabled veteran-owned businesses
Are you a service-disabled veteran looking to do business with the federal government? Are you a prime contractor looking for a veteran to subcontract to, team with or meet your negotiated goals? The U.S. Small Business Administration's Office of Federal Contract Assistance for Veteran Business Owners can help you.
America honors the extraordinary service rendered to the United States by veterans with disabilities incurred or aggravated in the line of duty during service in the United States Armed Services through the implementation of the Service-Disabled Veteran-Owned Small Business Procurement Program.
- Did you know that there are approximately 4.2 to 5.5 million veteran-owned businesses in the United States?
- Did you know that there are more than 400,000 small businesses owned by service-disabled veterans?
- Did you know that federal agencies have developed strategies to increase the number of prime contracts and subcontracts awarded to service-disabled veterans?
The Service-Disabled Veteran-Owned Small Business Program offers sole-source and set-aside procurement opportunities. To learn more, visit www.sba.gov/GC or call the SBA Answer Desk at 1-800-U-ASK-SBA, or (202) 205-7064 (FAX). For the hearing impaired, the TDD number is (202) 205-7333. You may also visit one of the SBA's district offices For the office nearest you, check the SBA Homepage at www.sba.gov/localresources/index.html or call the Small Business Answer Desk.
Missouri S&T launches business incubator to support student entrepreneurs
ROLLA, Mo. - The Office of Technology Transfer and Economic Development at Missouri University of Science and Technology recently held a ribbon cutting ceremony to officially launch its student business incubator. The new incubator is part of an effort by TTED to encourage and support entrepreneurship among the student body. The incubator provides select student businesses with a space to conduct operations and comprehensive assistance.
TTED is leading efforts to encourage and support student entrepreneurs at Missouri S&T. It recently set aside approximately one-fifth of its office area in Centennial Hall to establish a business incubator to help student businesses succeed. Student businesses that are selected to participate in the program are able to establish business operations in the incubator, receive mail, and take advantage of shared office space and equipment including a fax machine, copier, and conference room. Additionally, the student businesses receive ongoing business counseling and assistance through Missouri S&T's Small Business and Technology Development Center, which runs through TTED.
Business incubators were first developed in the late 1950s, but it wasn't until the 1980s that they really gained acceptance and popularity as a means for business and economic development. According to the National Business Incubation Association, there are currently more than 1,000 incubators in the United States and nearly 5,000 incubators worldwide. Student business incubators are a relatively new phenomenon among universities. The NBIA defines a business incubator as a program that has a mission to provide assistance to early-stage companies, has staff to coordinate and deliver business assistance, and guides client companies to self-sufficiency.
"Hopefully some of these student businesses will continue to grow and prosper beyond the campus environment" says Eric Anderson, senior licensing and business development associate at TTED and a long-time proponent of launching a student business incubator. "Even if the businesses don't survive beyond the students' time at the University, the educational experience from starting and running a business will be extremely valuable to students in their professional careers."
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