2015 Economic Impact Awards Business Advocate of the Year: The eFactory

As Springfield works toward its evolving startup identity, one thing is certain – The eFactory has a big role in the outcome.

The eFactory opened in Missouri State University’s Robert W. Plaster Free Enterprise Center in March 2013, and in only a brief time, has kick-started entrepreneurial culture in the Queen City and become a voice for small business in the region.

Providing resources, advocacy and community engagement, MSU Associate Vice President for Economic Development Allen Kunkel says its goal is to lessen the burden and stresses of growing a new company. Business Incubator Director Brian Kincaid says The eFactory does that by focusing on two main areas, the cultivation of a robust and vibrant entrepreneurial culture and the creation of positive economic impact.

“We need The eFactory to be the front door so everyone knows where to start,” Kunkel says.

Beyond that front door, its business incubator provides space to grow – leasing flexible units from 150-square-foot offices to 1,500-square-foot lab units – and the basic needs of daily operation such as printing, copying, a receptionist and technology.

The eFactory currently directly serves and houses 30 client companies, who account for 120 jobs and raised more than $1 million in capital.

Kincaid says The eFactory’s board of directors outlines five-year goals focusing on working with clients, creating new jobs and assisting with the placement of capital in small businesses. In its first two years, the program is ahead of pace in each area thanks in part to its newest initiative – the Seed Capital Fund and business accelerator.

“That first amount of seed money is a big gap we have identified,” Kincaid says. “It’s that little bit to get you from idea to full-blown market testing.”

Funding will take place in two rounds each year with three companies in each cohort, selected through a competitive application process. Selected companies will receive $30,000 in seed funding, project-based mentorship, office space at The eFactory and introductions to follow-up funding during the course of 12 weeks.

Other goals are less tangible, Kincaid says, such as creating a sense of community between incubator inhabitants, encouraging mentorship and bringing resources together through the front door. As a conduit for community engagement through a unified entrepreneurial ecosystem, The eFactory hosts events such as Startup Weekend, the weekly 1 Million Cups-Springfield and monthly Mid-America Technology Alliance Idea Mashup.

“We are not creating this environment, but providing value added assistance for it to grow organically,” Kincaid says. “We are helping make the connections and foster the relationships.”

To that end, The eFactory has been recognized as a catalyst for progress both statewide and nationally. In 2013, it was named the Governor’s Community/Redevelopment Project of the Year and was a national finalist for the University Economic Development Association’s Community Connected Campus Award.

“Springfield is an innovative place and collaboration is key,” Kunkel says. “It’s not just us driving this entrepreneurial force, it’s the leaders of Springfield and the businesses who are making it happen.”