SIFE incubates

The former Springfield Mortuary Service Inc. at 530 N. Boonville Ave. was purchased by the city of Springfield for $81,000 and is being leased to Drury for $10 per year. It will house the incubator, which will assist local entrepreneurs free of charge for up to one year by providing office space, a reference library and equipment such as telephones, computers, a photocopier and a fax machine.

Adam Erickson, a junior at Drury and project coordinator for DSIFE Inc., said that since gaining access to the building in August, DSIFE students have spent about 300 hours remodeling the building themselves.

“It’s been an uphill battle to get it from that morgue feeling to more of an office feeling,” he said.

Now DSIFE Inc. is prepared to help area businesses.

“We designed it to eliminate many of the first-year costs a lot of business go through, which is the main reason why they go under,” Erickson said. “A lot of these people really have great ideas but really struggle to keep it going because they really don’t have the business background that they need. That’s where we can step in and help them out.”

A dollar figure for donations DSIFE has received was not available. “It’s hard to keep track of because we still have more coming in,” Erickson said, adding that donors include Empire Bank, the city of Springfield and Drury’s Breech School of Business. DSIFEis continually accepting donations, but there is no goal, he said.

Hatchlings

The incubator can accommodate up to six entrepreneurs.

“We’re going to run it as a normal business. … They’ll have a normal business-hour run on the place with phones, computers, room to work, room for storage, etc.,” Erickson said, adding that DSIFE students will always be available to the entrepreneurs at the incubator.

Each entrepreneur is welcome to use the facilities for up to a year. At that time, DSIFE Inc. will assist the entrepreneurs with finding office or warehouse space. But DSIFE isn’t limited to helping just six companies per year, as an unspecified number of entrepreneurs may receive assistance outside the incubator.

There are about 13 entrepreneurs going through the application process right now, Erickson said, which includes submitting a business plan. The first-year incubator entrepreneurs will be announced at the Oct. 20 ribbon cutting.

One entrepreneur who has received approval is Dennis Marsh, who has run Ovation Marketing for the last year from his home office. His product is the Welcome Home Organizer, which is distributed to homeowners by title companies.

“I’m just a single-person operation, so I’m willing to look at any and all help that I can possibly get,” Marsh said. “I have a new product that I’ve come out with and I need warehouse space, office space and brain power, basically.”

Marsh said he is excited about having access to the energy and ideas of DSIFE Inc. to help him take his business in new directions. “Really, the possibilities are kind of endless,” he said.

The board

Entrepreneurs also will benefit from the knowledge of SIFE students and an entrepreneurial advisory board, a group of area professionals and professors. “We brought them together specifically for some certain talents and things they bring to the table,” Erickson said. A complete list of EAB members was not available at press time.

EAB members are responsible for reviewing applications from entrepreneurs interested in the program.

“What we’re looking for from our advisory board, with their experience, is being able to tell whether or not these people are organized enough or have a grasp of the situation and whether or not they’re going to be a benefit,” Erickson said.

As an EAB member, Craig Loughrige, owner of NTV Consulting in Springfield, looks for worthy projects with a chance of success. He sees the small-business incubator as a solid way of getting businesses launched in the right direction, which increases the chances for success.

“Drury SIFE is the most energizing thing I do. … I believe in free enterprise,” Loughrige said. “I believe in what Drury SIFE does and to see these young folks do this. I just want to be part of that.”

Benefits

The small-business incubator, Loughrige said, is a win-win situation for all involved. “The start-up costs are sometimes are a barrier so we can help them over the initial hurdles by offering office space and consulting and that sort of thing. … There’s a positive impact on the community – not only for the entrepreneur who has the business, but for the services and other benefits, revenue and so forth, that accrue to the city,” he said.

Additionally, Loughrige said that the project has the potential to help DSIFE students who may be budding entrepreneurs gain knowledge they will need to launch their own careers.

Working directly with real businesses shows DSIFE students how the real business world works, Erickson added.

“This is also giving them a heads-up over a lot of graduating college students because they’ve already been in the workplace at this point,” he said. “It won’t just be one company or one internship.”

Erickson envisions the small-business incubator creating a pay-it-forward effect. “Hopefully, these people will go on to be successful, turn around and give back to the incubator and help out other prospective businesses,” he said.

Students in Free Enterprise is a nonprofit organization founded in 1975 and is active on more than 1,500 college campuses in 37 countries. Its world headquarters is in Springfield at 1959 E. Kerr.

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