Right now, six teams of NKU students and recent alumni are “inkubating” their business ideas at Northern Kentucky University’s Inkubator.
Rodney D’Souza is the director for the Center of Innovation and Entrepreneurship, which houses the Inkubator as part of the Haile U.S. Bank College of Business. In 2012, D’Souza was working with a lot of existing business accelerators but discovered a missing link in the process.
“We found that there was a lack of a good feeder system to existing accelerators,” he says.
After a study of the best practices of university business incubators across the country, NKU’s Inkubator was founded in 2012. Now the program is ranked in the top 5 in North America by UBI Global, an organization that aggregates data on universities and their business incubators.
“It’s very selective,” D’Souza says. Of the 55 applications that were submitted to the Inkubator this year, only six teams were selected. The Inkubator tries to recruit students from all disciplines, not just business students.
“This year, we decided to put teams through boot camp so they understand what it takes to be a part of this process,” says D’Souza. “Not everyone understands what’s going to come up in these 12 weeks.”
The teams that proved their commitment are currently participating in the Inkubator’s 12-week summer program. D’Souza says that the program is different from other incubators with its focus on workshops rather than lectures. “Right now, we focus on how to get them the right tools to succeed."
In the five years since its inception, the Inkubator has seen a lot of success. 16 businesses have been launched as a result of the Inkubator and 10 remain in business. In addition to successful business launches, 57 jobs have been created.
One of the biggest success stories is Vegy Vida, a 100-percent natural dip to entice kids to eat their vegetables. Now Vegy Vida can be found in 1,400 Walmart stores all over the country.
D’Souza says that the Inkubator is successful because it invests in people rather than ideas. “We value them and their team rather than the idea. It’s very gratifying to see the transformation.”