JONESBORO -- Arkansas State University-Jonesboro opened Monday the first of three segments of its Innovation System that is designed to help entrepreneurs in northeast Arkansas.
The Garage, located downtown at 219 S. Church St., provides a large work area that features 3-D modeling and printing software, woodworking and metalworking equipment and other industrial tools, said Ty Keller, director of the ASU Innovation System. It also has office space available for rent.
ASU plans to open The Shop later this month in the industrial park, which will focus on larger-scale projects for manufacturing and technical prototypes.
The Lab also will open in the Biosciences Institute on the university's Jonesboro campus. It will provide private access to laboratories and office space.
The Innovation System is designed to connect potential entrepreneurs with area resources and investors and to help them create business plans and marketing tools.
Keller, who has a bachelor's degree in mechanical engineering and is earning a master's degree in business administration at ASU, said the system already has about 15 clients and that he hopes to have 300 members within a year.
Keller also serves on the Jonesboro Regional Chamber of Commerce's board of directors.
Memberships cost $50 a month at The Garage and $75 a month at The Shop. Fees at The Lab are negotiated and based upon the need of the entrepreneur, ASU spokesman Bill Smith said.
"Lots of people have ideas, but they don't have the money," Keller said. "You don't want a great idea to die because they don't have $10,000."
He said several area businesses, such as Ritter Communications, Nucor-Yamato Steel, the Arkansas Economic Development Commission and the Delta Regional Authority, are also working with ASU.
"We envision [someone] coming to The Garage to develop an idea and the going to The Shop for production," said Keith Prevost, a controller with Nucor-Yamato Steel. "Then, eventually, they will need to build a factory using Nucor steel."
The Innovation System was created by the ASU Delta Center for Economic Development after it received a $500,000 grant in February 2016 from the federal Economic Development Administration. Using the grant, and matching in-kind funds, ASU received $1.39 million to begin the project, Smith said.
"Tinkerers, inventors and entrepreneurs are always working together," said ASU Chancellor Kelly Damphousse, who took over as the Jonesboro campus leader July 1. "This is a space where people can come together ... to come up with the next innovative work that will make our lives better."
During a ceremony to open The Garage on a sweltering downtown parking lot Monday, Gov. Asa Hutchinson said ASU's Innovation System was important for successful economic development in northeast Arkansas.
"The key to success is a diversified economy," he said. "The future is in technology and innovation. It cannot happen without technology being strong in the northeast [Arkansas] corridor."
Keller said potential entrepreneurs can contact the ASU Innovation System and meet with him and other staff employees to create a business plan.
Once the plan is developed, the system will connect members with mentors in their industries and help locate investors, Keller said.
"We want to take all the connections we have to open opportunities in this area," he said.
State Desk on 07/18/2017