SEMO business startup center to open July 1

Southeast Missouri State University's new business innovation center is on target to open July 1, armed with its first startup venture and a mission to provide a "nurturing and fertile" environment for small business.

The first new business to take up residence in the former First Baptist Church education building on Broadway -- transformed thanks to a $1 million renovation project -- will be a pharmaceutical business, said executive director Dennis Roedemeier, though he declined to name it.

He did say that the new company would be coordinating research in area hospitals along with the university. The research would involve the procedure and processes related to a certain type of surgery, he said.

When asked why he didn't want to name it, Roedemeier said: "Let's make it a surprise."

In the innovation center, there will be room for 11 or 12 businesses eventually. They have a commitment only from one business, but Roedemeier said they won't really start pushing to bring in new businesses until the center opens.

After the center opens, several new business development groups will be taking up residence inside the three-story building. The first floor will be home to the Small Business Development Center, currently in Dempster Hall, a Small Business Administration office and an office for Missouri Enterprise -- all which aim to assist new businesses off the ground.

The second floor will house the professional development program that provides continuing education for the region's teachers. The third floor of the building will serve as the business incubator, providing office space for startup businesses. The businesses will be able to rent space at less-than-market rates and share secretarial services and office equipment.

Buz Sutherland, director of the Small Business Development Center, said he envisions all types of entrepreneurs being interested in the innovation center.

"We'd like to concentrate on ones bringing new products or service to the market place," he said. "We feel like it's a great situation because of the resources we could bring to bear to assist entrepreneurial business."

Sutherland said SBA studies show that more than 80 percent of all new businesses close within five years. The No.1 reason for that, he said, is due to a lack of front-end planning.

"They don't do feasibility studies, there's no business plan, nothing," he said. "The incubator will help them do all of those things."

The innovation center will hopefully help people avoid bad ideas too, he said.

"We'll help them examine the market," he said. "We'll help them go through the feasibility study and analyze the market. But we're not going to do it for them. They're going to be active participants. But we're giving them an opportunity they're not going to get anyplace else."

Southeast purchased the entire First Baptist Church property in 2003 for $3.5 million. The innovation center also ties in with the university's plans to build life-science industries as part of a long range plan to develop a research and technology park on the university farm bordering Interstate 55.

smoyers@semissourian.com

335-6611, extension 137