The Mississippi Enterprise for Technology, Inc. MsET. Successful Example of a Space-Based Technologies Incubator Before and After Hurricane Katrina
- Paper number
IAC-06-E5.2.05
- Author
Mr. Greg B. Hinkebein, Mississippi Enterprise for Technology (MsET), United States
- Coauthor
Mrs. Jacqueline Schenkel, United States
- Year
2006
- Abstract
The Stennis Space Center is a NASA facility built in the 1960's as a propulsion test complex for the US manned space flight program. It is located in southwest Mississippi approximately 35 miles east of New Orleans, Louisiana. Over the years the facility has become home to many US government research programs including NOAA, the Naval Oceanographic Command and the Naval Research Laboratory. The research from these facilities has produced a considerable amount of development work in the area of geospatial technologies. As a result, the State of Mississippi built a 40,000 square foot building in 1994 on the site, to house a business incubator in order to commercialize these technologies. The incubator was named the Mississippi Enterprise for Technology, Inc. (MsET) and started as a non-profit corporation. In the last 12 years, MsET has graduated 24 start-up companies, most of which still reside in the Mississippi/Louisiana area. The organization now leases space to eight incubator companies and 14 commercial companies all doing business in geospatial technologies. The program has operated so well for the State of Mississippi that the original 40,000 square foot facility was designated a Center of Excellence in Geospatial Technologies by the Mississippi Legislature in 2004. In addition, private developers are now building a 30,000 square foot facility to accommodate the industry growth off site in the newly opened Stennis Technology Park. The growth of these businesses has attracted the attention of investors and venture capital organizations from across the U.S. MsET sponsored two venture capital forums where fledgling companies presented their business plans to potential investors. Approximately 30 venture capital organizations participated in the two-day conferences. MsET maintains contact with several of these organizations in order to assist with investment opportunities as they might occur. Also, local Mississippi angel investors have organized an additional annual investment forum in which our companies have participated. MsET has worked extremely hard to help transfer satellite data into commercialized geospatial applications. However, our efforts were temporarily interrupted in August, 2005 when Hurricane Katrina made landfall on the Mississippi/Louisiana Gulf Coast. The eye of the storm moved directly over our facilities. Fortunately, because we were 20 miles inland, the damage was not as severe as along the coastline. Most of our companies were back in business within two weeks after the storm. Since then, all of these businesses have provided helpful information in the recovery efforts of both local and national agencies and corporations. In fact, in the affected areas, geospatial information has been an invaluable tool to assist in the rebuilding work. The hurricane recovery itself is a case study in the success of the incubator concept and the financial support mechanisms necessary to grow companies strong enough to rebuild their own communities following such a disaster.- Abstract document