The Laurence A. Baiada Center for Entrepreneurship at Drexel University's LeBow College of Business is about to expand, taking up residence in the
soon to be constructed LeBow building at 32nd and Market Streets. Currently tucked away in a former industrial space at 32nd and Arch, the Baiada Center has been physically separate from LeBow, but that's all about to change. The business school's former home, the Mathieson Building, is now in the process of being demolished to make way for a 12 story state of the art structure. The new Baiada Center will have a light-flooded open floor plan, and will add a behavioral lab where entrepreneurs can conduct focus group tests.
A division of LeBow, Baiada has long offered full support for entrepreneurs, from office and conference space to mentoring, training and promotion. "A lot of what we do is built around the presumption that most entrepreneurs know their space, and need help building and selling their companies,' says Mark Loschiavo, Executive Director and Senior Executive in Residence. Startups, which range in specialty from transportation to medical devices, also receive a small amount of seed capital.
The current space is currently home to ten companies, notably CityRyde, which just received
$345,000 in funding for its bike share technology, as well as current undergrad Bradley Ericson, whose company 3 Second Receipts earned him the title of Entrepreneur magazine's College Entrepreneur of 2009.
Loschiavo says that the vast majority of Baiada's tenants are Drexel alums, and all have had some affiliation with Drexel. The center chooses two to three companies each year, negotiates a competitive one-year lease, and reviews the startup's performance at the end of the initial contract.
While residence is open ended, Loschiavo says companies must show movement in the right direction to remain in the center. One Baiada business, Drexel Drinks, is something of an incubator within an incubator. The on-campus beverage delivery service has become a model for succession, providing turnover and training as students graduate and move on.
Founder and primary funder Mel Baiada is a Drexel alum and serial entrepreneur who credits a successful exit in the software industry. He also founded
Basecamp Business, a networking tool for entrepreneurs. "The Baiada Center established a culture of entrepreneurship at Drexel, and helps the university maintain an entrepreneurial focus," he says. Mel's brother, Mark, who founded
Bayada Nurses, is also an investor in the incubator, which is named in honor of their father. The new LeBow building should be complete in 18 months.
Source: Mark Loschiavo, Mel Baiada, The Baiada Center
Writer: Sue Spolan