The Halo Institute opens in Omaha to help nurture aspiring entrepreneurs
We're excited to hear an endeavor led by a couple familiar faces in Omaha, Nick Hudson and Jim Esch, officially began its operations earlier this week. Partnering with Creighton University's business school, they've founded The Halo Institute, a non-profit dedicated to nurturing Nebraska's up-and-coming entrepreneurs.
Although we don't have a report of our own to share, here are highlights from Brook Matthews' blog post announcing their opening, a link to the Omaha World Herald article by Christine Laue, and a few videos from their YouTube channel.
From HaloInstitute.org, published 10/5, Next wave of entrepreneurs can benefit from “Halo” effect in Omaha:
- The Halo Institute is prepared to work with up to five start-ups every three to six months, providing approximately $20,000 of in-kind services and support to each entrepreneur – no strings attached.
- Entrepreneurs who work with the Halo Institute will be taken through a seven-step process to firm up their business case for early-stage investment and growth. Organizers refer to this as the Halo Process.
- Organizers say the Halo Institute is unique among business incubators because of its focus on human capital. The entrepreneur remains in complete control of his or her business, never being required to give up equity or cash to work with the Halo Institute.
- Aspiring entrepreneurs can visit click here to participate in the competitive application process.
From Omaha.com, published 10/7, Lofty ideas germinating:
The big room seems fitting for the big ideas inside.
Since July, five local entrepreneurs have bounced around ideas — and basketballs — in a 9,500-square-foot Old Market warehouse-turned-office at 11th and Leavenworth Streets as part of a new nonprofit incubator called the Halo Institute.
The high ceilings and lack of cubicles and interior walls allow ideas to flow [...] read the full article
From YouTube.com/User/HaloInstitute, retrieved 10/8:
Jim - How the Halo Institute Started
Nick - The Halo Process
In the coming months we hope to post interviews with not only the founders of Halo but the tenants, as well. We're especially excited about Habitwise, the idea pitched by Sara Dreamer that won our Creative Capital Pitch Session II. The other tenants are: Fluff Your Stuff, Guru Instruments, Verdis Group, WikiCity.
Sara - Habitwise
ARCHIVED COMMENTS
this is going to be amazing for some local companies and for our economy as well...I cant wait to see where this goes.
Nice work Sara - good luck
Great idea, Jim & Nick.
I'm interested to see how this goes as a sustainable model (no equity exchange or fees from the entrepreneurs) but I'd love to participate.
Thanks for the feedback and the good wishes, its been a busy few days with all the attention!
Geoff - there were a number of things not covered in the OWH article and one was the financial model for the non profit. We think that it will be self sustaining within 2 years.
Basically driven by two things - we keep costs very low by running it on volunteer expert time (including ours) and secondly by asking that any service provider companies (marketing, lawyers, accountants etc) give 2%-5% of any fees they make off ex Halo Institute companies, back to the institute.
The way things are going after just a few months - it does not seem that it will be difficult to cover the (very low) overhead within a couple of years. In the interim, to fill the gap, we are asking for donations from successful local entrepreneurs and companies to help the next generation.
Nick,
Thanks for the clarification on the revenue model, it will be interesting to see how many of those firms choose to give back (without being compelled to do so). I'm guessing that with a such tight-knit entrepreneurial community in Omaha that it won't be a problem .
Sounds like a great idea and I wish you all the best with it.