Entrepreneur-in-Residence

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Entrepreneur-in-Residence

The Office of Economic and Regional Development has created an Entrepreneur-in-Residence (EIR) Program to build upon existing regional entrepreneurship services.

Program Description - Launched in 2017, the EIR Program strengthens current programs while further developing innovation resources for the regional entrepreneurship ecosystem. The program offers collaboration opportunities and resources for high growth startup companies, university technology spin-offs, and regional innovation enterprises. The EIR Program’s purpose is to increase employment opportunities, promote innovation and bridge current innovation gaps, offer strong mentoring and management support, and improve access to capital investments by tapping into the knowledge base of experienced EIRs.

Program Stakeholders - The EIR program is funded by a grant from the U.S. Delta Regional Authority, an investment by the Southern Illinois Research Park, Inc., and is directed by the SIU Office of Economic and Regional Development. Greater Egypt Regional Planning and Development Commission serves as the program administrative agent.

Role of Entrepreneur-in-Residence

Entrepreneurs-in-Residence work with faculty, alumni and high-potential community businesses offering training, speaking engagements, and one-on-one advisement. EIRs assist entrepreneurs in expanding their businesses and minimizing start-up obstacles. Roles and responsibilities of EIRs include:

  • Refine business models and strategies
  • Develop branding and marketing tactics
  • Prototype and product development
  • Protect and commercialize technologies
  • Evaluate vital funding needs
  • Assemble the ultimate team
  • Complete technology assessments
  • Conduct market assessments
  • Coach/mentor one-on-one
  • Develop investor presentations
  • Create one-page business plan executive summaries

Benefits to Entrepreneur

SIU faculty, alumni and regional businesses not only benefit from EIRs’ expertise, in addition, they are able to take advantage of networking opportunities, build long-term relationships, foster strategic business outcomes, create more exposure and accelerate their pathway to success.