Business Incubator Tenant Requirements
To be considered as a Business Incubator resident your company must complete the Incubator Application. Please note that the Incubator Application requires the submission of an executive summary of your business plan, which must include information on how your company meets the requirements for admission.
Below are the requirements for admission to the Business Incubator:
- A realistic business and marketing plan reflecting the potential to grow the business and become a leading player in your market segment.
- Must agree to credit and background checks.
- Adequate financial resources to remain in business for at least six (6) months.
- As a prerequisite for admission to the accelerator the tenant must complete the Kauffman "Fasttrac?" entrepreneur program or prove a business competency that would supersede the program.
- Once in the program, companies meet with accelerator staff to determine benchmarking events they hope to complete in the first six months. Staff assists the company in determining the needed resources to achieve their objectives and work with them to meet those goals. The companies continue to meet with accelerator staff at least every quarter to review past and future goals to ensure they meet their objectives.
- The company also submits to open book accounting during their tenancy in the program. All information is strictly confidential, but staff needs to be able to review the financials of the company with company personnel to assist in their growth and strategic planning.
- Companies all meet monthly for a one-hour tenant meeting. These meetings are conducted to give clients a chance to network and have professionals from the community provide short presentations on services and opportunities that may be of interest to client companies.
- A match between the needs of your company and the resources available within the accelerator program and the community.
- Not in direct competition with other accelerator clients.
- A product or service that represents a unique technology that can create a competitive advantage.
- No legal claims or lawsuits pending against the business.
- The potential for multiple job creation at wages higher than the county average.
- Plans to locate in surrounding area and stay for at least five (5) years.