Almost all incubators have some sort of an entry requirement. Most of the well-established incubators with a track record of successful
businesses will want to know more about you, your business and your goals before making any commitment.The entry criteria will vary with the type and the objectives of the incubator. Typical entry
requirements will require you to :
- Have a product or service that can be commercialized within a specified time frame,say two years.
- Have a basic business plan, including financial projections.
- Have the ability to pay the Incubator's monthly fee for the intended term of occupancy – or the maximum term for which the business is allowed in the incubator.
- Have a management team in place that can demonstrate their ability to handle both the technical and managerial aspects of the business or understand how to obtain needed technical assistance.
- Demonstrate that your business has the potential for positive economic impact on the community through:
- New job creation
- Work created for local vendors or contract agencies
- A technology or service deemed to have a high potential impact in the marketplace or community
- Potential sales tax generation
- Be well-suited as a business to benefit from incubator services and from the business incubator environment
- Be a start-up company and not be in direct competition with another tenant business of the incubator
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