BENEFITS OF BUSINESS INCUBATION
ADVISORY SERVICES
Incubator staff serve as advisors to all client companies holding regular as well as informal meetings with each client to address strategic and tactical needs. They work with the client company to identify areas of need and to identify expertise and resources to address them. Referrals will be made to relevant professional advisors and other sources of business and technical assistance.
Shared basic operating costs Tenants in a business incubator share a wide range of overhead costs, including utilities, office equipment, computer services, conference rooms, laboratories, and receptionist services. In addition, basic rent costs are usually below normal for the region in which the fledgling business is operating, which allows entrepreneurs to realize additional savings. It is worth noting, however, that incubators do not allow tenants to remain in the program forever; most lease agreements at incubator facilities run for three years, with some programs offering one or two one-year renewal options.
Finances & Accounting
Areas of Assistance - Assistance with budgeting, tax and reporting issues can be provided by appropriate Incubator organizations. Capital needs, possible sources for obtaining capital, timeframe, structure of deals, and alternatives will be discussed by the company, Incubator management, the Advisory Board and other advisors as needed.
Intellectual Property
Strategy Assessment - Incubator management, the Mentoring Team and other business service providers will review intellectual property strategy. Advisors will provide direction to client companies in this area and help to identify resources and/or professional assistance.
Legal Assistance
Legal Guidance - The Incubator maintains relationships with a number of law firms that provide some level of pro bono assistance and/or reduced rates for Incubator clients. One or more of the partner attorneys are on-site at the Incubator each month to meet with you and provide guidance and advice.
Office Operations
Individual Services -The Business Incubation Program provides all clients with a businessaddress, mail service, Internet connection, and conference/meeting rooms
Shared Services
The following services are offered:
• Shared office equipment (fax, laser printer, copier)
• Audio-visual equipment
• Other miscellaneous equipment
Public Relations & Marketing
Strategy Assessment - Incubator management, the Mentoring Team and other business service providers will review strategies.
Sales Assistance
Sales Strategies and Referrals - Incubator management and advisors will assist clients in developing sales strategies and understanding the sales process. If necessary, referrals will be made to professional service providers who can further assist in developing and implementing effective sales strategies.
