Here is the information about the program from our web site at www.ibrc.org. If you want to start, grow or re-invent a business, we’d like to visit with you to see if our incubation program can be of benefit to you. Click here to go directly to our Incubation Inquiry form and submit your contact information to us.
Business Incubation in an Eggshell
The goal of Incubation Services by the Innovative Business Resource Center* (IBRC) is to provide mentoring and education along with financial incentives to mitigate some of the risks of starting a new business, re-inventing an existing business or growing a business. The resources are provided by local/area mentors who have been business owners (or had general manager responsibility in larger businesses) along with a special buffet of entrepreneurship courses and seminars coordinated through IBRC and the Successful Entrepreneur program at Independence Community College (ICC).
Incubation clients agree to:
• Have or develop a solid business plan with adequate market research to know they have a solid business concept
• Have or develop a financial tracking system so they can manage their business activity, pay their bills on time and know how the business is performing at any given time
• Work with their IBRC mentor(s), sharing their financial information (in strict confidence), to help them with business coaching and comparison of business plan projections to actual results
• Develop a plan to build a winning team, empowering and motivating their employees to be the best of their business category in customer service and quality of products and services
Financially, incubation typically includes a sliding rent scale over the first year or two of business (i.e. the incubation period); rent starting at a reduced rate and “ramping” up to market price at the end of the incubation period. (The incubation period occurs between the time of the agreement between IBRC and the property owner and the end of the lease ramp-up period. Generally, the incubation period is from 12 to 24 months.)
IBRC works with multiple building owners participating in the program to provide a wide variety of locations so that each incubation client may find the most appropriate and advantageous location for the new, re-invented or growing business.
Frequently Asked Questions by Potential Incubation Clients
Q. Why would I want to participate in this program? (How will I benefit?)
A. You’ll benefit from the support of one or more mentor(s) that have owned and/or operated successful businesses themselves. You’ll benefit from the solid business plan and financial tracking system you’ll develop or refine while you’re an incubation client. Finally, you’ll benefit from financial incentives such as scaled rent over the first year or two of business and service certificates from those that specialize in working with new businesses.
Q. What do I have to do to become an incubation client?
A. You have to be starting a new business, reinventing or growing your existing business. You agree to
• Develop or demonstrate that you have a solid business plan that justifies your market and how your business model allows you to offer a unique solution to your market
• Develop or demonstrate that you have a financial tracking system in place so you will know how your business is performing
• Work with your IBRC mentor, sharing your financial information in strict confidence, to monitor your business performance against your business plan projections so you can make business model adjustments as needed (you will meet with your mentor at least quarterly during the incubation period, but more often at your request)
• Develop or demonstrate that you have a plan to build a winning team with employees that are motivated to provide the best customer service in your business class
We will help you develop any of the above you need, working in conjunction with the Successful Entrepreneur program at Independence Community College with programs and online coursework specifically designed to help owners of new, reinventing or growing businesses.
Q. How do I apply?
A. Start the process by going to our IBRC Incubation page and look for the link to our Incubation Inquiry form. In this confidential form, we’ll ask you for your basic contact information and a very brief summary of your business idea. We’ll contact you to get acquainted and learn more about you and your business concept. When we’re both comfortable that our incubation program is a good fit for you, we’ll ask you to submit the incubation application. Our Incubation Committee will review your application for acceptance as an Incubation client. At that point, we’ll recommend you as an incubation tenant to the owner of the Incubation property we’ve determined to be best for your use.
Frequently Asked Questions by Commercial Property Owners
Q. Why would I want to participate in this program? (How will I benefit?)
A. Incubation clients who have agreed to all the provisions of the program have a much higher chance of becoming successful, long-term tenants than the average tenant.
Q. What would I be agreeing to?
1. Allowing us to post a “This Location is Incubation Ready” sign on/in your property along side of your “For Rent” sign.
2. Work with IBRC to develop a sliding rent scale that is agreeable to you.
3. Review and choose to accept or not any incubation clients we present who are interested in renting your property.
4. Remove the rent incentive immediately if notified by IBRC that the incubation tenant is no longer an incubation client. (This would be in the event that the client fails to abide by the terms of the incubation agreement.)
Q. What if I have an opportunity to rent to a “regular” tenant?
A. No problem. You are free to rent to anyone you’d like.
Q. What if I have a prospect that I’d like to ask you to incubate on/in my property?
A. We welcome any incubation candidates to apply to become incubation clients. IBRC retains full control of who is accepted as an incubation client.
Click here to go directly to our Incubation Inquiry form and submit your contact information to us.
*The Innovative Business Resource Center was created to provide business mentoring and incubation services for area businesses. Mentoring is provided by local/area volunteers experienced in general and specific areas of business while special entrepreneurship curriculum is provided by the Successful Entrepreneur Program at Independence Community College. Incorporated in February 2010 as Independence Business Resource Center, the name was changed in November of 2010 to better reflect the purpose of the organization and the area wide scope.
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