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Business Incubator Program
Business Incubation at Asheville-Buncombe Technical Community College is a dynamic process of entrepreneurial development designed to increase business success through consultation services, coaching, access to shared resources, and either office, wet lab or manufacturing facilities. The purpose of the Business Incubator is to create a business atmosphere that encourages the development of businesses that promise a public or private good, have the potential to create single or multiple additional jobs and which contribute to the economic development of the region once formally established.
The College also offers a Student Business Incubator which is a 12-month extracurricular program designed to provide a nurturing, supportive environment to A-B Tech curriculum based students who want to start their own business.
Benefits of Business Incubation
- Provides direct contact with other entrepreneurs.
- Peer-to-peer sharing of successes and challenges helps entrepreneurs know there are other business owners facing similar issues.
- Connect clients to programs, funding opportunities and entrepreneurial resources that accelerate growth and profitability for their business.
- Confidential review of financial documents by Business Development staff
Space Availability and Pricing
- Wet lab offices rent for $12/sq. ft.
- Office space $8/sq. ft.
- Light manufacturing/storage fro $4/sq. ft.
All rents are calculated on an annual basis. For example, a 150 sq. ft. office would rent for $120 per month, which includes all utilities. In order to better prepare incubating businesses, rent is graduated and increases $1.25/sq. ft. every six months. Through this incremental process, the company will pay an amount equal to general market rates by the time they graduate.
Start-up (New) Business
- New Business - recently incorporated, sole proprietorship within 24 months
- 2 or less employees
- Gross revenue less than $1000 a month
- Potential for expansion or growth
- Approved business plan
- In operation, in any form, less than 3 years
- 5 or less employees
- Gross revenue less than $5000 per month
- Approved business plan
How to Apply
- Review eligibility guidelines and requirements
- Complete a Business Incubator Questionnaire
- Schedule meeting with Business Incubator staff
- Complete Business Incubator Application
Once in the program, Founders meet with Business Development staff to determine benchmarking events they hope to complete in the first six months and work with them to meet those goals. The companies continue to meet with incubator staff at monthly founder meetings, individual quarterly sessions regarding company progress, and other meetings as required or requested.
Submit to Open Book Accounting
Confidential review of company financial statements with the founder(s) is critical to providing strategic planning assistance.
Complete Four Business Seminars
Ongoing business training is crucial to entrepreneurial development. Thus, each year, founders are required to participate in a minimum of four business related seminars. This requirement can often be met by attending seminars offered by the A-B Tech Small Business Center (SBC).
Attend Monthly Founder Meetings
Monthly meetings are held in order to provide founders not only with networking opportunities but education on small business topics as well. These meetings are held the last Friday of each month from 9 AM - 10:15 AM.
Attend Quarterly Company Reviews
Each quarter, founders meet individually with Business Development staff to review company financials and business direction. These confidential sessions are intended to provide the professional support needed for success.
For more information, email SBCIncubator@abtech.edu or call 828.398.7950.