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Student Business Incubator Program
Helping A-B Tech students achieve their dream of successfully operating their own business.
The Student Business Incubator Program is a 12-month extracurricular activity designed to provide a nurturing, supportive environment to A-B Tech students who want to start their own business and guide them toward becoming sustainable, contributing members of a strong economic community. This program is administered by the A-B Tech Center for Business and Technology Incubation and is located at A-B Tech’s Enka campus.
Students interested in participating in this program must submit an application and go through a selection process where they are expected to interview and present a thorough business plan. Student run businesses will then be selected to participate in this program which is from July – June of each year. Applications for the 2014-15 Student Business Incubator Program are due Monday March 14, 2014. The program will run July 2014-June 2015.
By providing critical assistance during the start-up phase, the Student Business Incubator Program will help overcome the odds of business failure. A National Business Incubation Association (NBIA) study reports that 87% of incubator startups are still in business after 10 years, compared to a survival rate of only 44% of non-participants after four years in business.
How to Apply
Students interested in starting their own business must submit an application and go through a three-interview selection process where they are expected to interview and present a thorough business plan. Admission to the Student Business Incubator Program is limited to current full-time A-B Tech student run businesses. Applications can be found online at the link below and the deadline for the 2014-15 program is Friday, March 14, 2014.
The Student Business Incubator program is open to any current full-time A-B Tech student who is enrolled in a minimum of nine semester credit hours. Students MUST maintain this status during both the interview process and the 12-month program. Grant funds cannot be used to pay for tuition durimg the program year. Grant funds are used for business related expenses approved by the program on a monthly basis. Funds are disbursed monthly for 10-months starting in August 2013 of the program year. A student is not given a lump sum at the start of the program.
Once accepted into the Student Business Incubator Program, students will be required to participate in the following:
A mandatory orientation class in August prior to moving into the office space.
Maintain Office Space at Business Incubator on Enka Campus
Student will be required to maintain lease of rental space either cubicle or workstation on the Enka Campus in student business incubator office space. Monthly rental fee $50 per month, to be paid with the first $500 grant fund disbursement.
Open Book Accounting
As part of the learning process, program staff needs to be able to review the financials of the company with the student quarterly, and as otherwise determined, in order to assist in their growth and strategic planning. All information is strictly confidential.
Attend Mandatory Monthly Group and Individual Meetings
Each month all Student Business Incubator tenants will meet to hear a guest speaker, network and discuss their ongoing business endeavors. These meetings are required and if missed, can be reason for termination from the program. In addition, each student business will be required to meet with the Small Business Center director individually as well. These meetings will be scheduled at the beginning of each semester.
Maintain Student Status
Students must maintain their student status (being enrolled in nine semester credit hours) while participating in this 12-month extracurricular program.
College and Community Event Participation
This 12-month extracurricular program receives a lot of recognition within the community and students are expected to serve as ambassadors for the college and for this program during their tenure as requested.
For more information, contact Diane Hendrickson, Small Business Center, 828.398.7957, firstname.lastname@example.org.