Business Incubation at A-B Tech Enka 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 Incubation program is to create an 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.
Benefits of Business Incubation
- Engage with other entrepreneurs in a collaborative atmosphere.
- 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 the Small Business Center team.
Space Availability and Pricing
- Wet lab offices rent starting at $12/sq. ft.
- Office space starting at $8/sq. ft.
- Light manufacturing/storage starting at $4/sq. ft.
All rents are calculated on an annual basis. For example, a 175 sq. ft. office would rent for approximately $116.67 per month. Rent rates are then increased every six months in the amount of $1.25 per sq. ft. in order to best prepare clients for rent charges upon graduation from the program. The facility is accessible 24/7 and the monthly rent provides access to conference rooms, classrooms, programs and resources.
Applicants participate in thorough screening process prior to acceptance which evaluates several important requirements, including job creation potential, coachability of entrepreneur(s), commitment to engagement, market validation and more. This pre-incubation process can take anywhere between 30 to 90 days. What typically begins with a basic tour of the facility turns into several evaluative meetings with business counselors and the Executive Director. Each step along the way, the entrepreneur(s) and Small Business Center staff are assessing whether or not the incubation program is the right fit for one's startup.
As one continues throughout the screening process, a final series of meetings help prepare the entrepreneur(s) for a 10-minute pitch (and additional Q&A) to a Business Incubation Engagement committee, which is a group of program mentors and industry professionals.
A new or emerging business enterprise that is in need of support and assistance from the College, and without which, the likelihood of success of the business would be greatly diminished. Business Incubation is intended to be an economic development project with an objective of creating jobs and economic wealth by assisting emerging companies.
How to Apply
- Review eligibility guidelines and requirements.
- Complete Business Incubation Program Application.
- Schedule meeting with Business Incubation program staff.
Upon acceptance and signing of the residential lease, program participants acknowledge that they will actively engage in the business incubation program, including adhering to open book accounting policies, providing business status reports and job creation statistics, as well as attendance at monthly and quarterly business review meetings, among others.
- Payment of application fee ($25)
- Authorize and pay for Criminal Background Check ($35 per founder)
- Sign residential lease (including agreeing to open book accounting policies)
- Issue check in the amount of (1) month's rent plus a security deposit of equal amount
- Schedule first client benchmark review meeting
- Attend monthly client founder meeting which is held the last Thursday of each month, 9:00 - 10:30 AM.
- Meet monthly rent obligations
- Attend quarterly client meeting with Executive Director and/or lead business counselor, prepare financial statements (profit/loss and balance sheet), benchmark reviews and identify quarterly goals
- Provide annual business status reports (including job creation and compensation statistics)
- Provide evidence of four seminars/workshops/conferences you attended during the year
For more information, email SBCIncubator@abtech.edu or call 828.398.7950.