How to Benefit from a Business Incubator
Startup companies are similar to infants–the first few years of life are the most fragile. For many entrepreneurs, business incubators are crucial to helping them survive this delicate period of meeting new customers while managing new expenses. Incubators are mentoring centers that provide coaching, networking opportunities, and even affordable office space. Incubators like us operate in partnership with colleges, and other resource organizations to offer their services to start-ups. We primarily support minority and women-owned businesses although all are welcome.
For new businesses to make the most of the time spent in an incubator, they should adhere to the rules, network with other companies consistently and manage their time well.
We encourage you to have documented or started a business plan, be able to prove that your business is a legitimate up-and-coming company. You should have the basics, such as a business checking account, registration with the Province or Territory, and a Business Number.
Business Incubator
A cornerstone of the Center for Entrepreneurial Development is the Small Business Incubator Project. The purpose of this project is to “incubate” small businesses for a maximum of eighteen months in an environment that will assist the participating businesses to develop and expand. The small business incubator offers low to moderate income adults a wide range of services from keyed security access, low-cost office space, on site staff, basic administrative services, conference room use, copy machine access, etc. Further, the project will offer training classes and seminars covering a wide variety of business management subjects.
The Challenge
The idea of starting and operating a small business is a dream shared by many. Current economic conditions, the desire for financial independence, and the freedom of self-employment are some of the factors motivating people to consider starting a small business.
The reality of starting and running a small business is often anything but a dream. The entrepreneur is faced with enormous demands on his or her time, business skills, technical expertise and financial resources. The challenge facing small business owners is to effectively meet these demands and succeed.
More than desire
Without question, the desire to succeed is an important ingredient in the recipe for success. However, desire alone is not enough. In addition to the technical expertise and knowledge required to create a product or to perform a service, the small business owner/manager must understand many other disciplines common to most businesses. To be successful, the entrepreneur must be able to identify the requirements of the business and implement practical procedures to meet these requirements.
- What kind of Services are offered?
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The list below highlights the most frequently requested services:
- Business Planning
- Financial resources and assistance
- Legal Dervices
- Libraries and research organizations
- Management issues and training
- Manufacturing, high tech and life sciences development
- Marketing
- Networking
- Nonprofit Development
- Office, laboratory and meeting space
- Product Development
- Regulatory Compliance
- Selling to the government and large corporations
- Tax Services
- Technical Assistance
- How much do services cost?
- Counseling is free of charge. There may be fees for training classes, seminars etc. Membership has its advantages. Members may attend select classes free of charge, and realize substantial discounts on various seminars. You should also be prepared to pay the lease for any offices or conference rooms, and most often the rates are below-market. You can expect to pay incubator charges anywhere from $150 to $500 per month for office space.
- Do I have to meet a certain standards to get help?
- Our program is designed to address a wide range of clients — from current business owners, to those that are contemplating starting their own business. No matter where you find yourself in the process The CBCC’s goal is to help.