| When looking for an incubator there are several | | | | Some want a full business plan for example, which |
| things you should be asking your self. All of these | | | | can take months to create. While others offer |
| initial questions pertain to the future, the past, and | | | | assistance in creating a business plan and require a |
| the people. | | | | simple documented idea. |
| Past Success • How many successful | | | | Be sure the incubator is a good fit for you. |
| companies started in this incubator? • How | | | | Create a check off list using a spreadsheet |
| long has the incubator been running? • Who | | | | program with your resources requirements in the |
| funds the incubator? Is it a non-profit or | | | | far left column and the incubators you are looking |
| government program? • Have there been | | | | at in the top row. Place an X or a Yes in the |
| drastic changes in the program lately? • What | | | | boxes where the incubators comply with you |
| do non-successful companies & partners of the | | | | resource requirements. Be sure to add intangibles |
| incubator think about it? • How long have the | | | | to the list such as knowledge and connections, |
| successful companies been separate from the | | | | known today as social networking. A |
| incubator? | | | | biotechnology incubator will have connections |
| Your Future: Graduating the Incubator • What | | | | specifically for Biotech manufacturing and Biotech |
| are the incubator's exit requirements; or you are | | | | VC funding while a .com incubator will have access |
| too large to be incubated any more criterion? This | | | | to software developers, website servers, free |
| is usually called Graduation. • Is there a lot of | | | | software, & perhaps even computers. |
| leeway or flexibility in the contract, or doe sit | | | | Further Information |
| make you feel confined? • How long does it | | | | There are over 1,000 incubators in North |
| usually take for a company to graduate? | | | | America, in 1980 there where only 12. While there |
| Incubators usually do not like to keep companies | | | | are over 4,000 business accelerators world wide |
| any more than three years, if the incubator has a | | | | it can defiantly seem like a daunting task find the |
| few who linger too long you may find the work | | | | right one. But that's just it, after you have put so |
| environment life draining. | | | | much time and effort into finding the right one, |
| Who are these People? • Is the work | | | | the resource phase of your startup is practically |
| environment one of excitement or death? • Is | | | | over and your confidence in your company's |
| the staff happy and cooperative? • How long | | | | future will grow. You will be surprised at having |
| have they been doing their job? • What are | | | | the right tools and knowing the right people can |
| their back grounds, how much knowledge do they | | | | do for you. |
| really have to offer you in your industry? • | | | | I strongly suggest finding a niche incubator instead |
| Does the staff spend a lot of time at the | | | | of a mixed incubator. The National Business |
| incubator? 8 hours or more? • Are they or | | | | Incubation Association did a study of the different |
| have they been entrepreneurs? Are or were | | | | types of incubators here are their results: |
| they successful? • Do they adhere to the | | | | • 47 percent are "mixed-use," assisting a range |
| principles of self development in their profession? | | | | of early-stage companies. • 37 percent focus |
| Do they understand the best practices and keep | | | | on technology businesses. • 7 percent serve |
| up to date with them? • Do they have | | | | manufacturing firms. • 6 percent focus on |
| successful graduated companies in your industry | | | | service businesses. • 3 percent concentrate on |
| or a related one? | | | | community-revitalization projects or serve niche |
| Do you qualify for the incubation program? Some | | | | markets. • 44 percent of business incubators |
| incubation programs are fairly loose when it | | | | draw their clients from urban areas, 31 percent |
| comes to letting you in. However, some have | | | | from rural areas and 16 percent from suburban |
| strict rules usually pertaining to the industry and | | | | areas. Nearly a tenth (9 percent) of all programs |
| resources they have on hand. Incubating a .com | | | | draw clients from outside their region or from |
| with out high speed internet access can be | | | | outside the United States. |
| troublesome. Starting a investment hedge fund | | | | Conclusion |
| with out money connections can devastate the | | | | In conclusion remember to do you home work |
| success ratio of the incubator. Many incubators | | | | and make sure the incubator is right for you. Be |
| have started to tailor to niche industries. | | | | sure to use a systematic approach, like that |
| Be sure to do your research on the incubator as | | | | spread sheet I mentioned, and remember the |
| effectively as possible making sure you | | | | intangibles can often be the Ace in the incubators |
| understand their qualifying policy before you apply. | | | | deck of cards. |