How to ApplyFor those interested in applying for the program, a completed business plan must be submitted along with a three year cash flow projection (form available at BizWorks). In addition there is a BizWorks application form that needs to be filled out. Your business plan must show the ability of the company to become self-sustaining by the end of the two years.For light manufacturing companies with a significant capital investment, there is the possibility to complete the two-year incubation program and obtain Partner Status. Partner Status allows the company to remain in the incubator for an additional three years in order to complete commercialization or achieve positive cash flow and return on investment. Fees: There is a $250 application fee. This fee is returned if you are not accepted into the program. If accepted in to the program this fee is used to set up your office space with signage, hone and internet access. Program RequirementsMeet with Incubator StaffBusinesses interested becoming members must meet with the Executive Director to get direction and to receive help with all paperwork. There will be at least three meetings prior to meeting with the BizWorks committee. Once all paperwork is completed and the ED feels your company is a right fit for BizWorks, an interview will be set up with you and the committee to determine your entrance into the program. What we look for: Businesses who have a completed business plan, application and the three year cash flow projections. In addition, we look for businesses that are willing to be mentored throughout their stay with BizWorks and do not treat the space as just a rental space. Businesses will be required to participate in meetings with advisors, member meetings for networking and seminars. Once in the program, companies meet with incubator staff to determine benchmarking events they hope to complete in the first six months. Staff assists the company in determining the needed resources to achieve their objectives and work with them to meet those goals. The companies continue to meet with incubator staff at least every six months to review past and future goals to ensure they meet their objectives. Submit to Open Book Accounting The company also submits to open book accounting during their tenancy in the program. All information is strictly confidential, but staff needs to be able to review the financials of the company with company personnel to assist in their growth and strategic planning. Complete Four Business Seminars During the first year in the program the company will complete four business seminars of its choice. These seminars range from accounting and finance to marketing and personnel issues. Attend Monthly Tenant Meetings Companies all meet monthly for a one-hour tenant meeting. These meetings are conducted to give clients a chance to network and have professionals from the community provide short presentations on services and opportunities that may be of interest to client companies. |
