Becoming an Incubator or Virtual Client
The selection process involves an interview with the IC staff, the filing of an application (28kb PDF File), and a review by a screening committee. At a minimum, prospective tenants need to have a good understanding of their product(s) and a willingness to write a business plan that covers capital, labor, space, marketing, and advertising history and planning. Potential clients must also participate in quarterly reviews (27kb PDF File) to ensure they are steadily progressing towards graduation.
Application Process
The following is an outline of the steps that must be taken in applying for admission to the Innovation Center (IC). Also listed are minimum requirements that must be met in order to qualify for the program, as well as the criteria by which applications will be evaluated. Please feel free to contact the staff at IC to ask any questions about this process or to arrange for special assistance in submitting your application.
Steps for Client Selection
- Please submit three (3) copies of each of the following materials:
a.) Completed and signed application (28kb PDF File)
b.) Current business plan (if you have one)
c.) Current financial statements (business and personal) (if you have them)
d.) Personal credit report (or a small fee to cover cost)
e.) Three (3) references
- The Selection Committee may request additional information to establish or verify that the minimum qualifications are satisfied. Submit the materials by US Mail, fax, email, or personal delivery: 814 East Main Street, Richmond, IN 47374; Fax: 765.935.6197; Email roldham@uptownrichmond.com.
- The Selection Committee will review your application and the related information and will evaluate the
business according to the evaluation criteria listed below.
- Should the Committee decide to consider the application; an interview will be arranged with the business owner(s). The Selection Committee will make its final recommendation to the Board of Directors. Should the Committee decide not to consider the application further, you will be notified of their decision.
- If you are accepted, you will meet with the staff of IC to review and sign your lease.
Applicants will be evaluated using the following key criteria:
- Potential for growth and job creation.
- A need for the services of the Incubator and a willingness to accept assistance when it is indicated.
- Local economic diversification.
- The viability of the business and potential for success.
- The marketing opportunity and approach.
- The management team.
- Resources available to the business.
- Technologies appropriate to the business.
- The compatibility of the business to the incubator program and facility.
- Agreement to comply, with all applicable local, state and federal regulations and ordinances, including applicable environmental laws.
Please allow time for processing. Applications are typically reviewed once a month by the Innovation Center’s Selection and Review Team. Should you want to follow-up on the status of a review, please contact the Innovation Center.