Business Incubator

What is a Business Incubator?

A business incubator is a flexible method of encouraging the development of new businesses and fostering local economic development. Incubators are facilities in which a number of new and growing businesses operate under one roof sharing services and equipment, and having equal access to a wide range of professional, technical, and financial programs.

Frequently Asked Questions

Why create a business incubator?
Incubator facilities provide an environment where public and private resources can combine to meet the needs of small businesses during their critical stages of development. Community development depends heavily on small business. Small business accounts for more jobs than larger businesses, and it generates more than one-half of all major innovations. What's more, small businesses are more cost efficient in research and development than larger ones. Most small businesses, however, fail within their first five years of operation because they're undercapitalized and/or lack proper management.

Who benefits from business incubators?
Tenants, businesses, and the community all benefit from business incubators in different ways:

Tenants
- Develop increased awareness of and access to financial, professional, and technical services assistance.
- Gain access to facilities and equipment not otherwise available.
- Increase their visibility.
- Become participants in an environment where small businesses can share experiences and reduce the risks involved in business startup.
- "Virtual Incubators" provides services to tenants and area businesses.
Community
- Increase job creation and job retention.
- Improve the local economy.
- Create greater opportunities for public–private partnerships.
Businesses
- Identify suppliers for subcontracting and purchasers of products and services.
- Develop research activities into commercial opportunities for new-product technologies.
- Nurture a pool of potential growth firms for equity investment.
- Provide special support services to clients.
- Redevelop areas of communities and strengthen industry focus.

Who will run my business?
You are the owner of your business. Therefore, you are the one who runs it. Your business is and always will be YOURS.

Will my financial information be made public?
No. Financial information will be reviewed by an individual or a limited committee and remain confidential to that individual or committee.

Why would it be advantageous for me to become an incubator client?
The incubator is equipped with many features and services to facilitate the success of your company. Many of the conveniences offered will be shared with other tenants, such as a copy machine, fax, reception area and administrative support. Access to professional resources, universities and advisors will be provided to mentor and network. In addition, seminars and educational help will aid in training and instruction. The majority of the services available are included in the cost of rent. However, some require a nominal fee.

When I succeed and move out of the incubator building, do I have to pay anything back?
No. We see jobs created and the opportunity to help create a healthy business climate as "payoff."

What facilities and services do incubator tenants share?
As incubator tenants, small businesses share a wide range of office facilities and services, e.g., telephone service and voice mail, fax service, clerical support, T1 line, meeting room, and business library. Ongoing business management workshops and business management assistance are a focus of the Uptown Innovation Center.

How can I become an incubator tenant?
Small businesses are selected as tenants in a variety of ways, depending on the criteria set by the individual incubator. The selection process involves an interview with the UIC staff, the filing of an application, 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. The UIC can assist you and provide useful information in this process.