Business Incubator Program
The Business Incubator program at Asheville-Buncombe Technical Community College is designed to provide companies maximum flexibility while working closely with them to identify areas of improvement and to assist in locating needed resources. The Business Incubator program is for a term of two years for most companies to grow in the incubator and then relocate into the surrounding community.
What is Incubation? | Business Incubator Tenants | Student Business Incubator Program
State of the Incubator
How to Apply
For those interested in applying for the program, a completed business plan must be submitted. This plan must show the ability of the company to become self-sustaining by the end of the two years.
For biotechnology or 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.
Program Requirements
Meet with Incubator Staff
Once in the program, companies meet with incubator staff to determine benchmarking events they hope to complete in the first six months. Staff assist 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 need 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. The SBC in the incubator offers over 100 of these courses every year, usually lasting only three hours each. If the company needs specific course work not offered by the SBC, the SBC has the ability to hire outside consultants to give specific presentations.
Pay Rent
The rent for tenant companies is graduated in order to assist them in their start-up phase.
- Wet lab offices rent for $12/sq. ft.
- Office space $8/sq. ft.
- Light manufacturing/storage for $4/sq. ft.
All rents are calculated on an annual basis. A 150 sq. ft. office for example would rent for $100 per month, which includes all utilities.
Companies can also connect to the College’s T3 line for $40 per month.
Office space rent increases $1.25/sq. ft. every six months so the company is paying an amount equal to general market rates by the time they graduate.
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.
For more information, contact Jill M. Sparks, Director, Small Business Center, jsparks@abtech.edu or 828.254.1921, Ext. 5849.
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