Thank you for your interest in the A-B Tech Business Incubation program. Below is information related to the application process as well as associated fees, required insurance, and engagement responsibilities. The Business Incubation program is managed by the A-B Tech Small Business Center.
The purpose of the Business Incubation program is to create an atmosphere that encourages the development of businesses that promise a public or private good, have the potential to create single or multiple additional jobs and contribute to the economic development of the region once formally established. Multiple types of space are available to both startup and existing businesses.
Benefits of Business Incubation
- Engage with other entrepreneurs in a collaborative atmosphere
- Peer-to-peer sharing of successes and challenges
- Connection to programs, funding opportunities, and entrepreneurial resources
- Confidential review of financial documents by the Small Business Center team
Space Availability and Pricing
- Wet lab offices rent starting at $12/sq. ft.
- Office space starting at $8/sq. ft.
- Light manufacturing/storage starting at $4/sq. ft.
Application Process
- Complete an online Small Business Center request for counseling form
- Meet with a member of the Small Business Center team (multiple meetings may be required)
- Submit a business plan
- Complete a Business Incubation Program Application
- Prepare to pitch to the Small Business Center advisory committee
Incubation Program Pitch
- Pitches are limited to 10 minutes and include a slide presentation. Ten minutes for Q&A will follow.
- Pitches may be in-person or virtual
- Include the following: Business Summary, Problem, Solution, Marketing/Sales, Competition, Team, Projections/Milestones/Job Creation, Business Model, Financing, Why the business wants to participate in a business incubation program (this is critical)
Administrative Requirements Of the Program
- Payment of all fees (listed below)
- Background checks on all founders completed
- Make check(s) payable to A-B Tech
- Coordinate on-boarding process with Small Business Center specialist
- Provide insurance documentation (listed below)
Insurance Requirements And Other Fees
Certificate of Insurance must list A-B Tech as a Certificate Holder Special endorsement recognizing and naming the landlord (A-B Tech) as an additional insured. The tenant shall produce evidence of its compliance with this paragraph prior to occupying the premises. Please email this certificate of insurance to sbcincubator@abtech.edu
| General Liability (each occurrence) | $1,000,000 |
|---|---|
| Fire Damage (any one fire) | $100,000 |
| Medical Expenses (any one person) | $5,000 |
| Personal Injury | $1,000,000 |
| Total General Aggregate | $2,000,000 |
Additional Fees
| Application Fee | $25.00 |
|---|---|
| Criminal Background Check | $66.50 per founder |
| First month's rent plus a security deposit equal to the first month’s rent | TBD |
| Key Security Deposit (for lost / replacement keys) | $200 |
| A-B Tech ID key card (all employees must have) | $20.00 per employee |
| A-B Tech ID key card replacements | $35 each |
Engagement Responsibilities
- Upon acceptance and signing of the residential lease, program participants acknowledge that they will actively engage in the business incubation program, which includes:
- Open book accounting
- Providing business status reports and job creation statistics (economic impact)
- Attendance at founder meetings
- Participation in quarterly business review meetings
- Completion of Small Business Center economic impact surveys
- Failure to engage in business incubation programs can be cause for termination from the program and rental space.
Miscellaneous
- Although the facility is wireless, incubation program participants need to secure their own network. Most companies use ERC Broadband which provides fiber-based network services to the Western Carolina region.
- Lost/Replacement key card: $35
- Lost or replacement office key/lock: $200 (includes locksmith trip fee, service fee, parts, and key manufacturing)
- Regular college operating hours for A-B Tech Enka are 8:00 a.m. – 5:00 p.m., Monday – Friday; however, the building is always accessible to business incubation program participants.
- For participants that have multiple employees, it is recommended that the founder obtain a lockbox for keys.
- Campus police are on duty 24/7 and you and your employees are encouraged to put their number in your cell phone (828) 398-7125. If you are in the building during “off-hours”, please advise the police. In case of an emergency, we want them to know you are here!
- There are occasions in which a community event is held in the A-B Tech Enka parking lot, we will try to provide as much notice as possible.
- There is a multitude of people in the building for various reasons. If there is ever any time when you encounter someone or something that seems a bit “off”, please do not hesitate to advise campus police at (828) 398-7125. Not to alarm, we just need everyone to be prudent.