Program Information
Business Incubation at A-B Tech Enka is a dynamic process of entrepreneurial development designed to increase business success through consultation services, coaching, access to shared resources, and either office, wet lab, or manufacturing facilities. 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.
Benefits of Business Incubation
- Engage with other entrepreneurs in a collaborative atmosphere.
- Peer-to-peer sharing of successes and challenges helps entrepreneurs know there are other business owners facing similar issues.
- Connect clients to programs, funding opportunities, and entrepreneurial resources that accelerate growth and profitability for their business.
- 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.
All rents are calculated on an annual basis. For example, 175 sq. ft. an office would rent for approximately $116.67 per month. Rent rates are then increased every six months in the amount of $1.25 per sq. ft. in order to best prepare clients for rent charges upon graduation from the program. The facility is accessible 24/7 and the monthly rent provides access to conference rooms, classrooms, programs, and resources.
Selection Process
Applicants participate in a thorough screening process prior to acceptance which evaluates several important requirements, including job creation potential, coachability of entrepreneur(s), commitment to engagement, market validation, and more. This pre-incubation process can take anywhere between 30 to 90 days. What typically begins with a basic tour of the facility turns into several evaluative meetings with business counselors and the Executive Director. Each step along the way, the entrepreneur(s) and Small Business Center staff are assessing whether or not the incubation program is the right fit for one's startup.
As one continues throughout the screening process, a final series of meetings help prepare the entrepreneur(s) for a 10-minute pitch (and additional Q&A) to a Business Incubation Engagement committee, which is a group of program mentors and industry professionals.
Eligibility Guidelines
A new or emerging business enterprise that is in need of support and assistance from the College, and without which, the likelihood of success of the business would be greatly diminished. Business Incubation is intended to be an economic development project with the objective of creating jobs and economic wealth by assisting emerging companies.
How to Apply
- Review eligibility guidelines and requirements.
- Complete Business Incubation Program Application.
- Schedule meetings with Business Incubation program staff.
Program Requirements
Upon acceptance and signing of the residential lease, program participants acknowledge that they will actively engage in the business incubation program, including adhering to open book accounting policies, providing business status reports and job creation statistics, as well as attendance at monthly and quarterly business review meetings, among others.
Upon Acceptance
- Payment of application fee ($25)
- Authorize and pay for Criminal Background Check ($35 per founder)
- Sign residential lease (including agreeing to open book accounting policies)
- Issue check in the amount of (1) month's rent plus a security deposit of an equal amount
- Schedule first client benchmark review meeting
Monthly
- Attend monthly client founder meeting which is held the last Thursday of each month, 9:00 a.m. - 10:30 a.m.
- Meet monthly rent obligations
Quarterly
- Attend quarterly client meeting with Executive Director and/or lead business counselor, prepare financial statements (profit/loss and balance sheet), benchmark reviews and identify quarterly goals
Annually
- Provide annual business status reports (including job creation and compensation statistics)
- Provide evidence of four seminars/workshops/conferences you attended during the year
For more information, email SBCIncubator@abtech.edu or call (828) 398-7950.
Business Incubation Program Founders
Resident clients of the Business Incubation Program at A-B Tech in Enka are approved companies that receive incubation services and also rent an office, lab, or warehouse space. The current program founders are listed below.
F(X) Immune
The functional immunity company.
RMK Consulting
Business Incubation Program Participants
Business Incubation program participants who have successfully incubated a business and continue to grow to include:
Location and Facilities
A-B Tech Enka
1465 Sand Hill Road, Suite 1060
Candler, NC 28715
Driving directions from I-40: Take Exit 44 West. At the traffic light at the end of the exit ramp, turn right. Go to the fourth traffic light and turn left on Sand Hill Road. Go to the second entrance on the left and turn into the campus. Follow the signs to the Small Business Center toward the back of the parking lot on the left. The SBC entrance is on the left, up the stairs, and under the large black awning. Proceed to the reception desk in the lobby for information. To get directions from your current location, visit Google Maps
Facilities
The facility which houses the business incubation program is approximately 141,000 square feet as follows:
- 11,000 sq. ft. FDA approved commercial food kitchen Blue Ridge Food Ventures
- 30,000 sq. ft. Bionetwork/Natural Products Core Lab and office space with 14 wet labs
- 70,000 sq. ft. light manufacturing space/warehouse space
- 30,000 sq. ft. executive office space
Amenities
- Conference rooms
- Video conferencing
- Resource rooms
- Workrooms
- Computer training rooms
- T3 line access