IBRC Home | Incubation
Business Incubation in an Eggshell
The goal of Incubation Services by the Innovative Business Resource Center* (IBRC) is to provide mentoring and education along with financial incentives to mitigate some of the risks of starting a new business, re-inventing an existing business or growing a business. The resources are provided by local/area mentors who have been business owners (or had general manager responsibility in larger businesses) along with a special buffet of entrepreneurship courses and seminars coordinated through IBRC and the Successful Entrepreneur program at Independence Community College (ICC).
Incubation clients agree to:
- Have or develop a solid business plan with adequate market research to know they have a solid business concept
- Have or develop a financial tracking system so they can manage their business activity, pay their bills on time and know how the business is performing at any given time
- Work with their IBRC mentor(s), sharing their financial information (in strict confidence), to help them with business coaching and comparison of business plan projections to actual results
- Develop a plan to build a winning team, empowering and motivating their employees to be the best of their business category in customer service and quality of products and services
Financially, incubation typically includes a sliding rent scale over the first year or two of business (i.e. the incubation period); rent starting at a reduced rate and "ramping” up to market price at the end of the incubation period. (The incubation period occurs between the time of the agreement between IBRC and the property owner and the end of the lease ramp-up period. Generally, the incubation period is from 12 to 24 months.)
IBRC works with multiple building owners participating in the program to provide a wide variety of locations so that each incubation client may find the most appropriate and advantageous location for the new, re-invented or growing business.
Do you have an idea for a new business or to re-invent your existing business? Would you like to learn more about our incubation process and how it might benefit your new or re-invented business?
Click here and use our Incubation Inquiry form to tell us a little about yourself and we'll be happy to contact you.