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| What is an Incubator A business incubator is a set of programs, services, and facilities that collectively support the successful development and growth of start-up and early stage companies. Business incubation is a process that increases the long-term success of start-up and early stage companies by providing entrepreneurs with needed resources and services. Why an Incubator • Grow new businesses • Create jobs • Encourage the growth and development of local businesses • Diversify and strengthen local economies • Nurture entrepreneurial pursuits and investment • Commercialize new technologies • Encourage the increased use of technology • Offer business retention, expansion, and assistance services to existing firms • Attract businesses to an area The Model • The Innovation Center will be debt fee • The Innovation Center is designed for self-sufficiency • Tenants will pay market lease rates • The incubator building must generate rent to support the staff, programs, and operation of the building • Professional staff will be recruited to manage the incubator • Anchor tenants will have skills and access to technology that will contribute to the success of the incubator Measures of Success* • Average number of clients in the incubator: 13 • Average number of graduate firms after 5 years of operations: 22 • Average number of jobs created per firm:13 • Average number of direct jobs attributed to incubator firms: 455 *These measures were compiled using data from the National Business Incubator Association and the feasibility study. Required Funding • Renovation of the Amoco Building and Construction of a 27,540 sq feet • Start-up and short-term operation ($450k) • Technology • Furnishings for the facility The Building • Amoco Administration Building: 11,679 sq feet • New Construction 27,540 sq feet • Total: 39,465 sq feet • 29 single suites • 19 small suites • 2 large suites • 1 wet lab |
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