Incubator FAQ's

• What is a business incubator?
• A business incubator is a facility designed to provide space and services to young companies in an atmosphere that supports their growth. Nationwide, "incubated" companies are much more likely to become successful than those "non-incubated" businesses. Among the most successful incubators are those that are affiliated with institutions of higher learning. There are highly successful models of all types of incubators, both for-profits and non-profits, mixed-use and niche market, and everything in between. But a business incubation model must be appropriately adapted to the community it serves and be well planned with realistic goals for self-sufficiency. Not all start-up assistance programs calling themselves incubators meet the criteria. Studies have found many common themes to successful incubation, such as customizing business assistance services to meet a client's particular needs; offering flexible space and leases to meet changing needs; and facilitating networking among colleagues and mentors. These features of successful incubator programs have become known in the industry as "incubator best practices."
• How can becoming a resident company at the Vermont Tech Incubator benefit your business?
• Residency provides three broad benefits to every member company. First, the selective admissions process lends credibility to you're your business. Second, the consulting services and support structures provide a nurturing environment with built-in advisors and a network of peers. Third, the professional atmosphere, flexible private spaces and high-quality shared facilities allow you to put your best foot forward for customers, partners and investors.
• Who will the Vermont Tech Business Incubator benefit?
• The incubator will serve diverse segments of the Vermont population:
• Low to moderate income earners
• Students at Vermont Technical College
• Biotech or high tech based jobs for start-up and existing companies
• If we move into the Vermont Tech Business Incubator, how long can Our company stay in the incubator?
• Barring extremely unusual circumstances, the maximum residency period is three years. The occupancy model depends on this three-year cycle to create a vital environment for a business to move into, expand to larger a space as necessary, and then leave "the nest".
• How can we prepare for the application process?
• Applying to become a resident business at the Vermont Tech Business Incubator begins with a preliminary consultation with the Incubator Manager. Within the written application process, the VTBI staff will review the history of your company and your future plans for growth.
• What principles and best practices govern the operation of the incubator?

Vermont Business Resource Center & Technology Incubator Core Principles and Best Practices

1. The incubator aspires to have a positive impact on its community's economic health by maximizing the success of emerging companies
2. The incubator itself is a dynamic model of sustainable, efficient business operation.

• Commit to the two core principles of business incubation
• Obtain consensus on a mission that defines its role in the community and develop a strategic plan containing quantifiable objectives to achieve the program mission
• Structure for financial sustainability by developing and implementing a realistic business plan
• Recruit and compensate management capable of achieving the mission of the incubator and having the ability to help companies grow
• Build an effective board of directors committed to the incubator's mission and to maximizing managements role in developing successful companies
• Prioritize management time to place the greatest emphasis on client assistance, including proactive advising and guidance that results in company success and wealth creation
• Develop an incubator facility, resources, methods and tools that contribute to the effective delivery of business assistance to client firms and that address the developmental needs of each company
• Seek to integrate the incubator program and activities into the fabric of the community and its broader economic development goals and strategies
• Develop stakeholder support, including a resource network, that helps the incubation program's client companies and support the incubator's mission and operations
• Maintain a management information system and collect statistics and other information necessary for ongoing program evaluation, thus improving a program's effectiveness and allowing it to evolve with the needs of the clients.