provide physical space and other resources to new firms in hopes of promoting economic development. Business incubators use business plans to screen prospective applicants.
LP1 Assignment: Business Incubator
Directions: There are two primary reasons for writing a business plan internal and external. The internal reason forces the team to work together to figure out the details. The external reason is to sell your idea to get funding to investors and/or bankers. A business plan is a selling document for a company. One type of organization that is sponsored by a university to assist new businesses is a business incubator. They will provide physical space and other resources to new firms in hopes of promoting economic development. Business incubators use business plans to screen prospective applicants.
Take a virtual incubator tour by visiting the Technology Incubator at the University of Central Florida in Orlando Florida or find an incubator on your own by conducting a Google search. Also find a business incubator in your area by contacting the local Small Business Development Center.
In a 1-2 page report explain what the requirements are for becoming a prospective applicant for the business incubator. Do they require submission of a business plan? What resources and services does the incubator provide to the new venture? What are the expectations for the new business if selected as an applicant (growth or product development)? What financial funding resources does the incubator have access to assist clients (i.e. State funding sources bank loans bank guaranteed loans angel networks)? How long can the business remain in the incubator setting and are there any fees associated with this arrangement?
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