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INCUBATOR GUIDE Incubatoris an Incubator Right for Your GUIDE Community? Is an Incubator Right for Your Community?

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INCUBATOR GUIDE Incubatoris an Incubator Right for Your GUIDE Community? Is an Incubator Right for Your Community? INCUBATOR GUIDE INCUBATORIs an incubator right for your GUIDE community? Is an incubator right for your community? Spring 2020 1 Authors: Will Leimenstoll and Carolyn Fryberger Research Support: Ashley Brown Design & Layout: Erin O’Quinn Special Thanks: Maya Anderson, John Austin, Kiersten Chresfield, Scott Langford, Mark Little, Sadie Nott, Dave Olverson, Alyse Polly, Hillary Sherman, Rachel Taylor, Jonathan Thill, Stan Turner, Camille Warren, & Jess Wilkinson NCGrowth-SmartUp is an award-winning applied economic development university center with a goal of directly addressing inequality, poverty, underemployment and other factors that keep people and communities from reaching their greatest potential. NCGrowth’s team includes expert staff across the Carolinas, academic advisors from multiple universities and hundreds of local partners. Together we are transforming communities by (1) providing technical support to promising businesses so they can grow, hire more people, and create wealth; (2) helping towns/counties/tribes create robust local economies with equitable opportunities for residents; and (3) providing policymakers across the U.S. the tools to learn how to achieve success. Learn more at ncgrowth.unc.edu. NCGrowth-SmartUp is part of CREATE, an economic development research center at the UNC Kenan Institute of Private Enterprise working to tackle the problem of severe and increasing wealth inequality by generating shared economic prosperity through a combination of research, data analytics, homegrown interventions and policy development. Learn more at createprosperity.unc.edu. This work is supported by: the Economic Development Administration & the Kenan Institute of Supported by the Economic Development Administration & the Kenan Institute of Private Private Enterprise Enterprise 2 TABLE OF OF CONTENTSCONTENTS EXECUTIVEEXECUTIVE SUMMARY SUMMARY ____________________________________________________________________________________________________________________________ 55 1.1. WHAT WHAT IS IS AN AN INCUBATOR? INCUBATOR? ________________________________ __________________________________________________________________________________ 77 TypesTypes Of Of Business Business Incubators: Incubators: ________________________________ _________________________________________________________________________________________ 77 What WHAT Is I NotS NOT a nA NIncubator____________________________________________________ INCUBATOR _________________________________________________________________________ 88 TABLEDifferencesDifferences Between Between IncubatoIncubato OFrs, Coworking Spaces, Spaces,CONTENTS and and Accelerators Accelerators ______________________________ __________________________ 88 Wh WHOo Is I San AN En ENTREPRENEURtrepreneur??____________________________________________________ _____________________________________________________________________________ 9 9 2.2. HOW HOW TO TO THINK THINK ABOUT ABOUT STARTING STARTING AN AN INCUBATOR INCUBATOR ________________________________ ____________________________________ 1111 EconomicEconomic Development Development Vision Vision ________________________________ _____________________________________________________________________________________ 1111 Survey/InterviewsSurvey/Interviews Of Of Existing Existing Entrepreneurs Entrepreneurs ________________________________ ______________________________________________________________ 1212 DemandDemand Study Study ______________________________________________________________________________________________________________________________________________ 1313 TABLEClearClear Leader Leader ________________________________________________________________ OF CONTENTS__________________________________________________________________________________ 1313 FeasibilityFeasibility Study Study ________________________________ _____________________________________________________________________________________________________________ 1414 FinancialFinancial Pro Pro Forma Forma ______________________________________________________________________________________________________________________________________ 1414 IncubatorIncubator Mana Managementgement Plan Plan ________________________________ _______________________________________________________________________________________ 1414 Location/FacilitiesLocation/Facilities ________________________________ _________________________________________________________________________________________________________ 1515 What What About About The The Private Private Sector? Sector? ____________________________________________________________________________________________________________ 16 16 TABLE3.3. KEY KEY ELEMENTS ELEMENTS OF OF A A SUCCESSFUL SUCCESSFUL OF INCU INCU BATORBATORCONTENTS ________________________________ __________________________________________ 1919 LEADINGLEADING E ENTITYNTITY ______________________________________________________________________________________________________________________________________________ 20 20 LOCATIONLOCATION SERVICES SERVICES ________________________________ ________________________________________________________________________________________________________ 20 20 SSTRONGTRONG P PARTNERSARTNERSHIPSHIPS ________________________________ ____________________________________________________________________________________________________ 20 20 AnchorAnchor Institutions Institutions ________________________________ ________________________________________________________________________________________________________ 2020 SmallSmall Business Business Centers Centers ________________________________ _________________________________________________________________________________________________ 2121 LocalLocal Gove Governmentsrnments and and Nonprofits Nonprofits _____________________________________________________________________________________________________________ 2121 TABLELocalLocal Businesses, Businesses, Mentors, Mentors, andOF and Investors Investors ________________________________ ________________________________ CONTENTS____________________________________ 2121 PROGRAMMING AND MENTORSHIP _________________________________________________________________ 23 PROGRAMMING AND MENTORSHIP _________________________________________________________________ 23 Permitting and Regulatory Guidance ____________________________________________________ 23 Permitting and Regulatory Guidance _______________________________________________________ 23 Business Plan Assistance ______________________________________________________________ 23 Business Plan Assistance _________________________________________________________________ 23 Finance Structure Assistance __________________________________________________________ 23 Finance Structure Assistance _____________________________________________________________ 23 Product Prototyping _________________________________________________________________ 23 Product Prototyping _____________________________________________________________________ 23 Marketing and Advertising ____________________________________________________________ 24 Marketing and Advertising _______________________________________________________________ 24 Employee Hiring/Managing Support ____________________________________________________ 24 Employee Hiring/Managing Support _______________________________________________________ 24 TABLEAccounting and Payroll ________________________________ OF CONTENTS_______________________________ 24 Accounting and Payroll __________________________________________________________________ 24 Market Research ____________________________________________________________________ 24 Market Research _______________________________________________________________________ 24 Employee Training ___________________________________________________________________ 24 Employee Training ______________________________________________________________________ 24 Legal Advice ________________________________________________________________________ 25 Legal Advice ___________________________________________________________________________ 25 Entrepreneurship Training ____________________________________________________________ 26 Entrepreneurship Training ________________________________________________________________ 26 General Mentorship _________________________________________________________________ 26 General Mentorship _____________________________________________________________________ 26 EVENTS ______________________________________________________________________________ 25 EVENTS ______________________________________________________________________________ 25 TABLEPitch Events ________________________________ OF CONTENTS________________________________________ 26 Pitch Events ____________________________________________________________________________ 26 External Networking Events ___________________________________________________________ 26 External Networking Events ______________________________________________________________ 26 Internal Networking Events ____________________________________________________________ 27 Internal Networking Events _______________________________________________________________ 27 APPLICANT EVALUATION AND SELECTION ____________________________________________________ 27 ARecruitingPPLICANT E ApplicantsVALUATION ________________________________AND SELECTION ____________________________________________________________________________________ 27 27 TABLERecruiting
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