At LIHTI, we are always looking to set up partnerships with new startup, high-tech businesses. Due to the growing demand for small business incubators, the LIHTI facility has been continually occupied, resulting in a waiting list for entering the program. The typical waiting time from approval by the Tenant Selection and Review Committee to occupancy is about 6-12 months.
The application process begins by submitting a short statement of interest, followed by a meeting with the incubator's Executive Director. This meeting is set up to discuss the applicant's product/service, to assess the entrepreneur's willingness to be a part of the program, and to determine if an association with the Incubator will add value to development of the entrepreneur's business. In the event that the prospective tenant is asked to complete a more detailed application, the following admissions criteria will need to be addressed:
A product or service that will be ready for market testing or introduction within 180 days.A market feasibility plan substantiated by research and professional judgment.A business profile or plan that includes a 3-year financial projection.
Projections must be monthly for the first year and quarterly for the second and third years.The financial section of the plan must include:
an opening day balance sheeta statement of sources and uses of fundsa list of all start-up expenses and how they will be financedlist of assumptions on which financial information is based.A clear understanding of target markets for products and services, as well as how the company's products or services differ from those offered by others. If the entrepreneur lacks sales experience, the plan must state how sales will be accomplished.A document listing the company's Board of Directors or Advisors, as well as all team members, including professional backgrounds and experiences and their responsibilities in the company.A personal statement and a credit report or references. The applicant must demonstrate the wherewithal to finance the business for the first year of operation.Other considerations:
The company must be within its first three years of operation or in a restart mode.The business must be identifiable as high-tech, technology related business.The applicant must demonstrate potential to create additional jobs within 48 months of admission.The prospective tenant will be expected to schedule a meeting once a quarter with the Incubator's Executive Director or designee to discuss his/her business progress.An insurance policy, including Workers Compensation, will need to be in effect prior to occupancy.A two-month security payment is required in advance of admission.
