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Business Incubators Increase Your Success

 


John Korpela
Manager, Business Innovation Network
Department of Economic Development
Division of Business Empowerment
Maryland Technology Development Center
9700 Great Seneca Highway
Rockville, MD 20850
 240-453-6348
 John.korpela@montgomerycountymd.gov
 www.smartmontgomery.com

  • An Incubator is a place where businesses get help to grow.
  • The county government funds incubators to help entrepreneurs grow and create jobs in the county.
  • Entrepreneurs come to them with an idea and....
    • They help them prepare their business plan.
    • They coach them
    • They have space but they are not about space.
    • They space is a little below market rate.
    • They have lab space for scientific entrepreneurs.
    • They provide training programs.
  • They look at the viability of the entrepreneurs to have a viable business idea.
  • They have about 150 companies in the program, including:
    • Bio Companies
    • IT Companies
    • Service Companies
    • Marketing Companies
    • Accounting Firms
    • Government Contractors
    • International Companies
    • Green Tech Companies
  • The companies pay $300-$400 a month for office space and all the services are free. The companies also get use of the conference room, copiers, faxes and about 100 free training programs a year.
  • The training can include anything from basic accounting to how to do an IPO.
  • Most come in with very little financing and need more money. They help teach about financing.
  • They have serial entrepreneurs. Some people come back and use the services to start a new business after they sold their first business.
  • There are different kinds of incubators around the country. They are probably the biggest or at least in the top 5.
  • Companies stay from one year to 5 years.
  • The companies can get out of their incubator agreement within 60 days.
  • Small Business Administration data shows that about 80% of businesses fail. In their incubator program, about 85% of them become a success.
  • You have to apply to be accepted by the incubator program.
  • They offer free legal help with Copyright Law, Patent Law and Business Law. This can be worth $10,000 to the incubator business.
  • There are 22 incubators in the state of Maryland alone.
  • National Business Incubator Association (NBIA) is the place to look for incubators around the country.
  • They have graduated over 90 companies in the past 10 years and 83 are still in the country.
  • There are about 60 women and minorities in their programs.
  • You can come from anywhere and they will help you start a business in Montgomery County.
  • They have companies from overseas come and use their program to start a bsusiness in the United States.
  • They also have a network of venture capitalists and angle investors that keep coming to them looking for businesses to invest into.
  • They help their companies with presentations when looking for money.
  • You can move in and take over one office, but then grow into having more offices in the program.
  • The economic downtown creates more entrepreneurs.
  • To Find An Incubator Program Near You Contact:
    National Business Incubator Program
This video was made at Future Harvest SASA Annual Convention
http://www.futureharvestcasa.org/
ADDITIONAL SOURCES:
PODCASTS and VIDEOS:
BUSINESS PLANNING:
BEGIN ABOUT 4:15 on 0074.MTS
QUESTION AND ANSWER SESSION:
For more information on participating in the Question and Answer Session, see:
Money for Beginning Farmers, Nurseries, Agribusinesses.
Low-Interest Loans & Grants For Farms, Wineries and Forest Products.
Ag Grants for Individuals, Researchers, Farmers, Consultants & Students.
Money If You Promise Not To Sell Your Land To Developers.
$6,000 For A Portable Cover To Extend Fruits and Vegetables Growing Season.
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