Some answers to your most frequently asked questions about business incubation in general, our process, and becoming a BCC member company.
What is a business incubator?
Typical business incubators are programs designed to help entrepreneurs, start-ups and small businesses produce successful companies that are financially viable and able to operate independently. A business incubator provides business support, financing, consulting, and business opportunities to start-up companies through a network of industry contacts.
Business incubators differ from research and technology parks as incubators are more involved at the start-up and early-stages of business. Most research and technology parks do not offer business strategy or consulting services, which are amongst the most beneficial services of a business incubator.
Successful completion of a business incubation program increases the likelihood that a company will stay in business for the long term. Historically, 87% of incubator graduates stay in business.
For up to date business incubation statistics and facts, visit Wikipedia.
Is business incubation a new industry?
No. The term “business incubator” gained popularity in the media with the explosion of Internet incubators between 1999 and 2001, but the business incubation model traces back to the late 1950s.
How do incubators contribute to the local and regional economy?
Incubator graduates commercialize new technologies, thus strengthening local, regional and even national economies.
The National Business Incubation Association (NBIA) estimates that in 2005 alone, North American incubators assisted more than 27,000 start-up companies that provided full-time employment for more than 100,000 workers and generated annual revenue of more than $17 billion. (Source: 2006 State of the Business Incubation Industry)
Also, business incubators reduce the risk of small business failures. Historically, NBIA member incubators have reported that 87% of firms that have graduated from their incubators are still in business. (Source: Business Incubation Works)
Does BCC accept applicants located outside of Winnipeg? Manitoba?
BCC is happy to discuss opportunities with companies outside of the Manitoba region, as the BCC network is far reaching and worldwide.
Who can apply for the BCC incubation program?
BCC works with science or technology based business opportunities. Applicants range from the “back of a napkin” stage all the way to firms with under $1 million in revenue who are looking for management help.
Are only biomedical companies allowed to apply?
No. Although we make a special effort to work with biomedical opportunities, we welcome any business idea within the science or technology sector. If you are developing a computer program or have an idea that can be patented we encourage you to apply for the incubation program.
How does BCC help member companies?
We customize our services within the incubation program to help our member companies be successful. If you are at the idea stage, we can help develop your business plan. If you’re further along, we can help implement and execute the strategies and tasks required to reach success. Every one of our member companies require a different mix of help. Our job is to ensure we lay out a clear path to success and ensure member companies get there.
Will BCC sign a non-disclosure agreement (NDA)?
Yes, but not at our first meeting. At our first meeting we do not want you to tell us anything proprietary. The best scenario is that the Intellectual Property is protected through a patent prior to us meeting. We will however sign an NDA once we start asking for confidential information. We have signed NDA’s in place with all our member companies.
Is there a timeframe or deadline to enter the program?
No, BCC is open to hearing about new, innovative ideas at any time.
What’s the daytime commitment for BCC member companies?
Our member companies are free to work on their start-up at any time of day, as their schedule permits. We require scheduled formal meetings, and can accommodate lunchtime meetings or conference calls.
When does a member company leave the business incubation program?
Member companies may choose to exit the program whenever they are ready to execute their growth strategy independently.
How long does the BCC incubation program last?
Typically, between one and three years.
Who decides who the CEO mentor will be?
BCC has a pool of highly trained and experienced CEO mentors excited and willing to dedicate their time to our member companies. BCC will recommend a CEO mentor who appears to be the best fit for your new organization.
If you have more questions, please contact us
Or for general information on business incubation visit the National Business Incubation Association FAQ page.
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