ENTRANCE CRITERIA

Application

Eligible candidates wishing to enter the Incubator program may initiate the process by submitting a formal application. Included in the application process will be the submittal and review of a Business and Technology Feasibility Plan.

An application for admission to the NeoTech Incubator can be found here:
Application (PDF)

Criteria for Admission and Approval Process

1. Product must relate to computer hardware/software, telecommunications hardware/software, or Internet and Web hardware/software or a related service.

2. Director meets with the management team/founders. The following is some of the information that will be taken into consideration during this initial screening:

• How the business fits the incubator's mission
• The proprietary aspect of the products or services
• Experience of the management team/founders
• Coachability!
• If there is a match with NeoTech Incubator's capability to contribute to the company's success

3. If the above assessment is favorable, the formal admission review process is initiated. This formal process involves two distinct steps, each of which must be successfully completed to gain admittance.

• The information is analyzed to develop an understanding of the underlying technology as the foundation of the business.
• The venture is examined from an operational viewpoint, reviewing the business model and the experience and commitment of the entrepreneurial founding team.

Information for Review

The following questions need to be answered and provided to NeoTech Incubator for consideration as a client. This may be in the form of an executive summary or a full business plan. (If neither a business plan nor presentation are complete, the company enters the NeoTech Incubator Prep program to complete the requirement.)

Business Overview (included in business plan)

What we do: Provide a description of the business proposition (the range of products and services). Describe the significant problem that your business addresses.

How we do it: What makes us unique? Describe the key differentiating factors of your business that will allow you to gain, sustain and grow a market position. How do you close the door on your competition and maintain your leadership position?

How we make money: Describe the revenue model for the business. Provide details of the source and mention others if appropriate.

Who are our customers and partners? Describe the market, the purchase decision makers in the market, the sales and distribution channel(s), and the sales cycle. Insure that the information is specific to your business opportunity vs. a generalization of the industry.

How large is the market opportunity? What is the size of the specific market and how much can you expect to capture annually over the next few years.

What are the competing solutions? Describe the alternative products and suppliers that offer your customers a solution. Describe how your solution is superior to the competion.

When can we expect to be successful? Describe the major milestones and challenges for developing the business.

Who we are: Describe the principle participants in the business and the positions that need to be filled. What specific strengths and resources does your team bring to the opportunity? What makes you as individuals unique?

What we need to be successful: Describe what you feel is needed to meet the business objectives. What resources do you require from others? What are the metrics that will affect your ability to sustain rapid growth and profitability (i.e. technology infrastructure or other scalable resources)?

Upon acceptance as a resident client, you will need to provide the following information prior to moving in:

• A copy of your company’s business registration
• List of company officers and board members, with addresses
• Names, addresses and phone numbers of two business and two personal references for each company officer
• Copy of your company’s insurance certificate, which should include at least $500,000 of liability coverage