OITC staff members and professionals provide guidance in understanding and meeting the requirements associated with starting a business. We ensure our tenants and students gain the knowledge necessary to make an informed decision toward business ownership.
A business incubator functions much like an incubator for newborn chicks or premature infants. It provides an artificial environment that augments the newborn's immature systems, helping sustain them until their systems have grown and matured enough that they can survive on their own outside the incubator. In this way, the long-term rate of survival of small businesses increased significantly over what it would be if they were left on their own.
According to research, small businesses fail in the first 3 to 5 years. Studies show that the top two reasons for failure are management inexperience and insufficient capital. Other reasons small businesses fail include:1. Inadequate planning, 2. Lack of market knowledge, 3. Failure to seek the advice of a professional, 4. Failure to seek advice of other people with experience in their business, 5. Lack of financial planning and review
Clients pay a low, affordable monthly fee for services beginning at $350 per month.
The OITC has several "benchmarks" for graduation. One or more of them may trigger graduatiuon. They are:
- Significant growth in employees and/or revenues
- Change of ownership
- Revenue growth over a predetermined and agreed upon threshold
- Facilities needs that are beyond The OITC's ability to accomodate
Read the OITC Policies and Procedures Manual for a full explanation
Listed below are resources (Websites) that you will need to assist you in opening your own business.
. The OITC is committed to assisting you with understanding the requirements for starting your own business!
- Admission Policy
- Credit/Reference Authorization
- Detailed FAQ
- Emergency Contact Form
- Event Request Form
- Incubation Initiation Checklist
- Key_ID_Decal Form
- Policy & Procedures Manual
- Tenant Lease Agreement
The OITC has an application process that looks at the applicants potential for job creation, sales and marketing prospects, and whether the business is or can be properly financed. Once a business is approved as a tenant, they are entitled to a broad array of services including management and financial planning, marketing assistance, technology and technical assistance, business planning assistance, accounting advice, assistance on financial matters, and networking contacts.