What is Business Incubation?
What is business incubation? Business Incubation is a business support process which facilitates businesses to become viable and efficient operations by providing them with much needed support and services.
The vision of the incubator is to develop the entrepreneurial spirit (ICT) of the populace of St.Vincent and the Grenadines, by nurturing their business ideas into economically sustainable business ventures.
The main objective of SVGNCTI is to encourage entrepreneurship by providing business ventures with the necessary physical, financial and business advisory support services which will assist them to achieve their targets and become financially viable prior to graduation.
- Physical & virtual incubation- ICT related businesses, for example in the fields of repair and maintenance, software, web design, graphic design and multi-media.
The recipients of our services are residential, virtual and outreach clients.
Services for Residential Clients:
- Provision plug-in office spaces at subsidized rated, which will cover all services mentioned below aside from use of shared office equipment and telephone
- High speed internet access
- Hands-on business counselling
- Ease of access to specalised assistance
- Secretarial support
- Shared used of common facilities( for example; meeting, training and show rooms) and office equipment- may be subject to minimum fee
- Mentoring services
- Common public relation services
- Access to online web portal
- Mailbox facilities
Visiting of businesses at their locations will be arranged according to their needs.
Visiting the physical business incubator by virtual clients will be partly obligatory and coordinated with the management for the Business Incubator.
Eligibility criteria for residential and virtual clients:
Business must have the following characteristics:
- Business must be no less than one year old
- Have a business plan (assistance will be given for the completion of the final document)
- Must not have more than 50% foreign ownership (in shares)
- Must not be an internet café or retailer
- Registration of company
- Should be able to demonstrate financial feasibility
- Should be able to demonstrate social benefits
- Demonstration of export potential is a plus
To become a physical or virtual client, you need:
- Fill out an application form and attend an introductory session(new)
- Agree to an initial counselling session with our staff; further steps will be explained to you
- Submit a completed incubator application form and a carefully prepared business plan
- Undergo our selection process
The Incubation Process:
A business can remain in the business incubation programme for a maximum of three years. After such time, the business will graduate from incubation. There will be a performance and reporting requirement which must be adhered to throughout incubation; as this will be used as a measurement tool. Contracts will be signed with residential and virtual clients, which will regulate exit from the business incubation among other stipulations. Click Here Too See More…
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