(last updated Jan. 3, 2014)
To join the Incubator, each applicant company must follow an application process that includes the firm providing detailed information on its venture through an application form and a face-to-face presentation during a review by the Incubator Committee. The company’s fit with the goals of the Incubator will be assessed based on criteria including:
- The viability of the company’s technology/product,
- The strength of the company’s business model
- The benefits to the university, i.e., collaboration opportunities for faculty or the employment of students
- The economic development potential of the venture
If fit is determined and the Committee offers the applicant company space within the program, the Incubator will provide the successful company with a Term Sheet detailing the lease terms and conditions of entry. If the company accepts the terms and conditions of the proposed lease, the company’s executives shall indicate understanding and acceptance of these terms and conditions by signing and returning the Term Sheet to the Incubator. The company’s entry into the program is not guaranteed until this Term Sheet has been signed by the company and accepted by the Incubator.
The Lessee Company shall comply with all rules and regulations of the University, as well as with any state and/or federal laws associated with their research or business venture. The Incubator management will collect, on an ongoing basis, documents that demonstrate compliance with the lease and with university policies such as insurance certificates, grant agreements involving faculty and other corporate documents detailed in other Incubator policies listed on this website.
Leases are offered for three years with an annual $2 per square foot increase each year. Incubator leases will adhere to the University policy on leasing.
Renewals may be possible, and these are granted based on a review of the company’s operations carried out by the Incubator Committee. Renewals may be granted in those cases where:
- Circumstances beyond the company’s control prevent graduation
- The company is making a clear, good faith effort to address issues affecting its inability to leave
- The Lessee Company is working to address issues of operational concern, raised by the TIP Committee in its reviews
Each Lessee Company will undergo a bi-annual review by the Incubator Committee and will provide regular
information updates in response to staff and management requests. Each Lessee Company will provide the information necessary for the Incubator to actively engage in providing business development advice and support to the company.
The Incubator will also collect quarterly and annual data on each company’s contribution to the state economy and the university community. Under the terms of their leases, Incubator Companies are required to respond to survey requests made by the program for the purposes of its incubator metrics reporting.
Incubator companies, as members of the incubator, are expected to participate in a majority of events organized by the program – seminars, training and other events.