Selection Process

 

Companies applying for tenancy in the incubator will be evaluated by the following criteria:

 

• The application of a unique technology-based innovation. This does not necessarily mean high technology or a technical product. Although the venture does not have to have a proprietary product, service, or niche, it should envision a competitive edge.

 

• Reasonable anticipated risk parameters.

 

• A strong business model that demonstrates a well-defined potential market and affords an opportunity for the client to achieve near-term positive cash flow and an eventual sustainable advantage in the marketplace.

 

• A full-time commitment from the founding scientists/entrepreneurs. The principals must be willing to make a full-time commitment to their venture and be able to support themselves and the development of their firm during both its embryonic stage and its follow-on and growth phases.

 

• The venture's potential contribution to the Virginia economy.

 

• Benefits that the applicant will garner from incubator occupancy.

 

• Patent protectability.

 

• Job growth potential.

 

• The adequacy of the startup funds that are readily available.

 

• The applicants' professional experience and education.

 

• The impact of planned activities on existing incubator residents.

 

 

 

Review of Application Process

The process from inquiry through disposition will take a minimum of 15 business days.

 

• Submission of Needs Assessment Form and a Summary Business Plan (Needs Assessment access provided by incubator personnel when appropriate).

• Review of the entrepreneur's materials by incubator staff and by the incubator admissions committee.

• Notification of disposition of application.

• Review and execution of a Revocable Permit for Occupancy.