Wanna know how it works?
Potential SBI tenants must sign a lease agreement, furnished by SBI and operated by A Circle of Ten, Inc.-Rural Collaboration Resource Center, for one year initially and year-to-year, thereafter. The same lease agreement will be signed by two C10 persons. All tenants must meet SBI’s entrance criteria and obey the exit policy.
Once a tenant’s application is accepted and the lease is signed by both parties, the following will be issued by the SBI director:
- Suite key(s)
- Security key(s)
- PIN # for the copier
- Telephone – Tenant must arrange his own telephone line. The telephone jack is provided in each suite.
- Housekeeping – Provided by C10 (not inside the suite, but the common area only. Tenants leave their trash cans outside the suite and the custodians will empty them)
- Conference/Meeting room – Available by reservation (fee & usage determined in Lease)
- Parking – Tenants are encouraged to use west side parking area, at no charge &/or lots provided by City.
- Smoking – This facility is a non-smoking facility. Smoking is not permitted.
What Happens Next?
Just as everything else, some day it will become necessary for all to leave the nest. Below are the guidelines for leaving!
The typical length of stay for a business in the Circle of Ten’s – Small Business Incubator (C10-SBI) is between 3 and 5 years. According to the National Business Incubation Association, the average time for a business to be located in a business incubation center is approximately 3 years. Tenant businesses are required to meet with the Program Director quarterly to review progress of the business. . Within the 5 year period, a business owner may be asked to relocate his or her business if progress toward graduation is not being achieved.
The only exception for a business to remain in the C10-SBI beyond the 5 years is if a new product or service line presents a particular new challenge, relocation space is being developed or they are negotiating for the sale of the business. The C10-SBI’s policy is purposely generous to try to work with each business on an individual basis. Extension beyond 5 years is at the discretion of the C10-SBI’s Director who conducts the quarterly review with the business owner. C10-SBI’s Advisory Committee Members will be kept advised of tenant progress.
A business incubation center is not meant to be a long-term home for a new company, but is meant to provide assistance during early stage development. Beyond early stage (after 3 to 5 years), incubated businesses are anticipated to outgrow the C10-SBI and be in a position to provide for themselves the services that have been shared collectively in the business incubator.
Exit and Graduation Criteria
The client shall be a candidate for graduation after achieving one or more of the following benchmarks for graduation:
- Client has experienced significant revenue growth and/or profitability allowing client to continue operation without further assistance from C10-SBI.
- Tenant Client employs 5 or more employees to work at the incubator facility.
- Tenant Client’s need for rental space equals or exceeds square feet available
- Client is acquired by another company.
- Client, if a corporation, makes a public offering of its stock.