Student Business Incubator: For Applicants
Steps in Tenancy
Applicant(s) who receive space must sign an agreement, including, but not limited to:
- Finished applications should be sent to StudentBusinessIncubator@gmail.com
- Applications will be distributed beginning in the Fall 2008 semester, for tenancy beginning January 2009.
- Applications will be held on file for one year.
- The Student Business Incubator Board (SBIB) will review all of the applications. General selection criteria include:
- Applicant(s) must not be under academic probation at UW-Madison
- Applicant(s) must categorize their venture as either: a) a business that has started operation or b) a business idea, not yet in operation
- Applicant(s)/Owner(s) must have a legal business or business idea. If the owner(s) have a developed business it must follow legal practices, including, but not limited to acquiring revenue in a legal matter (e.g. selling products or services). If a student does not have a developed business, but a proposed business idea, it must follow legal practices, including, but not limited to, acquiring revenue in a legal matter (e.g. selling products or service)
- Applicant(s) must complete the application, including the Personal Statement (rated 2 through 10; 2 = inadequate, 10 = adequate)
- Applicant(s) in addition to the application, must provide: Each criteria rated lowest through highest, 1-5 respectively.
- Business Plan (click for help writing one)
- History (Not applicable if not yet in operation)
- Past milestones (Not applicable if not yet in operation)
- Future Timeline
- Description of product(s) and/or service(s)
- Resources necessary for operation (e.g. people, equipment, financing)
- Financial projections for future operation (at least one year from start of tenancy)
- Marketing Plan
- Target market – who needs or will buy product(s)/service(s)
- How will you reach your target market
- What are the companies’ strengths and weaknesses
- What are the companies’ opportunities and threats
- The final ten (10) applicants must give five minute presentation, followed by five minute Q&A of Student Business Incubator Board, to narrow down to final six (6) to be granted space
The advisory SBIB will interview ten finalists that meet the criteria above to decide which businesses will receive tenancy. These finalists will give a five minute presentation, followed by a five minute question and answer session, to the SBIB. They will also be required to condense their business plans into two to three pages to be presented at that interview.
Agreements for the use of space must be signed by the final six businesses. The agreement is currently under construction.
Previous applicants not admitted into the Incubator are encouraged to re-apply.
Incubator operations and tenancy during the summer and winter breaks have yet to be determined.
- Abiding by Student Activity Center guidelines
- Participation in at least one SBI outreach program
- Releasing UW-Madison and its entities of any legal liability