Q: What is a business incubator?
According to the National Business Incubation Association (NBIA), business incubation is a dynamic process that accelerates the successful development of start-up and fledgling companies by providing entrepreneurs with an array of targeted resources and services. Incubators nurture young firms, helping them to survive and grow during the startup period when they are most vulnerable. Incubators provide entrepreneurial counseling, access to financing and introduction to critical business and technical support services. They also offer entrepreneurial firms shared office services, access to equipment and flexible leases.
An incubator is a facility and/or program that provides start-up companies with an environment and a variety of business support resources and services to help them grow quickly and successfully.
Q: What is GMR Business Incubation?
GMR Business Incubator is a managed environment that supplies care, growth and protection for a new risky enterprise in its early stages of development, before it is ready to utilize the traditional methods to conduct its business independently. Our Business Incubation Program applies a broad range of service tools, including consulting for stimulation the preparation of a proper business plan, revision of marketing strategy, assessment of the products/services quality, as well as office access at flexible rates for individual or joint exploitation.
Q: Why so many small businesses fail?
According to the U. S. Small Business Administration, two-thirds of new businesses survive for two years, and less than half make it for four years. And “making it” doesn’t necessarily mean profitable. Why do businesses fail? Top reasons include management inexperience and insufficient capital. Other reasons include inadequate business plan, lack of market knowledge, weak management team and concentration on tactical instead of strategic issues.
GMR Business Incubation Managers works with entrepreneurs to mitigate risk, reduce expenses, develop and execute viable business plans and to improve their likelihood of success.
Q: What are the qualifications/requirements to be an incubator resident?
The requirements for admission to the Incubator Program are:
Q: How long should the executive summary be?
Business plan summaries should be no more than two (2) pages in length and include clearly marked and defined sections about: your product, target market, competitive position, management team, marketing plan, current stage of growth, funding plan, and financial summary.
Q: What kind of businesses do you accept?
Similar to our own client base within the United States, GMR works with businesses in all shapes, sizes, and industries in its Incubator Program. Domestic (U.S.-based) companies that want to expand into a new region within the U.S. or international businesses wishing to enter or expand into the United States are welcomed. We have a core competency working with technology, web-based, and enterprise level products and services; however, we have also worked successfully with service-based professionals, consumer goods, retail outlets, and more. You must at minimum meet our requirements for the Incubator Program listed above, be able to travel to the United States (we can assist you with Visas as needed), and apply online to be considered for our Program.
Q: I have been in business for a few months; do I qualify?
If your business is in the early stages of business development you may qualify. However you must meet the incubatorrequirements listed above.
Q: I have been in business for many years; do I qualify?
Q: I do not have a business plan; can I complete the “Business Incubation Inquiry Form”?
Yes, you may complete the form at www.gmrhq.com/bus-incubation-inquiry-form and tell us about your product and services and what you want to do in USA. We also provide Business Strategy Services. We will work with you to come up with a business strategy for your product and services.
Q: What services do you provide the Incubator?
Please check the details at www.gmrhq.com/business-incubation-services
Q: Do you provide the Incubator offices?
Yes, we have full service offices. The office space range from business cubicles to fully furnished office and range from 100 sq. feet to 400 sq. feet. Please check the details at www.gmrhq.com/business-incubation-services
Q: How much is the rent and what does it include?
Our office cubicle rent is $1,000 USD per month and the office rent is $1,800 USD per month. The rent includes business support resources and services including completely furnished office space, internet, phone service, utilities, counseling, mentoring and use of amenities such as conference room, multi-purpose room, lounge, etc. Use of copier, fax and scanner is also available at a nominal charge.
Characteristics of Business-Incubator rent premises:
Each working place in the Incubator is equipped with:
Q: How long is the lease?
The lease is for one year. At the end of the lease, we re-evaluate together whether the partnership between the resident and the incubator is beneficial to both and whether or not to renew the lease.Businesses can lease more office space as their company grows; we are flexible in accommodating if space is available.
Q: How long can a resident stay in the Incubator?
Generally a resident will be in and out in 3 years or less which is what we require and like to see.
Q: Can I rent your incubator conference room for a meeting?
If you are an incubator resident of GMR, there is no charge for using the conference room.
Q: How can I become a business incubator resident?
The first step is to find out whether your business meets the incubator requirements. If you think your business meets the incubator requirements, fill out the www.gmrhq.com/bus-incubation-inquiry-form and submit an executive summary of your business plan. The information provided in the Qualification Form and executive summary will be evaluated by our Advisory Group.
Q: I have completed the “Inquiry Form” and submitted the Executive Summary of my business plan; what should I expect now?
After you fill out the Inquiry form the information provided will be evaluated by our Incubation Manager. If the information submitted is not complete, we will contact you via e-mail or phone to request further information. This may delay the evaluation process time. It typically takes 2 – 5 business days to complete the evaluation. Once the evaluation is complete one of the Incubation Business Manager will contact you and will discuss you plans in more details. We encourage the incubator aspirants to come to Los Angeles and meet with us to discuss the business strategy and firm up a business launch plan.
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