Business Incubator
WHAT IS A BUSINESS INCUBATOR?
- A business incubator is an economic development tool designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services.
- A business incubator’s main goal is to produce successful businesses that will leave the program financially viable and freestanding.
- These incubator “graduates” create jobs, revitalize neighborhoods, commercialize critical new products and strengthen local economies.
The Benefits of Incubation
QUALITY Incubator companies receive exposure to best practices and enhanced financial networks leading to faster growth and greater business success.
CRITICAL COST SAVINGS Participants benefit from shared services and facilities. Overhead costs are minimized, allowing valuable start-up capital to be used for expansion.
STRUCTURE Progress and measured performance objectives of each business will be closely monitored and plans adjusted as needed to ensure these goals are achieved.
SYNERGY Not only is the incubator a hub for business resources and links with other economic development organizations, the group dynamic of ‘sharing-the-journey’ can forge positive and lasting relationships.
| Types of Users |
| Commercial Kitchen |
| Specialty Food Producer |
| Caterer |
| Baker |
| Private Chef |
| Street Vendor |
| Fund Raiser |
| Occasional User |
| ...and so many more! |
The Incubation Difference
The incubation difference really comes down to contacts and resources.
It’s the incubator director’s job to know the people in the
community – academic administrators, business owners, government officials,
and so on – who can help small businesses thrive. The incubator coordinator
knows what kinds of help a start-up company might need and has the contacts
and resources to supply that help.
OUR FACILITY
Located on the top floor of this new mixed use building, the Lokahi Pacific Business Incubator will provide private office space, business support and counseling services, and state-of-the-art equipment and amenities for up to 9 start-up or expanding service and professional businesses.
Additionally, by utilizing the commercial kitchen and the restaurant/café, the program can incubate at least 12 food specialty product businesses – and train and place 48 skilled hospitality workers annually.
Mixed-Use Concept
Occupying the ground level rear of the new structure is Maui’s
first shared-use, licensed commercial kitchen.
The fully-equipped 2-station kitchen will be operated by Lokahi Pacific as part of its business incubation program, and will be available for general use by the community.
More...
The incubator’s partnership with the café
operator will enable incubator participants to test market their products
and services.
In addition to private office space, the incubator will provide client companies with the types of support services and resources that established companies are able to manage for themselves, including:
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OUR PROGRAMS
BUSINESS DEVELOPMENT Programs that will provide business development, financial, and technical training to entrepreneurs; that will provide access to capital resources; that will provide referral services; and that will encourage and support the establishment of new and expanded enterprises.
SERVICE AND PRODUCT DEVELOPMENT Programs that will help entrepreneurs develop, test and market specialty food products and services; and that will provide hands-on development training in those areas.
WORKFORCE DEVELOPMENT Innovative on-the-job training programs offered through a unique tenant collaboration that will provide hands-on training in the hospitality industry.
E-COMMERCE UTILIZATION Programs that will provide strategies to educate businesses on the advantages of the internet and e-commerce, and that will promote their use as a means of reaching out to broader markets and retaining and expanding existing businesses.
ADMISSION REQUIREMENTS AND EVALUATION CRITERIA
ADMISSION REQUIREMENTS
Application Form: Download below, or pick up at 62 North Market Street, Suite 300, Wailuku, HI.
Requirements:
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EVALUATION CRITERIA
- Business Plan
- Adequate Financing or Evidence of Current Cash Flow
- Abilities of Owner(s)
- Growth and Employment Potential
- Need for Incubator Program and “Fit” with Other Businesses
- Locate Within Region Upon Graduation from Incubator
FOR MORE INFORMATION or to SCHEDULE A PRE-APPLICATION MEETING
CALL Pono Center Staff
at
808-442-3028 or
fax: 808-442-3029
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| This application is delivered in PDF
format. If your computer has the appropriate software, it should open
automatically for you to print. |
