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

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 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.

 

The Incubation Difference
The incubation difference really comes down to contacts and resources. It’s the executive 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 executive director 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 provides private office space, business support, and state-of-the-art equipment and amenities for up to 10 start-up or expanding service and professional businesses.

 

Additionally, by utilizing the commercial kitchen, the program can incubate at least 30 food specialty product businesses.

 

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:

  • Furnishings

  • Business Address

  • High Speed Internet

  • Telephone with Answering & Voice Mail

  • Photocopier, Fax, Postal Machines

  • Conference Room

  • Training, Meeting, and Private Banquet Room

  • Quarterly Business Plan Review

  • Business Seminars & Forums

  • Information Technology Services

  • Access to Business Loan Programs

  • Access to Business Services

  • Professional Building Management

  • Utilities, Janitorial, & Maintenance

  • Security

  • Networking with fellow Entrepreneurs


ADMISSION REQUIREMENTS AND EVALUATION CRITERIA IS BASED ON AVAILABILITY

FOR MORE INFORMATION or to SCHEDULE A PRE-APPLICATION MEETING

CALL Pono Center Staff at 808-442-3028 or fax: 808-442-3029

 

REQUIREMENTS:

  • Complete the Application

  • Current Business Plan

  • Current Financial Statement (1 year plan)

  • Signed Credit Reference Authorization Form

  • Copy of Resumé

  • Be a New or Emerging Business

  • Ability to Pay the Monthly Lease/Rent

  • Provide Certificate of Liability Insurance

Business Incubator Application Form or pick up at 62 North Market Street, Suite 300, Wailuku, HI.

Blue Hawaii Conference 2
Blue Hawaii Office
Blue Hawaii Conference 1

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