INcubator at North Brunswick- Admission Criteria
The main purpose of the Incubator at North Brunswick is to provide facilities, services, support and resources for new, small life sciences businesses whose success will be significant to the growth and diversification of New Jersey’s economic base.
Through our application process, we select companies that appear to have strong fundamentals necessary for growth and success. Critical components in our analysis are the management team, the technology(ies) and the plan.
Acceptance of an applicant into the incubator does not imply or express a guarantee of business success for the applicant company. By the same token, rejection of an application does not imply or express a prospect of an unsuccessful business model.
- Only businesses developing or advancing high technology will be considered.
- The principal(s) must have substantial technical and/or managerial skills, experience and education.
- The business must create jobs and have a growth plan to further increase jobs during time at the Incubator.
- The company must clearly demonstrate a need for Incubator services and opportunities.
- The business plan should indicate high growth potential.
- Businesses currently located in other facilities in New Jersey that would propose only to continue their existing business as is will not be accepted.
- All candidates are pre-screened to assure the facility’s ability to accommodate their R&D processes and by-products.
- The long-term intent of the company should be to remain in New Jersey.
- There may be special considerations, which would indicate that it would be advantageous to the purpose of the Incubator at North Brunswick to consider waiving one or more of these guidelines. Should this occur, Incubator at North Brunswick’s Advisory Board and/or Management will review the special considerations.
The prospective tenant company must:
- Have been operating less than 5 years
- Develop or advance proprietary technology which contributes to a significant portion of the company’s operating expenses.
- Be a for-profit enterprise.
- Have a business plan that addresses the following questions:
- Market(s) –size, trends, customer needs, competition
- Product(s)/Services(s) – describe and explain how your product will address customer needs
- Intellectual content of business – does the business contain proprietary intellectual property: if yes, how is it protected?
- Strategic competitive advantage – what will you do better than anyone? Why will customers buy your product?
- Market entry plan – what are your business’s specific plans for entering the market?
- Management team – background and relevant experience of business’s principal management personnel; what evidence do you have that your team can get the job done?
- What are your company’s financial projections?