New Hampshire Business Incubator Network

Mission :
The New Hampshire Business Incubator Network (NHBIN) is an private professional association of business incubators throughout the state dedicated to sharing resources, information, and best practices among the members with the overall goal of promoting business incubation excellence within all New Hampshire's incubators. Through leveraging our individual resources, we are able to provide a complete package of valuable business and technical assistance to start-up companies in New Hampshire , even when certain skills and talent are not available locally. Through sharing information and best practices, we are able to assure a high level of quality within these best of breed incubators.

The Network is comprised of managers supervising existing and active business incubators in the State of New Hampshire . The NHBIN's mission is to promote incubation – the process of offering entrepreneurial companies low rent, shared Internet and phone lines, and valuable business planning and advice. NHBIN's goals are:

•  Increase awareness and understanding of business incubation among entrepreneurs and community leaders to produce

•  Strive for greater excellence in incubator programs.

•  Establish standards and quality characteristics for incubators throughout the state.

•  Integrate and coordinate incubator activity among the member organizations.

 

NHBIN also maintains the growth and viability of business incubation through shared best practices and resources. NHBIN is comprised of both public and private incubators from every region of the state. While each incubator continues to strive for excellence on an individual basis, the consortium provides the institutions with a united voice for dialogue with state and local leaders who are seeking a greater understanding of the role business incubation plays in economic development. The managers also discuss issues of common concern and exchange ideas, practices and experiences.

Membership in NHBIN is voluntary. Member organizations concur in the basic principles, best practices, metrics and reporting articulated by the association. The NHBIN will foster best possible access for its members to:

•  business incubation training

•  information resources

•  educational programs, workshops and events

•  referrals for more intensive incubation, where circumstances warrant

•  networking

•  access to advisors, investors and business specialists

•  reciprocal privileges in using conference facilities

•  special consideration and access to professional service providers (e.g. law firms, accountants, HR and administrative firms)

Definition:

A business incubator is an economic development tool designed to accelerate the growth and success of entrepreneurial companies by providing array of business support resources and services. A business incubator's main goal is to produce successful firms that will leave the program financially viable and freestanding.

Critical to the success of the program is on-site management, which develops and orchestrates business, marketing, and management resources tailored to a company's needs. Such incubators provide clients access to appropriate rental space and flexible leases, shared basic office services and equipment, technology support services, team-building, access to networks and assistance in obtaining financing necessary for company growth.

Basic principles:

• The energy and resources of member incubators focus on developing early stage companies.
• The member incubators are self-sustaining, efficient business operations, minimizing resources spent on overhead.
• The member incubators offer a sophisticated array of services, programs, and access to outside resources and networks, targeted to companies depending on their needs and stages of development.
• The member incubators communicate and cooperate to effectively deploy their resources, knowledge, and networks.
• The member incubators subscribe to the best practices, metrics and reporting articulated by the Network.

Best practices:

• Obtain consensus on a mission that defines the incubator's role in the community.
• Develop a strategic plan containing quantifiable objectives to achieve the program mission.
• Structure the program for financial sustainability by developing and implementing a realistic business plan.
• Design a building that can be flexible and cost-effective in meeting the needs of a range of developing businesses.
• Recruit and appropriately compensate management which is capable of achieving the mission of the incubator, and has the ability to help companies grow and create value.
• Build an effective board of directors committed to the incubator's mission and to maximizing management's role in developing successful companies.
• Prioritize management's time to place the greatest emphasis on client assistance, including proactive advising, team-building, networking, and guidance.
• Develop an incubator facility, resources, networks, methods, and tools that contribute to the effective delivery of business assistance to client firms and that address the developmental needs of each company.
• Seek to integrate the incubator program and activities into the fabric of the community and its broader economic development goals and strategies.
• Develop stakeholder support, including resource and financing networks.
• Maintain a management information system. Collect statistics and other information necessary for ongoing program evaluation. Use the information to improve the program's effectiveness and evolve with the needs of clients.

• Employ diligent admissions criteria and evaluation to ensure that only promising, viable growth candidates are admitted to the program. Require that candidates submit a complete business plan and evidence of ability to pay rent. Carefully examine vision and value proposition, markets, management, competition, planning and exit strategy, technology, IP estate, ownership, record-keeping and documentation, budgets, financing and staffing.

Metrics and reporting:

• real estate report – occupancy, improvements, projects, near-term plans
• financial statements – I&E, balance sheet
• admissions and graduation report
• services and programs description. Utilization rates and metrics on key services and resources (p. 18-21, US DOC 4/03 report)
• summary of tenant activity – important milestones, financings, liquidations, job creation, relocations
• tenant reports to incubator:

•  financing activity

• staff levels and job creation/growth

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