Learn How Net Incubator Can Help Your Business Grow
The NET Incubator may be able to help you turn your business concept into a reality. Use these questions below to help you determine whether you are ready to take advantage of our programs:
Imagining Phase
- Have you identified your market needs?
- Is your market size and growth rate known and attractive?
- Have you identified your competitors and competing product offerings?
- Have you identified the critical steps to move from concept to working prototype?
- Have at least a few potential users given thoughtful consideration to the product?
- Have any users given feedback on how the product benefits them compared to competing products?
- Have you researched intellectual property barriers?
- Have you secured necessary technology licenses?
- Do you understand the company position in the supply chain?
- Have you identified all necessary regulatory approvals?
- Is the management team a committed champion?
- Have the necessary management team capabilities been identified?
Incubating Phase
- Has a business plan or commercial concept been developed?
- Has some market research been completed and does it show evidence of an attractive market?
- Do you have an understanding of the sales process required to obtain end user commitment to purchase?
- Have you identified two or three salient initial markets/applications with cost and price targets?
- Are you moving from concept to working model?
- Have you established initial specifications for selected applications?
- Has user feedback been incorporated into the design?
- Have you verified that the company has the freedom to apply the technology?
- Have you begun to develop a strategy for IP management?
- Have regulatory approvals been secured and is there a plan for compliance?
- Is a plan in place for securing supply chain relationships?
- Do you have some initial acquaintance with appropriate contacts?
Demonstrating Phase
- Has a business plan been finalized including detailed plans for marketing, sales, operations financing, and general and administrative functions?
- Have sales volume projections and distribution strategy been provided?
- Have plant, property and equipment requirements been identified and arranged for to accommodate business growth?
- Have you proven the reliability of the technology embedded in the commercial product?
- Have you demonstrated with test runs that the product consistently meets the specifications and/or the manufacturing processes are delivering what is expected?
- Are you proving that the product can be manufactured and sold at or near the cost projected?
- Is a contingency plan being developed for preventing and dealing with infringement of the patented product?
- Has a plan for regulatory compliance been implemented with initial production and sales?
- Is a plan in place for how the management team will monitor and maintain progress and quality control, resolve problems, and obtain advice on key decisions about the technical and commercial dimensions of the business?
Ideally entrepreneurs in the Incubating to Demonstrating phase are well positioned to receive early stage funding in the form of development grants.
