|
|
|
|
Admissions Process
Eligibility Requirements
Acceptance Procedures
Entrance Criteria
Exit Criteria
Eligibility Requirements
- The company is a technology-based enterprise researching, developing or commercializing innovative new products or services in the life sciences area.
- The company has a focus in the life sciences that is compatible with MCG research or programs
- The company has, or intends to have, a working relationship with MCG
- Growth oriented, for-profit corporation or other legal entity
- No more than twenty (20) full time employees at the LSBDC site
- Amenable to advice from our selected business and technical advisors
- Company agrees to participate in surveys while in the Program and for five (5) years after graduation from the Program. These surveys are necessary for programmatic purposes to collect general financial, sales, and employment information in order to determine the Incubator’s effectiveness and will not be published or made public so as to link specific information about any individual company without permission.
> back to top
Applicants must submit:
- A completed application form.
- A completed, high-quality business plan or feasibility plan including a description of:
- The company’s current and/or planned products and
services
- Market strategy and Sales plan
- Management or Technical team
- 3-year financial projection
- Full disclosure of any potential or existing lawsuits or legal actions
- Acknowledgment of the incubator charges for space and the role of equity in exchange for business mentoring
After a preliminary review of the above, the applicant company may be asked to present the Business Plan to an Admissions Board. Admission will be determined by the recommendation of this Board.
> back to top
Entrance Criteria
- A company will be admitted based on the promise of its research and development, the existence of a definable market for the potential product or technology, and adequacy of funding
- Company must submit a written business plan including a market strategy and 3-year financial projections
- Company must be growth oriented
- Company agrees to work with the Incubator Management to identify its business development needs and appropriate milestones to be reached to insure successful graduation from the Incubator Program.
- Company must be willing to accept mentoring
- Must meet with assigned mentors a minimum of once every month
- Company must provide baseline business data as requested by Incubator Management
- Company agrees to claim affiliation with the LSBDC only as a member and Licensee of its Incubator space and resources
- Use of the MCG or LSBDC name or logo is strictly prohibited without the written consent of the Incubator Management
- Company must inform the LSBDC of material changes related to:
- Management Personnel and Structure
- Research
- Business Plan
- Financial Status
- Internal Operations
- Company must have advance approval for its research program
- Company may not keep live animals in labs for purposes of research
- All Companies must abide by the Rules and Regulations of the LSBDC and the MCG campus as specified in its License Agreement
- Company must provide proof of financial ability to pay rent and maintain adequate insurance
- Company agrees to cooperate with an MCG-appointed expert to insure environmental safety
> back to top
Exit Criteria
- Occupancy is on an annual basis, but expected to last no more than seven (7) years, in consecutive one-year terms
- Extensions beyond seven (7) years will be at the discretion of the Board of Directors Executive Committee
- In certain situations a Company may exit the Program prior to its License termination date
- Failure to meet the terms of the License Agreement, to comply with campus regulations, or to accept professional mentoring and/or achieve agreed upon milestones can result in an early termination of a Company’s
License
- Exit Interview with Incubator Manager
- Company agrees for a period of five (5) years to provide baseline financial, sales and employment information
> back to top
|
