Business Incubation Centre (BIC)

It is widely suggested that the average first year survival rate for new businesses is 20%. It should be noted that this statistic does not take into account extreme economic circumstances such as those existing in Linden and Region 10.

It is in this context that Business Incubation is an integral aspect of LEAP. This economic development methodology is intended to contribute to revitalisation and diversification of the local economy through fostering entrepreneurial talent.

	Brochure: Business Incubator

The LEAP Business Incubation Centre (BIC) is housed in the Region 10 Business Centre which became operational in May 2005. It consists of eight (8) business suites and two (2) light industry spaces that are on offer for rental to start up businesses. This is augmented by a lobby and reception area, meeting and consultation rooms, a business resource centre, and a training facility. Taken together, these constitute a comprehensive business incubation centre.

Those businesses currently being incubated have come into residency at the Incubator by satisfying the Tenancy Committee that they meet the entry criteria for tenancy, inclusive of presentation of a viable business plan, and showing through the interview process that they have desirable levels of understanding of the business being launched.

Incubation services are being provided to tenants through a wide range of business support services provided mainly at subsidised rates. This includes training, technical assistance, reception and secretarial services, internet access, telephone and fax services. Rental of the space with associated amenities is also subsidised.

The fact that other LEAP services are housed in the same building, and that support organisations such as The Linden Fund and The Linden Chamber of Commerce are resident also adds to the nurturing environment that Incubator tenants are benefiting from as they work to develop their fledging businesses.

The Business Incubator also houses six (6) tenants in picturesque kiosks located in front of the centre. These tenants are also benefiting from business support services.

Through the Incubator, and specifically by means of the Youth Entrepreneurs Network (YEN), young entrepreneurs are being encouraged and supported for development of their businesses, and to be a catalyst for other youths choosing entrepreneurship as an employment alternative.

Target Groups

• Existing and start-up entrepreneurs
• Community enterprise groups

Affordable Business Facilities

The incubator building located in the Region 10 Business Centre is equipped with the requirements for the operation of an efficient enterprise. The incubator offers:

• Reception and display area
• Self contained areas which house the enterprise
• Internet and telephone connection
• Training and Conference facilitates
• Client Reception facilities
• Resource center for business research
• Access to utilities
• Storage space
• Parking and security

Leases are prepared for a specific period of tenancy, and space is provided at a flat fee rate of rental with free utilities and services. This fee is designed to be nominal at the inception of tenancy, increasing over time and peaking during the period when the tenant is expected to be ready to exit the facility. Tenants are provided with the basic office furnishing and in some cases assigned during the incubation period.

Shared Services

Incubator clients include actual and virtual tenants, both of which also have can to Business Advisory Services, shared fax, incubator management, secretarial support services, logistical support for conferences, promotional activities and display. Virtual Tenants may make arrangements to use the Incubator facilities as needed for a nominal fee.

Business incubation is essentially a service and LEAP offers a comprehensive range of business development services to its virtual and tenant incubator clients. These include preparation of business plans, assistance with access to credit through LEAF and other providers, management counseling, accounting assistance, marketing assistance, computer training, legal services and guidance on statutory obligations.