The UMD Center for Economic Development Business Incubator will support businesses that use or develop technology. Participants will have access to the tools, structure and guidance necessary to maximize the firm's chance of success and growth.
Business Incubator Features
- The Program Agreement covers the cost of the leased space and services
- Services include: mail service, telephone answering, voicemail, cleaning service and broadband Internet
- Access to UMD Center for Economic Development's professional business consulting services including: business plan development, feasibility analysis, market research, advertising/sales, financial analysis, loan packaging, strategic planning, record keeping systems, workshops, information resources, exit planning, e-commerce and electronic procurement
- Resources include: training classroom, computer lab, conference room, focus group facility, and resource library
- The tools, structure, and guidance necessary to maximize the firm's chance for success and growth
- Ongoing management and technical assistance in support of business plan implementation
- Access to business and software workshops.
Program Participant Responsibilities
The first thing to do is to COMPLETE A BUSINESS PLAN
- Each applicant must provide a completed business plan and a cover letter requesting acceptance into the UMD Center for Economic Development Business Incubator Program.
- UMD Center for Economic Development Business Incubator staff will review the business plan, ask questions, and provide feedback.
- The applicant's business plan will be reviewed by the Admission Selection Committee.
- Accepted applicants must participate in a regular review of their business and financial progress to measure company performance against their business goals.
- Accepted applicants must adhere to the terms and conditions of two (2) agreements: Lease Agreement and Program Agreement.
- Accepted applicants must agree to stay in the seven county Arrowhead region of Minnesota for up to five (5) years after leaving the Business Incubator.
An applicant's information is confidential.
Frequently Asked Questions
- What is a Business Incubator?
- It is an economic development initiative designed to accelerate the growth and success of entrepreneurial companies. Business support resources and services include physical space, coaching, common services, and networking connections. A business incubator's main goal is to graduate successful firms that will be financially viable, freestanding and create a regional economic impact.
- May any business apply?
- Businesses that use or develop technology will be given preference.
- Why the requirement to stay in the area?
- The mission of the UMD Center for Economic Development is to assist entrepreneurs and businesses to grow and succeed. The requirement to stay in the area will enhance the economy of Northeastern Minnesota.
- Is broadband Internet included?
- Is local phone service included?
UMD CED hot line: 1.888.387.4594 . firstname.lastname@example.org
For more information on the UMD
Center for Economic Development
Business Incubator, please contact:
11 E Superior Street, Suite 130
Duluth, MN 55802