Economic Development Through Entrepreneurship
Business incubation consists of business support services and resources to help startup and emerging businesses. It is coaching, consulting, planning, networking, accountability and help in obtaining funding. Business incubation also involves rental space for on-site membership, shared basic office services and access to office equipment.
Designed to stimulate economic growth and create jobs, CVBI offers business development services and physical resources to ensure the success of local startup and early-stage companies. CVBI offers classes that teach business fundamentals and train entrepreneurs for their ventures.
CVBI houses five on-site members (who pay a monthly fee) at each of its two facilities – the Launching Pad for mixed-use incubation, and the Claude Laval Water and Energy Technology (WET) Incubator for water and clean energy-related businesses. CVBI also serves more than 30 affiliate members (who pay a monthly membership fee) that can tap into an array of professional services and gain access to CVBI’s services for a reduced fee.
CVBI teaches eight keys that are vital for sustaining a business. These eight keys are emphasized in every ETP class and in the way that CVBI sees its goals as an organization. The eight keys for a sustainable business:
1. Management/Leadership: This is about the person (or people) running the company and their degree or familiarity with the industry. Additionally, credibility and experience play key roles in this section.
2. Operations: This is the combination of people and things—who does what and when. With processes in place, the business should be able to deal with the ever-changing environment.
3. Accounting/Bookkeeping: Topics of discussion are operating budget, the ability to project and control cash flow and other financial records. Additionally, the use of a CPA and bookkeeping software are matters to attend.
4. Financing: The ability to conduct an effective financial analysis that is absent of emotion. The analysis will answer the question of risk and reward. How will capital be raised (what type) and how will money be repaid?
5. Marketing/Sales: The ability to describe your business is paramount to success. One must know who the customers are and where they will come from. Further, distribution channels must be explored.
6. Inventory Control/Equipment Purchasing: These are the tools for success. There are opportunities to purchase, lease or rent equipment. Inventory turnover is a key component. Finally, identifying vendors must be considered.
7. Human Resources: The people who will lead to your business’ success. Where will you find them? Compensation must be planned (including for yourself).
8. Legal: This includes contract negotiations, zoning and licensing. Have you secured legal council to assist with ownership and patents? How legally liable are you?
The first step toward utilizing business incubation is attending one of CVBI’s information sessions, where participants can learn about the services and programs CVBI offers to assist entrepreneurs start and grow their new business. CVBI also offers the Business Planning course, which consists of three levels designed to cover beginning, intermediate and advanced levels of business development. Various single-subject business fundamental seminars take place throughout the year as well. Other opportunities include access to one-on-one consulting, roundtables and networking.
The goal of business incubation is to graduate successful, financially-viable businesses capable of operating on their own. When members graduate from CVBI, they are more likely to sustain a successful business. Consider this: 87% of all incubator graduates are still in business after five years! (National Business Incubation Association)
Register for one of CVBI’s information sessions – visit the calendar for scheduled dates and times, or call us at (559) 292-9033. You can also take the online assessment which will help CVBI recommend appropriate courses and direction for your specific business. We look forward to meeting you. Thank you for visiting our Web site!