The Incubator: Metro Broward Economic Development Corporation’s Small Business Success Center says it aids startup companies by providing access to advice from industry leaders, academic professionals, subject matter experts, financial advisors, marketing and public relations professionals – all within a solid, turn-key infrastructure.
President & CEO:
Michael E. Carn
What It Costs: $395 per month, no lease required. Virtual offices start at $150 a month.
What It Offers: Private, furnished office with 24/7 access; corporate address with mail delivery; high speed Internet and telephone; conference room with seating for eight people; copying and fax facilities; business coaching and mentoring.
Tenants: Carns declined to name tenants due to client confidentiality.
How to Qualify:
” Be a business registered and operating in Broward County for at least three months.
” Be a business based on developing a professional service or commercializing an innovative product.
” Have a completed business plan or executive summary that addresses market analysis, financial projections, funding requirements, background on management team and milestones to reach while in the incubator.
” Have a management team in place.
” Have some capital investment from principals.
” Have a customer base.
Training: MetroBroward’s Entrepreneurial Institute was formed in collaboration with Broward College and The South Florida Regional Planning Council to provide a one-stop resource for starting, growing, funding and maintaining a competitive small business.
How Do You Measure Success: Incubation graduation within three years.
Sponsors: Bank of America; BB&T; BankUnited; CDFI Fund; Chase; Comerica Bank; Florida Community Bank; FHL Bank; Florida Department of Enterprise; Mercantil Bank; PNC Bank; Suntrust; TD Charitable Foundation and Wells Fargo. ?
Key metrics: The company’s 2011 IRS filing says it granted one new loan of $70,000 loan in 2011 and was servicing 10 loans totaling $360,000. The incubator had two client as occupants. The company also reported assisting 250 other clients, providing nearly 1,100 hours of training.