What is a Business Incubator?
Business incubators nurture the development of entrepreneurial companies, helping them survive and grow during the start-up period when they are most vulnerable. Incubators provide their client companies with business support services and resources tailored to young firms. The goals of incubation programs are creating jobs in a community, enhancing a community’s entrepreneurial climate, retaining businesses in a community, building or accelerating growth in a local industry, and diversifying local economies.
What Type of Organization is the Incubator?
The Santa Fe Business Incubator is a 501©3 Charitable Organization with a volunteer Board of Directors.
Does the Santa Fe Business Incubator take Equity from its Client Companies?
The SFI does not require that its clients give up equity in their company as a condition for acceptance into the program.
Does the Incubator help with funding?
The Santa Fe Business Incubator does not provide direct funding, but it does help identify possible sources based on individual client needs. SFBI is a Kiva Trustee Organization and can assist small businesses in applying for micro-loan of up to $10,000 at 0% interest on the Kiva crowd-lending platform. Visit the Kiva site for more information.
What kind of space do you offer?
The Santa Fe Business Incubator has office, light manufacturing, warehouse and lab space. We also offer Co-working space (general public), a Fab Lab, and a shared BioScience Laboratory.
Do you have a Commercial Kitchen Space?
Commercial Kitchens are available in Santa Fe including one called The Kitchen that competed in the 2015 BizMIX competition. While SFBI does not have a commercial kitchen facility onsite we have a close relationship with Delicious New Mexico and the Mixing Bowl Kitchen Incubator in Albuquerque. If your food service startup is in need of the Incubator’s services we offer an Affiliate Client status for companies that reside outside of our main campus.
Is the Application Process Difficult?
The Application process is easy and most components are filled out on-line (Apply Now link or visible on page). Acceptance into the program is competitive because the SFBI strives to serve all of its clients with personalized attention, programming and coaching. SFBI primarily looks at three things when evaluating a company for acceptance into the program:
- Potential & Desire for Growth
- Business & Revenue Model
- Commitment to Santa Fe
How much does it cost?
We offer office, lab, light manufacturing and warehouse space ranging from $400 per month to $800 per month.
Co-working space ranges from $75 for a 10 visit punch card to $60 per day for a private drop-in office.
Bench space in the shared BioScience Lab is between $1,000 and $1,200 per bench.
Affiliate clients pay $200 per month which includes access to conference rooms and our drop-in office space in additional to programming and coaching.
RUNWAY is $200 for the course which may be applied to the cost of other Incubator services upon completion.
What does the program provide? Resident and Affiliate Clients have access to the following free services:
• access to mentoring, business coaching and consulting (see ‘Business Advisers below)
• a receptionist to greet your visitors
• shared office equipment, including color copiers, printers and fax machines (nominal fee for use)
• workshops and seminars on a variety of business-related topics
• lunch room and break facilities
• a business resource library
• ample parking
• room to grow and expand within the Incubator
• a convenient location, easily accessible by car, air or rail
Business Advisers: Business and technical assistance is provided by experienced volunteers from the business community. Advisers meet with entrepreneurs one-on-one or as part of a team and are available to assist with strategic planning, marketing, human resources, financial matters, and other business-related issues. The Incubator staff is on site to answer questions, advise business owners and provide assistance and referrals to other resources.
The Network: Business-to-business opportunities are encouraged between clients. Incubator firms often form unexpected partnerships, share resources and knowledge, or just lend a helping hand or listening ear when needed.
Business Partnerships: SFBI collaborates with numerous economic development and business programs, as well as private sector businesses, financial institutions, and legal and connections to sources of capital for the benefit of its clients and the community. These partnerships directly assist SFBI’s business owners in their development and expansion and provide additional sources of volunteers, networks and markets for SFBI client companies.
How do I get started?
Contact the SFBI for a free consultation to review the resources and assistance available to your business for idea. The first step in applying to the SFBI is to fill out the SFBI’s Initial Inquiry Form.