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 local industry, and diversifying local economies.
What type of organization is the Incubator?
The Santa Fe Business Incubator is a 501(c)3 charitable organization with a volunteer board of directors.
Does the Santa Fe Business Incubator take equity from its client companies?
The Incubator 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?
Though the Incubator does not provide direct funding, 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 a micro-loan of up to $10,000 at 0% interest on the Kiva crowd-lending platform.
What kind of space do you offer?
The Santa Fe Business Incubator has office space, light manufacturing, warehouse, and lab space. We also offer workspaces, a Fab Lab, and a BioScience Laboratory.
Do you have a commercial kitchen?
No. But there are various locations around Santa Fe where culinary businesses can rent commercial kitchen space for launching a new idea. We also have a close relationship with Delicious New Mexico and the Food Industry Incubation Program at the South Valley Economic Development Center in Albuquerque. If your foodservice 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 online. 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?
- Office space, access to a laboratory, light manufacturing, and warehouse space ranges from $400 per month to $800 per month.
- Workspaces range from $75 for a 10 visit punch card to $60 per day for a private drop-in office.
- Bench space in the 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 addition to programming and coaching.
- Our pre-incubation program, RUNWAY is $200 for the course, which, upon completion, may be applied to the cost of other Incubator services.
What does the program provide?
Resident and Affiliate Clients have access to the following services included with their monthly fees:
- Access to mentoring, business coaching, and consulting (see Business Advisors below)
- A receptionist to greet your visitors
- Office equipment, including color copiers, printers, and fax machines (nominal fee for use)
- Workshops and seminars on a variety of business-related topics
- Two breakroom areas
- A business resource library
- Ample parking
- 24/7 access for Resident Clients
- Room to grow and expand within the Incubator
- A convenient location, easily accessible by car, air, or rail
Business Advisors: Business and technical assistance are provided by experienced volunteers from the business community. Advisors 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 available 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?
For a free consultation, please contact the Business Incubator to review the resources and assistance available for your business idea. The first step to apply to the SFBI is to fill out the Initial Inquiry Form below.
Let's get started.