- The Selection Committee will review your application and the related information and will evaluate the business according to the evaluation criteria listed below.
- Should the committee decide not to consider the application further, you will be notified of their decision.
- Should the committee decide to consider the application; an interview will be arranged with you. The selection committee will make its final recommendation to the committee of the whole.
- The chairperson will notify you of the decision.
- If you are accepted, you will meet with the Chairperson and Project Consultant to sign your agreement. Please note: this process may require between 45 to 60 days to complete.
- The creative business must be your primary time commitment.
- The creative business should be in the emerging stage of its development (one to two years in existence)
- Applicants must be financially able to participate.
- The owner must have demonstrated experience relating to the creative business.
- Applicants and businesses must comply, or agree to comply, with all applicable local, provincial, and federal regulations and ordinances, including applicable environmental laws.
Applicants will be evaluated on the following key criteria:
- The business fulfills the description of a creative business.
- A need for the services of the Incubator in the community or in outside markets and a willingness to accept assistance when it is indicated
- It will contribute to local economic growth or tourism appeal
- There is confidence that the business is viable and has excellent potential for success
- The committee determines there is a market opportunity.
- The interview with the owner (s) of the business will be of importance.
- Sufficient resources are available locally to the business
- Technologies that are appropriate to the business are viable by the owner and/or HCBI
- Overall, there is deemed to be suitable compatibility of the creative business to this Incubator program
Business Plan Outline
Any business plan that answers all the questions and is organized in a logical fashion is acceptable. The plan is usually comprised of the following:
- The Business Venture
- The Company
- The Product(s) or Service(s)
- The Market Place
- Size of the Market
- Sales Plan and Forecast
- Sources of Market Information
- Associated cost of Producing product or service
- Gross Profit
- Pro Forma Income Statements
- Cash Flow Projections
- Sources of Financing