In order to be eligible to utilize VCET’s incubator services and to license incubator space from VCET, applicants must demonstrate the following:
- A potentially viable technology-based product, idea or service (preferably susceptible to proprietary protection)
- Potential for job creation, growth, and overall contribution to State and regional economic development
- Likelihood of success due to quality of business plan, qualifications of applicant principals, and available or projected resources
- Compatibility of the proposed business with the incubator program and facility
- That the technology involved does not knowingly infringe on other existing or pending patents
- A willingness to work with VCET to identify its business development needs, establish appropriate milestones, and accept mentoring, all designed to facilitate successful graduation from the incubator program
Applicants must demonstrate a need for incubator services and the ability to pay, or obtain funding for payment of, cost-based incubator services necessary to their proposed venture. Preference will be given to applicants who have, or have a reasonable likelihood of obtaining, sponsorship through public or private sources for venture research and/or development.
An applicant must be a for-profit business in the start-up phase of development, and show a likelihood of developing a successful and competitive business venture. Applicants will be asked to explain the competitive advantage of their technology based product, idea, or service, and demonstrate commitment of a start-up team possessing qualifications reasonably related to the business concepts involved.
The applicant’s venture must be suitable for VCET facilities in terms of available space and resources, compatibility with other VCET Client Members, and other considerations, subject to reasonable modification of the facilities and addition of necessary equipment.
The applicant must have, or must be able to obtain before starting operations at VCET, all necessary licensure or certification for its proposed activities.
The applicant must incorporate its business in Vermont and propose to conduct a significant portion of its current or projected business activities within the State of Vermont, adding to the technological capabilities and economy of the State and the region.
The applicant must meet the definition of a technology-based company, broadly defined as applied science, i.e., natural science and the scientific method applied to solving practical problems. Natural sciences in this context may include agricultural sciences, biology, chemistry, earth sciences, engineering and mathematics, and medical sciences.
When other criteria are satisfied and applications are being considered on a competitive basis, favorable consideration shall be given to applicants who have, or are expected to develop or have more significant potential to develop, academic, research, student internship or technology licensing relationships with the University of Vermont.
Performance Measures and Objectives
VCET shall select Client Members on the basis of the criteria above-stated. The following factors shall be benchmark indications of VCET’s performance toward meeting UVM objectives:
VCET will establish customized milestones with its Client Members and do quarterly assessments of their progress.
Graduation benchmarks may include:
- occupancy of space 3 years
- staff exceeding 10 employees
- annual sales in excess of $1,000,000
- acquisition by another company; e.g. making of a successful public offering
- exceeding incubator capabilities