BIC is an economic development tool designed to help innovative young companies in start up phase of realization of their business idea and accelerate their growth and success. The purpose of BIC is to produce successful firms that will leave the incubation program financially viable and freestanding, usually in two to three years; creating jobs, commercializing critical new innovative technologies and strengthening our local and national economies. BIC differs from commercial property and serviced offices by requiring clients to “graduate” from it, on average after 3 years. The emphasis on “graduation” is reinforced by a policy of implementing graduated rental and service fee increases as the business grows, to encourage clients to seek accommodation options in more conventional commercial premises. BIC encourages companies to stand on their own as soon as they can and to leave BIC when they 1) have their management team in place; 2) have acquired 2nd round financing; 3) have revenue-producing products or services. This opens a spot in the BIC for new companies and starts new business development cycle.
Founders