The goal of the IC
Program is to:
-
Assist rural
communities with economic and community development.
-
Prepare rural
communities for the a “Knowledge-based” economy.
-
Provide business and
entrepreneurial training
-
Assist in developing
investment grade technology companies in Kentucky.
-
Serve as a catalyst
for a state-wide capital network
-
Increase quality deal
flow of technology-based firms in Kentucky.
-
Increase understanding
of start-up process and investment practices.
The IC program is
process-oriented. Companies coming into the Williamstown
Area Innovation Center will evolve through the IC
process, passing through specific steps designed to
strengthen and refine their business plan to make it the
most attractive to potential investors and venture
capitalists. Ultimately, the IC process facilitates the
matching of entrepreneurs with interested investors.
What are the attributes
of a company going through the IC Program?
While the Williamstown
Area Innovation Center has no expectation that a
potential IC company will meet all requirements
initially, the following is a list of critical success
factors that we hope to achieve for a company seeking to
use the IC program.
-
REVENUE POTENTIAL:
The ability to achieve a minimum of $25 million in
annual revenues within 5 years.
-
HIGH GROWTH RATE:
A projected annual company sales growth of 25% or
more.
-
EXPERIENCED
MANAGEMENT TEAM:
Key manager(s) who have started companies before
and/or have previous experience with a similar or
related product or business.
-
COMPETITIVE
ADVANTAGE:
A distinct advantage to potential customers compared
to the competition (cheaper? faster? better quality?
more reliable? more durable? more readily
available?).
-
BARRIERS TO ENTRY:
Some means to discourage competition in the field,
e.g., proprietary process, patent, trade secret,
number of years ahead of the competition.
-
CLEAR STRATEGY FOR
COMMERCIALIZATION:
Clear and realistic plan to bring the product to the
market.
-
PROOF OF CONCEPT:
The best proof of concept is having a product or
service that has achieved some level of sales or has
solid sales commitment.
T.
Keith Schneider, Director
About
the Director
Northern Kentucky University
Grant County Center
390 N. Main Street
Williamstown, KY 41097
Phone: 859-824-3628
Fax: 859-824-3625
Email:
schneidert1@nku.edu
For additional information visit our web site at
www.startupkentucky.com |
