|
Services
& Facilities Client
Manual Rev. 04-04 |
Table of Contents
Accommodation
Services & Facilities
Reception
Services & Facilities
Ancillary
Accommodation Services & Facilities
Our Mission
[from presentation]
Overview
Business incubators
are non-profit entities that provide a range of business services in a
nurturing and supportive environment. Business incubators differ from other
commercial property and serviced offices by specifically targeting start-up and
emerging businesses and play an important role in the developmental and growth
phase of a client’s business life cycle.
Business incubators
aim to reduce business failure by assisting business in the critical early
stages, giving firms “breathing room” to learn from mistakes that might
otherwise be fatal to the business. VITEC2 assists this process by providing
clients with a number of on-site ‘value-added’ business development services,
such as:
-
Provision
of business diagnostic assessments by formal Business Development Reviews to
help pinpoint and correct specific weaknesses in clients’ business management
and track the business development progress;
-
Formal and
-
Pro-active
encouragement of interaction, networking and synergies between and amongst all
on-site business owners, staff and outside business associations;
-
Introductory
subsidized access to professional business consultants;
-
Matching
clients with successful business mentors;
-
Provision
of related business seminars, workshops, interactive brainstorming sessions and
product/service presentations;
-
Subsidized
access to sponsored business training courses and programs;
-
Analysis
of core aspects of business management competencies to help develop entrepreneurial
skills.
All the above services
are provided with a view to link clients with professional business services
and consultants in the local region that lead to on-going commercial and
business building relationships. VITEC2
also assists new businesses by minimizing start-up overhead costs thereby
preserving scarce working capital that can be better employed developing
initial sales, clients and customers.
VITEC2 also differs
from general office space by requiring clients to “graduate” from the incubator
when they reach a point in their business development where they will be viable
outside the incubator (on average 2-3 years). The emphasis on “graduation” is
reinforced by a policy of implementing graduated rental increases as the
business grows, to encourage businesses to seek accommodation options in more
conventional commercial premises.
VITEC2 fosters a
culture of entrepreneurship and helps the development of skills to identify,
assess and implement business opportunities, diversification and product
development. The ultimate goal of VITEC2
is to develop suitable jobs, encourage technology development and innovation.
As a non-profit operation, VITEC2 reinvests surplus revenue into developing
further business assistance projects.
Accommodation Services & Facilities
Client Accommodation Options
VITEC2 offers
appropriately-sized individual work space of varying sizes and degrees of
services.
Virtual Office Services
VITEC2 offers
home-based, mobile, field, and trade businesses all the advantages of a
professional serviced office without the additional accommodation costs. See Appendix 1 for a description of service
offering and fees. All ‘virtual’ clients
must phone VITEC2 or personally collect messages, mail, goods, faxes, e-mails
unless redirection has been arranged.
Lease Terms
VITEC2 offers 6-month
“lease” terms to help clients cope with the uncertainty of establishing new
business ventures. Lease contracts are
renewable every 6 months, with full 6-month payment due at contract signing. Upon contract signing, VITEC2 will offer the
following:
Administration:
-
rental and
services and facilities account establishment
-
program
photocopy access
-
program
fax access
-
pigeon
hole allocation
-
message
carousel allocation
-
client
business description list update
Office Preparation:
-
cleaning/maintenance
check
-
electricity
supply/lighting
Phone
-
install
one phone line/connect phone
-
phone
account details established
-
PABX
answering service programming
-
client
phone list update
-
intercom
connection (where available)
Keys
-
office
-
premises
-
other
Signage
-
office
door
-
directory
board update
Induction Tour of VITEC2
-
outline VITEC2
procedures
-
familiarization
of services and facilities
-
introduction
to other clients
Accommodation Standards
Guaranteed minimum
standards for office space:
-
Room
environment: clean and non-hazardous
-
Electricity:
one double power-point per code standards
-
Lights:
full set of working bulbs guaranteed for first 3 months of tenancy
-
Security:
doors with external locks, windows with internal latches
-
Phones:
first phone line/service connected through VITEC2 PABX at VITEC2 cost.
Additional phone lines/services installed in offices at quoted cost.
-
Keys: one
set of security keys for each business principal to access the building
entrances and one set of keys for each office. Security keys can only be copied
by VITEC2 staff and can be ordered through reception (at client’s cost).
Additional
furnishings, fittings, finishes, fixtures and renovations
Clients must pay all
up-front costs of any additional furnishings, fittings, finishes, fixtures and
renovations required and approved by VITEC2, including:
-
Light
control window blinds, curtains, awnings, pergolas, etc.
-
Security
screens, additional locks, etc.
-
Light
fittings replaced
-
Carpets
repaired/ replaced/ installed
-
Walls
removed/ moved/ repaired
-
Renovations
e.g.: additional doors, shelving, partitioning, etc.
Renovations,
Modifications, Improvements made by Clients
Clients may renovate
their rooms to their own requirements if they abide by the following:
-
Except
with VITEC2’s written consent, clients will not make any structural alterations
nor add or remove fixtures nor interfere with any electrical installations on
the premises.
-
The client
understands that VITEC2 is simply renting the floor space and any fixed/permanent
modifications and improvements (e.g. partitions/ carpets/ shelving, etc.) made
or undertaken must be made at the client’s own expense and will become assets
of VITEC2 and must remain on site when the Lease Agreement expires. VITEC2 shall have the option to purchase such
leasehold improvements at 33% of the total cost, if it is in the best interest
of VITEC2 and its clients.
-
The client
understands that it is responsible to meet, at its cost, all Occupational
Health and Safety regulations applicable pertaining to any improvements or
changes they make or undertake to their Lease Area.
-
VITEC2
makes no representation about the acceptability of the premises for client
compliance with Occupational Health and Safety requirements and such compliance
is client responsibility.
-
Clients
accept the Lease Area in current condition at the time of signing the Lease Agreement.
Parking
Clients have access to
a maximum of 3 parking spaces per 1,000 square feet.
Timeframe expectations
Timeframe expectations
regarding VITEC2’s responsibility for installation of services and the
coordination and completion of repairs, modifications and renovations should be
referred to the Managing Director for clarification.
Access to Building
Clients have access to
the building 24 hours a day, seven days a week, 365 days a year (unless client
sets limitations to its employees).
Adjustment of Accommodation
VITEC2 can flexibly
adjust (increase or decrease) accommodation needs at with prior written notice
to suit clients business growth fluctuations (including from virtual to real
tenancy), and depending on space availability.
Client Graduation
In concert with the
philosophy of business incubation, clients are referred to the stated VITEC2
Client Entry and Exit Policies regarding criteria for entry, terms of occupancy
and ‘graduation’ determinations.
Personal Belongings
Clients are requested
to store all personal belongings in their rent area unless alternative
arrangements have been made with VITEC2 management.
Dangerous Goods
Dangerous goods of any
kind are not allowed on VITEC2 premises.
After Hours Security
Clients using the
building outside of normal business hours are responsible for security when
entering and leaving the building (i.e. all external doors and windows after 5
p.m. on weekdays and at all times on the weekends). If you have clients
visiting VITEC2 after business hours, please meet your visitors at the front
door and lock external doors behind you. Do NOT leave doors propped open after
hours!
Security Patrols
Private security
patrols premises after hours. If you discover signs of forced entry or believe
an immediate call is necessary, please contact Security at Ext. 1024.
Security Systems
VITEC2 has a special
discount arrangement for clients wishing to have a security system in their
office. The system becomes the property
of VITEC2 when the client graduates from VITEC2.
Keys
Clients are issued
with one set of security keys for each business principal to access the
building entrances and one set of keys for each office. Building entrance keys
are security keys and can only be copied by VITEC2 staff. Additional keys can
be ordered through reception (at your cost). Loss of keys is to be reported to VITEC2
within 24 hours. Clients are responsible for any costs arising from the loss of
any security keys that result in the need to replace locks to all entrances and
your office and of replacement keys for all entrance key holders.
Smoking
Smoking is strictly
prohibited in ALL VITEC2 areas.
Payment Accounts
The payment of VITEC2
accounts (except 6-month lease payment due at contract signing) are due the
first day of each new month. These
include usage, on-demand, and specialized charges as shown in Appendix 1.
Financial Difficulty
Clients who are
experiencing financial difficulty in their business that’s likely to affect due
payment of VITEC2 accounts are encouraged to speak to VITEC2 Managing Director
as soon as the problem is anticipated (i.e. before the account is due!).
Interest Charges on Overdue Accounts
Interest is charged on
all outstanding accounts at 1.5% per month.
Reception Services & Facilities
Receptionist
The VITEC2 telephone
reception is staffed during business hours by a VITEC2 receptionist/administrative
assistant.
Reception Services
Reception Services are
provided between
-
Phone
answering in your business name and message taking
-
After
hours message taking (if your phones are part of VITEC2 PABX system) on VITEC2’s
answering machine.
-
Client and
public paging service
-
Reception
waiting and display area
-
Client
greeting and direction
-
Receipt
and dispatch of client goods
-
Daily
receipt and dispatch of clients mail
-
Photocopy/fax
equipment trouble-shooting
-
Meeting/Conference
Room bookings
-
Kitchen/Toilet
supply and housekeeping needs reporting
-
Building
maintenance problems/needs reporting
Pigeon Hole
Each client is
allocated a pigeon hole adjacent to the reception area for client
correspondence. We advise you check this on a daily basis as your mail, faxes,
memos, notices and other items are placed in these boxes as they arrive. You
will be notified either by phone or message light when faxes arrive.
Mail
The mail is usually
delivered to VITEC2 by
Goods Handling
Goods Receipt:
Receptionist will accept and sign delivery dockets for goods and parcels
delivered to reception. You will be notified either by phone or message light
when goods arrive. Please notify reception staff if you are expecting urgent
deliveries. Goods must be picked up on the day of delivery, as VITEC2 will not
be responsible for goods left overnight.
Goods Dispatch:
Outgoing parcels and deliveries can be left with receptionist to pass on to
couriers (on the day of dispatch). Clients must notify the courier of the pick
up arrangements and fill in all appropriate paperwork prior to courier pick up.
Receptionist will not handle money or payments of any kind for goods
receipt/dispatch or move goods to clients’ offices.
Client Leave
If you are leaving the
building (even briefly), please contact the receptionist or security guard to
let them know.
Account/Tenancy Management
Clients are encouraged
to direct any VITEC2 account or tenancy management queries, issues or problems
to VITEC2 staff. They will organize resources and contact you to attend the
matter.
Reception No’s
We remind clients that
VITEC2 receptionist will NOT conduct business on your behalf, i.e. VITEC2
staff cannot be responsible for:
-
Dealing
with your clients on specific matters or details relating to your business.
-
Screening
calls to select particular incoming calls for transfer to your office while
taking messages for others.
-
Making
phone calls on your behalf.
-
Taking
sales orders or complex instructions over the phone.
-
Presenting
samples of products or services of your business to customers.
Reception Phone Answering and Message Taking
VITEC2 “phone
answering and message taking service” is only available when:
-
your
office is unattended
-
you are
otherwise unable to personally answer your phone, for example if you are:
* in a meeting
*
on another call
* engaged in a “hands-on”
activity that you can’t leave immediately
Informing Reception of Whereabouts
In the above
instances, please let the receptionist know:
-
when you
are diverting your calls
-
how long
and why you will be unavailable
This will enable us to
reliably inform your callers of your subsequent availability and confidently
answer inquiries regarding return calls.
Phone Diversion No-No’s
Clients are requested
NOT to leave their phones on permanent diversion to reception while in their
office.
Reception Answering Your Calls
VITEC2 receptionist will
answer your calls or unattended or diverted calls and:
-
note the
callers name
-
note the
business organization or contact name
-
note the
return number or contact address
-
take a
brief message regarding the purpose of the call (and place it in the reception
message carousel)
Unanswered Calls and Line Busy
Unanswered calls and
‘line busy’ are normally programmed to automatically divert to receptionist. VITEC2
receptionist will answer these calls and take a message in these instances.
Call Forwarding
If you are out of VITEC2,
VITEC2 receptionist (at your request) diverts incoming calls to your mobile or
alternate outside numbers. If you are going to leave the building, you can
program your own office phone to divert incoming calls to your mobile or
another outside number (e.g. home). VITEC2 can also program diversions from the
central reception. (Note that the costs of diverted calls are charged to your
account).
After Hours Phone Answering and Message Taking
An answering machine
will answer all calls (on VITEC2 PABX system) after hours from diverted or
unanswered client phones. VITEC2 staff check messages first thing each morning
and notify clients of messages.
Ancillary Accommodation Services & Facilities
Access to Electricity Supply
Clients may have
reasonable access to the electricity source available in your Leased Area
provided that you may only use the electricity for the business conducted by
you within the premises. Temporary access to power outlets outside your leased
area can be arranged with VITEC2 management.
Electricity Supply (Metered Sites) – Fee
Structure
Area electrical
consumption will be individually measured and billed directly to client on
monthly basis as per current utility rates. Electricity for common areas is
included in the monthly lease fee.
Connection and Installation of Electricity
Services and Metering
The client is to pay
all costs for connection and installation of electricity services and metering
where required. These facilities are to remain the property of VITEC2.
Energy Conservation
In the interests of
conservation of energy we encourage clients to turn off the lights and
appliances in your office or workplace when you are out. If you have been
working outside business hours please ensure only official security lights are
left on as you leave the premises.
Meeting and Conference Rooms
These facilities are
available to all VITEC2 clients. Bookings can be made at reception and are
limited by size and first-come-first-serve basis.
Meeting and Conference Rooms
Full Clients
-
Full and
anchor tenants have use of Board Rooms and facilities at no cost for up to a
total of 8 hours per month.
Virtual Clients
-
Virtual clients
have use of Board Rooms and facilities at no cost for up to a total of 4 hours
per month (if account is up to date).
-
Use of
these facilities beyond allocated hours will be billed at the rate of $10.00 per
additional hour.
-
Special
Notes:
·
Hours are
non-cumulative from one month to the next
·
Hours are
non-transferable from one client to another
·
Rooms must
be booked and will be locked when not in use
·
Clients
must collect a key from receptionist to access the Board Rooms
·
Clients
must provide their own tea and coffee supplies for their meetings/workshops,
etc.
Audio Visual Presentation Equipment
These facilities are
usually associated with the main conference rooms; however they are available
for use in your leased area within reason. Bookings can be made at reception. The following communication equipment is
available at no charge:
-
Electronic
Projector
-
Transparency
Projector
-
Whiteboard
and Markers
-
Video-conferencing
(billed for telecom time)
Kitchen and Associated Facilities and Supplies
Tea, coffee, sugar and
milk (a limited daily supply) and the kitchen facilities (e.g. the microwave
ovens and fridges) are provided for VITEC2 principal clients only. (Clients
staff and customers can access these facilities within reason). Cleanliness of the communal kitchen is each
client’s responsibility.
Car Parking
Car parking is
included in the lease agreement and fee. Please park only in designated areas.
Climate Control Services
Each area has an HVAC unit
supplied..
Waste Disposal
Facilities are
available for non-industrial waste removal and recycling of quality paper,
cardboard, glass and plastics. Clients are encouraged to recycle and to use the
facilities appropriately.
Front Entrance Intercom to Reception
An intercom link from
the front entrance to the receptionist is available next to the front door.
Instructions for use are located beside the intercom.
Toilets, Showers & Bathroom Facilities
Please be aware of
cleanliness in these areas.
Phone Books
Copies of most phone
books in
Local Newspaper
VITEC2 provides daily periodicals
for clients to peruse. Please do not remove them or tear out items
unless you first ask VITEC2 staff.
Business Magazine and Book Reference Library
VITEC2 provides
selected business magazines for clients to peruse. Please do not remove
them or tear out items unless you first ask VITEC2 staff.
Incidental Office Equipment
All VITEC2 clients
will provide and be responsible for their own incidental office equipment
(guillotine, paper shredder, etc.).
Signage
Each client business
is provided with one sign on the client directory in reception and a doorplate
sign for their leased area. Extra signs can be arranged at cost. No signs are
to be placed on external VITEC2 building structures.
Cleaning of Common Areas
Cleaning of all common
areas within the premises is organized by management. Clients are responsible
for cleaning their own leased area; however, VITEC2 can arrange cleaning of
client’s offices when requested (a separate cleaning charge will be billed). We
encourage all clients to keep common areas and the grounds clean and tidy.
Building Services Management
VITEC2’s staff is
responsible for organizing and supervising building services and facilities
upkeep, repairs and maintenance.
Building Repairs and Maintenance
If you notice any
problems, faults or hazardous situations, please refer these to VITEC2 staff
who will log the notification and organize the appropriate work. Tasks for attention are prioritized and where
possible will be rectified ASAP. When problems directly affect clients, they
will be notified of the action to be taken and the timeframe considerations to
rectify the problem. Modifications and
refurbishment work is subject to VITEC2 approval and individual arrangements.
Building Insurances
VITEC2 covers costs of
building insurance. Clients are required to obtain general liability insurance
endorsing VITEC2 and PRTEC. Note:
Clients must take out public liability insurance for a minimum of $1 million
and other insurance required by law for you and any person employed by you or
using the premises, the leased area and the common areas under your
supervision, authority or invitation.
Fire Protection
VITEC2 maintains fire
protection equipment and systems. Fire equipment locations are placarded
throughout building. Clients should familiarize themselves of these locations
and exits.
Clients are encouraged
to notify VITEC2 staff of any insect or vermin problems. VITEC2 policy is to
provide traps as appropriate or engage the services of qualified exterminators.
VITEC2 discourages the use of toxic products for this purpose.
Gardening and Grounds Maintenance
Garden and grounds are
maintained on an as required basis, organized by VITEC2 staff.
Building Intelligence & Emergency Systems
Power circuitry, water
utilities, key/lock systems, exit/evacuation systems/facilities, etc. are
overseen by VITEC2 staff.
4. User Pays Services & Facilities
VITEC2 Communication Services
Clients are provided
with access to telecommunication services through VITEC2 PABX. If you require
any assistance programming your phone please talk to the VITEC2 staff. The charges will be billed monthly as per
utility services and rates.
Independent Phone Services
Clients wishing to
install independent services (e.g. direct lines or their own PABX) rather than
use VITEC2’s PABX system will be subject to the following policies:
-
An
“infrastructure rental” will be levied to clients using VITEC2
telecommunications infrastructure past the point that telecom providers connect
their line to the building’s telecommunications main distribution panel.
-
All work
on VITEC2’s telecommunications infrastructure is to be carried out by VITEC2’s
preferred installer. No independent installer is to work past the main
distribution panel without VITEC2’s written consent. This will ensure wiring consistency.
Facsimile Services
The fax machine is
located near the reception counter.
Sending a fax: Instructions are displayed adjacent to the fax
machine
Receiving a fax: VITEC2’s
fax numbers are: 787-834-5898
When giving this
number out please remind your clients to clearly mark faxes with your name. Incoming faxes are placed in your pigeon hole
and the message light is activated on your phone. Faxes are recorded for
monthly invoicing at $0.25 per incoming/outgoing page (plus telecom charges).
Unidentified faxes will be placed in the folder next to the fax machine- check
it regularly.
Photocopier Services
The main photocopiers
are located near the main reception. If you are not sure how to use it, ask VITEC2
staff to assist you. If you use your own paper you must check with VITEC2 staff
that this meets the specifications for the machine. Use only approved
transparencies in the machine.
The copier works by
inserting your own identification card (issued to you when you sign your Lease
Agreement) with a PIN number that records usage for invoicing purposes at $0.25
per page.
Document Binding & Laminating
VITEC2 reception staff
can organize document binding and/or laminating on request. These services may
take a little time to complete and billed as follows:
-
$3.00 per
binder with VITEC2 materials
-
$ 2.00 per
binder with own materials
IT Equipment (Computers, Printers, etc.)
VITEC2 staff can organize
bookings in advance as per the following fees:
Personal Computer Use
-
$10.00 per
hour
Laser Printing
-
$0.10 per
page
IT Support and/or Service
-
$50.00 per
hour
Stationery Supplies
VITEC2 clients must
stock their own supplies of stationery, envelopes, postage stamps, etc.
Clerical Support Services
VITEC2 staff can arrange for the following services and fees:
Secretarial Services $15 per hour (minimum charge -
$15.00)
Word Processing $20 per hour (minimum
charge - $20.00)
Entry & Exit Policies
CLIENT ENTRY POLICY
VITEC2 provides
accommodation, business support and development services for people in the
process of establishing or starting businesses who meet the following criteria.
1. Demonstration of
Position
Applicants must
demonstrate they are one of the following:
*
a new business
*
in the process of establishing a business
*
undertaking pre business research or development, or testing an idea
*
a business moving from a home
*
re-establishing an existing business
2. Viability
Applicants must
demonstrate the potential for financial viability of the proposed or existing
business within a reasonable time frame (less than 3 years, for example,
although this may vary).
3. Need for
Assistance
Applicants must
demonstrate they need our assistance. This may be a shortage of skills or
capital or to reduce the risk.
4. Priorities
Preference will be
given to businesses that show one or more of the following:
a) have
a high tech product, service or process improvement in the Communications and
Information Technology (C&IT) area
b) have
high employment potential
c) have
high growth potential
d) export
products or services
e) replace
imported products or services
f) provide
new products/ services, or existing products/services in a novel manner
g) satisfy
un-met needs in the community
h) introduce
new skills to the region
i) provide
opportunities for people disadvantaged in the labor market
5.
Businesses must be
independently controlled. Branch offices of existing businesses will as a rule
be excluded.
6. Internal
Compatibility
Businesses should not
directly and adversely compete. Opportunities for inter-trading, joint
marketing and development of synergies are to be encouraged.
7. Legal Compliance
Businesses must comply
with relevant legislation, especially in relation to noise and waste.
9. Environmental
and Social Impact
Businesses that engage
in activities that are socially undesirable or detrimental to the environment
are not eligible.
10. Applicants
Applicants may be
those who are working from home, or who have not commenced their business, or
they may be an existing business experiencing difficulty that can benefit from
our services or who may want to test out an idea.
11. Decision Making
Decisions regarding
admission and any particular conditions will be made by the VITEC2 Client
Evaluation Committee. Where this panel considers it necessary, decisions can be
referred to the Board of Directors of VITEC2.
12. Entrance Policy Specifics
VITEC2 will admit clients that can truly benefit from the
value-added services provided by VITEC2 and avoid the trap of providing only
low cost space. Clients should have a
product or service that can be brought to market within one to four years; have
the technical capacity to complete the product; and have a willingness to work
with, and benefit from, the coaching services and resources network provided
through VITEC2. The primary place of
business for the client will be located at VITEC2 and the business shall be in
the start-up phase of development.
Other factors
that will influence selection are:
- Reputation,
integrity and commitment of business owner
- Future
growth and employment potential of the business
- Evidence
of adequate capitalization
- Ability
to pay operating expenses
- Willingness
to work within VITEC2's guidelines
- Plans
to stay in
- Compatibility
with other VITEC2 clients
To ensure that VITEC2 receives the right candidates it will follow an admissions process based on best practices. Below are the main points of the VITEC2 entrance policy.
All client selections are
driven by the incubator mission and objectives:
- Increase the rate of new business formation
- Increase the survival & success rates of new ventures
- Help them grow faster and more efficiently
- Fulfill prospective clients’ resource needs
VITEC2 clients must meet
the following minimum requirements:
- Client must be a new or emerging business that fits incubator
focus
- Client must have a technically complete feasibility study or business
plan
- Client must have adequate financing in place for minimum six (6) months rent and utilities (See Client Business Plan Evaluation Form)
The same client will be
graded on the following requirements:
- Probability of Success
- Client demonstrates managerial and technical competence
- Client demonstrates sales revenue achievability
- Economic Benefits
- Client demonstrates it will produce significant
number of quality jobs
- Compatibility
- Client demonstrates it needs incubator services
- Client demonstrates it “fits” with other incubator tenants
VITEC2 client candidates will go through the following 3
steps:
Step 1: Questionnaire and
interview with the Managing Director
Step 2: Submit application
and research findings and/or business plan
Step 3: Review and rating by Client Evaluation Committee
Step 4: Approval by VITEC2 Board of Directors
If the application is denied, the candidate has thirty (30) calendar days to refute the Client Evaluation Committee’s decision. If the application is denied a second time, the applicant must wait one (1) year to resubmit the application. This will avoid costly revision delays in the application process.
Start-up companies incubated at VITEC2 are generally expected to allocate to VITEC2 between a 2 and 10% ownership in the start-up company, depending on the client's stage of development. The ownership interest may be in the form of corporate stock, warrants, fixed income instruments or equivalent, and will be negotiated by the Managing Director on a case-by-case basis. This allocation represents compensation for the in-kind support (both tangible and intangible) client's have and will receive in the formation of their enterprise. This ownership will normally be allocated before the admission of the company to VITEC2 and may be subject to dilution as a result of future fund raising by the company.
18. Seed Funds
Clients are
encouraged to solicit capital investment from the special VITEC2 Seed
Fund. Contact the Managing Director for
further details.
ANCHOR TENANT POLICY
An Anchor Tenant is
one admitted for reasons other than business incubation (i.e. not a targeted
business for incubation purposes).
1. Entry Criteria
Clauses 1-3 of the Client Entry Policy would not be applied to an Anchor
Tenant. The other clauses would apply as well as any criteria specific to
anchor tenants.
The reasons for admission may be financial or to provide particular
services to clients or to improve occupancy levels.
2. Prioritization
As a general rule, Anchor Tenants should not take preference over incubator
business clients unless there is a particular reason to do so.
3. Eligible Anchor
Tenants
1. Non-Profit Community
Organizations
2. Existing Businesses
* only with the approval
of VITEC2 Board of Directors
* only for a limited
time
* only when occupancy is
below 70%
CLIENT EXIT POLICY
VITEC2 helps
businesses become established and profitable. Accordingly, client businesses
should move from VITEC2 when they are established and profitable.
1. Term of
Occupancy
VITEC2 clients shall remain for a period not exceeding 3 years. Client may present formal written request for
additional time which must be approved by VITEC2 Board of Directors.
2. Determination of
When a Business is Established and Profitable
VITEC2 management and advisors, working with the client, will be
responsible for reaching a joint decision with the client regarding the
establishment of the business.
This will take into account turnover and profitability and the impact on
the business of moving (for example, if moving were to have a long term [1-2
year] adverse effect on the business, over and above the cost of moving, then
the indication is that the business may not be sufficiently established).
They will then determine a period for graduation and help with the process
of finding suitable accommodation. It is understood that moving out is not
something that can occur overnight – time for planning and finding suitable
accommodation should be allowed and the type of business needs be taken into
account. Graduation should, as a rule, take no longer than 6 months.
3. Graduated Rental
Policy
On commencing tenancy, the standard rental schedule as determined from time
to time by the organization will apply to all clients as shown in Appendix 1.
4. Exit and Graduation Policy Specifics
As important as a clear entrance policy, VITEC2 has a well-defined exit or graduation policy. Best practice incubators are very efficient at managing the client input-output process.
5.
Graduation Rationale
Similar to the entrance policy, all client graduations are
driven by the incubator mission and objectives:
- Increase
the rate of new business formation
- Increase
the survival & success rates of new ventures
- Help them grow faster and more efficiently
6. Criteria for Graduation
The Client shall be a
candidate for graduation after achieving one or more of the following
benchmarks for graduation:
-
Client has
experienced significant revenue growth
and/or profitability allowing client to continue its operation without
further assistance from VITEC2.
-
Tenant client
employs 25 or more employees to work
at the incubator facility.
-
Tenant client’s
need for rental space equals or
exceed 2500 square feet.
-
Client is acquired by another company.
-
Client, if
a corporation, makes a public offering of
its stock.
7. Criteria for Continuation (reviewed on a 6-month basis)
Client shall be a
candidate for continuation if the following criteria are met:
-
Innovative, technology-based product or
service. Examples of
acceptable businesses include software, computer, or peripheral hardware,
telecommunications, Internet or web-based products or concepts, multimedia, or
any other technology-related products or services. VITEC2 does not accept
business models that consist primarily of government contracting and prefers
companies that either posses or are developing some form of proprietary
technology.
-
The beginning of a sound management and/or
product development team.
VITEC2 can help clients build complete managerial teams, but a core group
of dedicated and technically capable individuals is desirable.
-
Sufficient capital. VITEC2 prefers that the company possess
sufficient capital, through personal or other seed funding avenues, to carry forward
the proposed business plan for at least a six-month period.
-
A product which is less than 18 months from
market. VITEC2 is in the
business of assisting commercial enterprises.
-
Realistic business plan projecting significant revenues and/or
employment of local citizens within the first five years of operation.
-
A desire to leverage the services offered by VITEC2.
VITEC2 is not merely a
facility which houses companies at below-market rates, but rather a group of
professionals and a network of industry experts dedicated to the success of the
ventures entering the incubator. VITEC2 recruits only companies that possess a
real need for the services provided by the incubator and are willing to accept
and act on the counsel and direction provided by VITEC2.
8. Criteria for Discontinuation in VITEC2 Program
Client shall
discontinue in VITEC2 Program if one or more of the following conditions exist:
-
The controlling ownership interest in client
has changed since its Admission in VITEC2’s incubator program.
-
50% or more of the client’s revenues (in the last 12 months or projected for the
current year) are derived from consulting services by client.
-
Client has
been in VITEC2’s incubator program for
three years.
- Client fails to meet any of the criteria in 1 or 2 above.
- Client not meeting contractual obligations.
9. Graduation
Process
To guarantee an efficient graduation process, the following steps are taken:
- President
conducts monthly tenant review meetings
- Tenants provide quarterly financial and job reports
- 6
month review of client business plan with updates as requested
- President
is constantly aware of each tenant’s progress
- Only
tenants that successfully graduate into the community are considered
“graduates” and receive Graduation Certificate and Ceremony