The Business Incubator Centre(BIC) at Linden is preparing to open its doors in the second half of January and will be open to all entrepreneurs regardless of where they live.
The incubator was created as a component of the Linden Economic Advancement Project(LEAP) to promote investment in Region 10 by allowing small start-up businesses to be housed at the BIC and benefit from the services provided there.
"In the area of business there should be no restriction," says Ray Charles, the business incubator manager at LEAP, speaking about acceptance of applications from entrepreneurs outside the region.
The aim of the centre is to support the creation of long-term jobs through the support of viable businesses and to provide the best possible start for new businesses. Managers of the centre will be hoping that they can enjoy the success of BICs elsewhere.
The United Kingdom Business Incubator research has shown that 80-90% of companies in incubators survive, compared to just 50% of small firms outside incubators.
Charles says judging from the experience of business incubators worldwide, persons who are successfully incubated stay in the areas of their incubation.
Some $40M is being spent to rehabilitate the old Guyana National Engineering Company on Republic Avenue, Linden to house the BIC.
The incubator is expected to house around ten start-up businesses as well as the same number of non-resident start-up businesses. Charles did not say what the rental fees will be nor the fees to be charged for the services provided such as business counseling and technical assistance. Non-residents will not have to pay rental fees, only a service fee, since they will not be taking up space in the BIC.
The BIC also has stalls located outside the building that will be rented to entrepreneurs who will have to abide by certain regulations.
"Services would be provided at a rate that is below market rate," says Charles, speaking about the use of the telephone, photocopying and fax machines, along with the other services.
So far, some preliminary interviews were conducted for the tenancy spots but the majority of the applicants are yet to submit business plans.
Each business will be evaluated based on several benchmarks. Incubated businesses can also choose to leave the incubator which will be around at least to the end of LEAP's project in 2009.
After 2009, an agency can then take on the responsibility of managing the BIC such as the Linden Town Council or the Regional Administration. On the other hand, the BIC can gain income later by renting the facility.