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WILMINGTON'S RETAIL INCUBATOR PROGRAM

An advanced business program to help small businesses in their early stages of development

What is an Incubator?

An Incubator is a facility that houses several businesses that share common cost and equipment.  It features an organization of services combined together to help nurture early stage businesses.  The combination of space and common business services help to reduce the operating cost incurred for business start up and development.  Incubator programs can offer tenants benefits from business and technical assistance, as well as to provide opportunities for access to capital.  Business Incubation can offer qualifying businesses both low cost space and a wide-range of development services that they may otherwise be unable to obtain or afford.  According to the National Business Incubator Association (NBIA), business incubation provides entrepreneurs with the expertise, networks and tools they need to make their ventures successful.  Incubation programs diversify economies, commercialize technologies, create jobs and build wealth.  There are now more than 900 business Incubators in North America.

What is the City’s Retail Incubation Program?

The Office of Economic Development administers the Retail Incubator Program through its Micro Enterprise Division.  It is a program supported by the Wilmington UDAG Corporation, Inc., which is a 501(c)(3) nonprofit corporation.  The Retail Incubator, which is now called, "The Shoppes at 827", is a facility that has been re-established to assts early stage development businesses.  Its mission is to provide emerging and new businesses, opportunities to start-up operations, in a shared service environment that will enable them to receive technical assistance, business and financial management, and retail salesmanship training to help sustain their respective operations.  The Incubator is housed on the 1st level of a three story building located on the City’s centrally located downtown Market Street Mall.  The 5200 sq. ft leaseable space can accommodate up to 12 diverse businesses in retail sales.  Businesses receive advanced business management and administrative training.  The facility is equipped with high speed internet service, state of the art security and surveillance system, Point of Sales (POS) software, and on-site business training programs and business network support.

Eligibility for the program is open to any enrolled student or recent graduate of the City of Wilmington’s Micro Loan Program, or persons who have already prepared a business plan.  Accepted merchants must continue with their training while establishing their business operation.  Selected entrepreneurs identified as having credible business concepts for launching retail operations may be eligible for creative and flexible lease arrangements.  To qualify for the Premier status, businesses must demonstrate that the business that they have the management, competitive advantage and their business plan shows aggressive growth initiatives.

In general, Retail Incubation benefits include:

• creative and flexible lease agreements.
• lower overhead and operating costs.
• shared office equipment.
• an integrated sound, alarm and music system.
• web site design and assistance.
• general business counsel.
• marketing and advertising cooperatives.
• immediate networking and commercial opportunities.
• a prestigious facility centrally located in downtown Wilmington.

Application

Participation in the program is made through five steps:

1. Attend an orientation session on Business Incubation.
2. Request and submit a written application to the Program Director.
3. Interview and discuss business plan with the Incubator Manager.
4. Meet with a business consultant and a current incubator merchant.
5. Attend final interview and discuss lease terms and agreement.

The Retail Incubator can serve up to 12 diverse businesses.  All businesses have their own distinct merchandise and product.  There is no duplication of products or merchandise between incubated businesses.  The Incubator creates a synergistic environment in which merchants share business resources, create working partnerships and do business together.

Incubator Program Entrepreneurial Series

• Setting up a Point of Sale (POS) Inventory management system.
• How to obtain the funding needed to sustain the business.
• Knowing how to prepare business taxes.
• Setting up an E-Commerce web site.
• Managing employees and customers.
• How to write effective Press Releases.
• How to succeed in your business through expanding knowledge and help from organizations.
• How to market your products or services.

The "Shoppes at 827" is one of over 800 business incubation facilities nationwide, as recorded by the National Business Incubation Association (NBIA).  Businesses starting in a business incubation facility have an 87% greater survival rate after 3 years versus a 80% failure rate for businesses starting from ground zero.  For more information contact (302) 576-2120.

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