FAMU SBDC’S Business Incubator
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Application fee $25 (NON-REFUNDABLE FEE)
Applications open for both idea stage/startups & existing businesses.
Accepted applicants will receive up to six months of comprehensive business training
For more information, contact Ron McCoy
via email at [email protected] or call our office at 850.599.3407
The Rattler FANG Business Incubator is housed in the offices of the Florida A&M Small Business Development Center. The newly renovated office suite has workstation accommodations for up to fourteen clients.
FANG is an acronym and stands for Founders Accelerated Network Group. The Rattler FANG Business Incubator was made possible by a generous grant from Wells Fargo Bank. Our first cohort will welcome ten entrepreneur clients is scheduled to start in June 2023. Program is open to both existing businesses, startup businesses, or those in the idea stage.
Clients will be guided through a comprehensive, self-paced, online business software platform specific to the needs of either an existing business or a startup/new idea business. Program length is maximum six months, but may be shorter according to the client’s specific business needs.
Existing business owners will work alongside their business advisor utilizing the GrowthWheel business platform.The Growthwheel platform will help clients quickly identify the most important areas that they need to focus on and help the entrepreneur define decisions and actions that they should work on. Focus areas such as their revenue model, product portfolio, business processes, IT systems, sales, marketing, and many others.
On occasion, clients will also have an opportunity to engage with subject matter experts on various topics (i.e. business finance, marketing, legal, etc.)
The ideal outcome for our existing business clients exiting the program would be for them to have achieved a desired goal – such as, increased revenue, hired additional employees, increased services, better business processes, etc.
Entrepreneurs that are in the startup phase or those with just an idea for a business, will work alongside their business advisor utilizing the StartupWind business platform. StartupWind is a powerful platform for startups as the clients will be exposed to entrepreneurial know-how that will enable them to avoid costly mistakes that could ultimately lead to their business demise.
The first step in the client’s StartupWind journey will be to focus their thinking on their overall business strategy and whether there is growth potential for the business they are considering or if they are already in business, whether it offers growth potential. Toward that end, clients will have an opportunity to receive real world feedback from their potential customers by doing customer surveys/interviews.
Clients will go on to learn how to nurture their customer relationships and which revenue streams are best to reach them. Additionally, clients will be instructed on how to identify and build a key network of suppliers and partners and many other key business areas that will enable them to start their business and have a definite roadmap to success.
The ideal outcome for our idea stage or new startup business clients exiting the program would be for them to have established that they have a viable business idea and are now equipped with the tools and knowledge to implement on those plans leading to business success.
The Rattler FANG Business Incubator is located at 625 East Tennessee St in the FAMU SBDC office suite on the second floor. Our entrepreneur clients will work hand-in hand with a business advisor in a newly renovated office suite that is just shy of 3,000 square feet and features the following:
Some 70 percent of new businesses fail within seven years. Knowing the risks and planning for success is the key. SBDC programs offer workshops to help entrepreneurs in starting down the path to successful business ownership by evaluating business ideas, developing a business plan, and exploring financing options. Practical, convenient, concise and affordable, these group training programs cover topics from Start-up basics, to marketing, accounting/record keeping, financing, and taxes. These workshops are offered at low or no cost on a regular basis.
Review of draft business plans and feedback on the plans strengths and weaknesses is just one of the consulting services available in the SBDC at no charge to the client.
Existing business owners interested in reviewing strategic business processes, increasing sales and/or improving the bottom line can take advantage of the SMART management audit, MarketPlace sales leads, and/or the Fiscal Physical financial analysis.
Eligibility
Assistance from an SBDC is available to anyone interested in beginning a small business for the first time or improving or expanding an existing small business at no cost.
Funding
One of the critical issues potential and existing business owners face is financing the start up or growth of a business. Access to capital is provided through the U.S. Small Business Administration and the Small Business Resource Network.
The SBA provides 50 percent or less of the operating funds for each state SBDC, one or more sponsors provide the rest. These matching fund contributions are provided by state legislatures, private sector foundations and grants, state and local chambers of commerce, state- chartered economic development corporations, public and private universities, vocational and technical schools and community colleges. Increasingly, sponsor’s contributions exceed the minimum 50 percent matching share
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