8.0. EDSR 03-11-2002 - Laserfiche WebLink

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• ELK RIVER BUSINESS INCUBATOR MEMBER COMPANY SELECTION GUIDELINES The primary purpose of the Business Incubator is to provide inexpensive space and support for higher technology, (start-up and existing) small companies whose success would add significantly to the growth and diversification of the City of Elk River's economic base. The Elk River Economic Development Authority (EDA) will, as its primary objective, select companies which appear to have the necessary fundamentals established to assure their future growth and success. I. Basic Entry Guidelines The following basic entry guidelines will be used to determine the eligibility of applicants to the Business Incubator: • 1. Retail/service businesses will not be considered. 2. Businesses which compete exclusively in the local market with other similar local businesses will not be considered. 3. Manufacturing/assembly businesses will be screened to assure the facility is able to accommodate their intended process and byproducts. 4. Companies marketing new products/technology in the energy field are encouraged to apply. 5. Companies must be involved in product manufacturing/assembly or be high technology-service related. 6. The principals must have substantial technical and/or managerial skills, or demonstrated experience and education in the product field. 7. Companies must clearly demonstrate a need for incubator services. II. Specific Application Guidelines Evidence of the following specific guidelines is to be provided at the time of application to the Business Incubator: 1. Companies will be required to give hiring preference to persons meeting certain eligibility requirements. 2. Companies will be required to allow opportunities for local businesses • to manufacture products for the company.