Innovation Incubator for start-ups and new entrepreneurs is located in the Newton industrial park and the facility has been renovated in 2019. Business Incubator facility has 400 m2 floor space and it comprises office, training and makers space for testing and R&D. Innovation Incubator is including the following facilities:
- Front office for 4 staff members of the cluster and incubator management
- Training room for 10 people
- Open office and co-workers space
- A workshop area that can host the makers space / FAB LAB, as well as potential test rigs
- A kitchen for preparing coffee/tea and light meals and sanitary facilities
It is estimated that Innovation Incubator can facilitate 10 startup companies per year by utilizing co-workers and makerspace.
Business Incubation And Accelerator Programs
Overall objective of the Innovation Incubator is to provide world class business incubation services for potential startup companies and teams aiming to create new economic activity in the fields of cleantech and renewable energy business in Barbados. The Incubator includes the following program phases and services:
- Pre-incubation phase (6 months). Virtual pre-incubator program
- Assessment, development and validation of the business idea and business plan
- Business coaching and mentoring
- Training and capacity building for development of entrepreneurial, leadership and management skills
- Business planning assistance
- Incubation phase (24 months). The in-house incubation program at the Newton Industrial Park.
- Access to business intelligence services
- Individual coaching
- Matchmaking services
- Professional Development and training courses
- Cleantech Accelerator phase (6 months). The accelerator offers coaching and mentoring services and access to co-working, makerspace and international networks. Key services provided are:
- Access to co-working and makerspace
- Building and valuation of IP assets and raising of venture capital
- Access to business intelligence services including market research, investor matchmaking and training
- Individual coaching support and access to international accelerators such as Climate-KIC and GCIP.
Virtual Pre-incubation relates to support the potential entrepreneurs for assessment and development of their business idea and development of the business model and business plan through individual coaching and mentoring and by providing specific training and software tools for financial forecasting.
Incubation concern the support from the start-up to expansion phase, lasting usually 2 to 3 years of the newly established company. Services provided by the incubation phase includes access to office and makerspace, subsidized rent, access to small business grants, individual coaching and mentoring services, business intelligence and matchmaking services as market, technology and IP studies. After 3 years it is usually safe to say whether the new venture is successful and has a chance to develop into a fully mature company. In Bloom business incubation concept the process will last 2,5 years including bloom incubator and accelerator.
Start-Up Acceleration Or Post-Incubation Phase
Start-up acceleration or post-incubation phase lasts usually 4 to 6 months and it includes activities to be carried out when the company has reached the maturity phase and is ready to stand up on its own feet. A suite of highly competent services will be needed at this stage for improving sales or launching international operations as well as attracting private and project financing. Building and valuation of IP assets and raising of venture capital are essential in the accelerator phase.