Frequently Asked Questions

What is Business Incubation?
Why a Business Incubator?
Who is IDEAHUB for?
How will my company benefit by growing at IDEAHUB?
How long can I lease space at IDEAHUB?
What if I don't have a written business plan?
How will my business plan be evaluated?
Who evaluates my business plan?
If my application is approved, when can my company move into IDEAHUB?
I don't see my question.

What is Business Incubation?
"The goal of an incubator is not only to ensure the small business survives the start-up period where they are most vulnerable, but to
produce confident, successful graduates that are well grounded financially and secure in their knowledge of how to run a productive business independently, within two or three years of start-up." Canadian Association of Business Incubation (CABI).

Why a Business Incubator? 
Business incubators make a difference. 87% of incubated companies were still in business 5 years after graduation, compared with 67% of businesses in Ontario who failed.*

Who is IDEAHUB for?
IDEAHUB is the place to be. For entrepreneurs who want to move out of their home or garage office. For larger organizations with a small team who are developing new products or services. For graduate students with a business plan. For mature adults rethinking their career paths.

How will my company benefit by growing at IDEAHUB?  
IDEAHUB provides more than just a lease of space. Our unique office-ready professional environment puts entrepreneurs behind the desk and in direct contact with their clients; affordably and quickly. Imparting an experience where entrepreneurs are ready to embrace opportunities and network within a like-minded environment.  View more Member Company Benefits.
 
How long can I lease space at IDEAHUB?
Most companies will spend the first 1-3 years growing their company at IDEAHUB, before graduating out into the community.  The maximum stay is 3 years. 

What if I don't have a written business plan? 
Many aspiring entrepreneurs have innovative business ideas, but no action plan. Business plans are key to:
Draw a clear picture of your business objectives and give you goals to shoot for;
Give you a better understanding of the industry and business you are getting into;
Give prospective investors the means to determine whether your company is a suitable investment;
Give you a chronology of events and financial milestones against which you can compare your results.
(RBC Royal Bank)
 
We have local agencies who can assist and guide you through your business plan preparation.
Business Advisory Centre Northumberland (BACN)
Port Hope Economic Development Office (EDO)
Northumberland Community Futures Development Corporation (NCFDC)

Link to more local, provincial and federal resources to assist you with your business plan research.

How will my business plan be evaluated?
Your plan will be evaluated based on IDEAHUB's Business Plan Evaluation Criteria (PDF) 

Who evaluates my business plan? 
IDEAHUB's Business Incubator Management Advisory Committee (BIMAC) will review and evaluate your plan in confidence.

If my application is approved, when can my company move into IDEAHUB?
We will schedule a meeting for you and the building owner to sign your lease agreement, and you will be ready to move in.

I don't see my question.
If your question isn't listed, please give us a call, or email us. We will respond within 24 hours.