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ManualoftheKoreanBusinessIncubatorModel—May2016 1
Manual
ofthe
Korean
Business
Incubator
Model
KwangHwiPark
JayKim
May2016
Supportedby
ManualoftheKoreanBusinessIncubatorModel—May2016 2
Introduction 3
Overview 4
Background 6
Objectives 8
HistoryofKoreanBusinessIncubators 9
IncubatorStructure&OperatingSystem 11
IncubatorManagementOverview 13
IncubatorManagement—EntranceProcess 14
IncubatorOccupantManagement 17
IncubatorGraduateManagement 21
SupportServicesoftheBusinessIncubator 23
IdeaandSelectionCriteriaGuide 24
ResponsibilitiesandDuties 25
ObligationsofVariousParties 26
IncubatorDevelopmentFinancingandFunding 27
Government&BusinessIncubatorRelations 29
ActivitiestoAttractStart-upIdeas 31
GovernmentalEvaluationofIncubators 34
IncubatorConnectiontotheMarket 36
CommercializationofIdeas 38
Interview—YongjaeKim—CEOandCo-Founder,Knowre 40
Interview—EugeneKim—Co-CEOandGeneralPartner,SparkLabs 41
Interview—Hong-GyooSohnPhD—YonseiUniversityBIDirector 42
TableofContentsGuide
ManualoftheKoreanBusinessIncubatorModel—May2016 3
Nationsaroundtheworldstrivetoimprovethequalityoflifeoftheirconstituents.Theymustworktodevelopandbuildtheeconomywhichcreatesopportunitiesforitscitizens.Technology,Innovation,andEntrepreneurshipareessentialcomponentsnecessarytobringdevelopmentandadditionalopportunitiestocommunities.Theeffectiveuseofscienceandtechnology,coupledwiththecreativeabilityofinnovationwilltriggeracompetitiveadvantage.PromotingentrepreneurshipwithemphasisonTechnologyandInnovationisimportant.
Theremustbeabalancedstrivedbetweentheestablishmentofearlystageentrepreneurialactivityandthesupportoftheseenterprisesthroughexistingenterprisesandsupportstructures.Startupenterprisedevelopmentisdifficulttoachieveandtherearemanypreliminarychallengesfacedbysuchendeavors.Inordertoovercomethesedifficulties,theBusinessIncubatorcanestablishitselfasthebridgetosuccessforstartupsandentrepreneurs.Thus,theIncubatorcanserveasthevitallinktosustainablesuccesstothestartupandsmallenterprisesintheearlystages.
Figure1.BusinessIncubatorBridge
BusinessIncubatorsareanimportantandvitalcomponenttotheeconomicdevelopmentofcitiesandnationsaroundtheworld.Notonlydotheypromotethegrowthofsmallbusinessandenterprise,theyalsoserveasacontributortotheoveralleconomichealthoftheeconomy.Promotionofsmallenterprisethroughbusinessincubatorshasbeenshowntoincreasethenumberofjobs,increasetheamountofmoneyraisedbygovernmentsthroughtaxation,occupymorerealestate,addvaluetotheeconomicinfrastructureofthecommunity,andhelpcreateadditionalemploymentinothersectors.
Figure2.BusinessIncubatorDevelopmentCycle
Introduction
ManualoftheKoreanBusinessIncubatorModel—May2016 4
Incubatorsneedclearguidelines,roles,andexpectationswithregardtothestructureofthebusinessincubator.Thereisnocleardefinitionforsuccessoftheincubatorandmanylacktheexperienceofsupportingentrepreneursoveralongperiodoftime.Itisnotaneasytasktoidentifytheconditionsanddirectivesnecessarytosupportenterprises,inashortamountoftime.
SmallandMediumEnterprise(SME)proportioninKorearepresented99.9%oftheentireenterprisesystem.Thepercentageoftheworkforceemployedbysmallbusinessesin2012was87.7%.(2012,SmallandMediumBusinessAdministration)SmallenterprisesareavitalcomponenttotheeconomichealthofSouthKorea.Astheemphasisoninnovationandadaptabilitycharacteristicsgrows,theimportanceofsmallandmidsizeventurecompaniesincreases.
Figure3.SMEpercentages—2012SmallandMediumBusinessAdministration
ThegovernmentismakingmanyeffortsforthedevelopmentofSMEsinKoreaandthehighlightedkeyfactorforthenation’seconomicgrowthistheactivitiesofsmallbusinessandstart-ups.Theactivationoftheseactivitiesbringsemploymentgrowthandincreasedtechnologyimplementation.But,duetothebarrierstoentry,thegeneralresultisthatactivationdidnothappeninthepastthewayitwashoped.ThegovernmenthasdevelopedpoliciesandstartedtodevoteitsresourcestosuccessfulmeansandtowardstheBusinessIncubator.
ThebasisoftheBusinessIncubatorprojectofthegovernmentinKoreawastoenhancethesuccessrateoftechnology-basedandrelatedstart-upfirms.AccordingtoArticle2,Paragraph6oftheSmallandMediumEnterpriseEstablishmentAct,theBusinessIncubatorprovidesfacilitiesandspace,jointresearchanddevelopment,guidanceandadvice,financialsupportandplacement,managementandaccounting,andtaxandlawservices.Thesesupportfunctionsarerequiredforthegrowthandlaunchofsmallenterprises.
Figure3.GeneralSupportFunctionsoftheBusinessIncubator
AccordingArticle2,Paragraph7ofSmallandMediumEnterpriseEstablishmentAct,toenhancetheabilityof
Overview
ManualoftheKoreanBusinessIncubatorModel—May2016 5
start-upfoundersandentrepreneursandtheirmanagementandtechnology,theincubatorshouldallowtheenterprisetoputtheirprimaryfocusondevelopingtheirproductortechnology.Thisensuresthattheincubatorisprimarilyconcernedwiththebarrierstoentryassociatedwithsuccess,suchasfinancing,feasibility,andaccesstophysicalfacilitiesnecessarytobusinessfunction.Withthesupportoftheincubator,therisktothestart-upandenterpriseisreducedandseamlesstransitiontogrowthcanbeaccomplished.Bypromotingthegrowthofthestart-upandsmallenterprise,theprimaryresultoftheincubatorbecomestoincreasethesuccessrateoftheassociatedenterprises.
Thebasicfunctionfromthenameofbusinessincubatorsisto“hatch”inanenriched,controlledenvironment.Thesuccessfuldevelopmentofenterprisesrequiresanincubatortobuildaninfrastructureandmaintaincontrolledconditionsthatallowbusinessesto“hatch”.Thisrequirespropercoordinationforentrepreneursbetweenvariousorganizations,universities,publicresearch,localgovernment,andprivatesectorinstitutions.Theseinstitutionsmustcollaboratetoprovidethebenefitsandservicesthatwillbetterthesuccessrateandenhancetheviabilityofsmallenterpriseandstart-ups.Thebusinessincubatorwillfunctiontoharnessthefullfunctionofallresourcesnecessaryforenterprisesuccess.
ThegoaloftheKoreangovernment’spromotionoftheBusinessIncubatoristopromotethecommercializationofinnovation,newbusinesscreation,increasedemployment,andamorehighlyskilledworkforce.
Figure5.KoreanGovernmentGoalsinPromotingBusinessIncubators
Background
ManualoftheKoreanBusinessIncubatorModel—May2016 6
ThefunctionoftheBusinessIncubatoristodevelopentrepreneursandbringtogetherthevariouscomponentsofthesmallenterpriseandstart-upecosystemintoafocusedcenterwhereresourcescancollideandtheeconomicdevelopmentofthecommunitycantakeplace.Fromthefigureshownbelow,entrepreneurscancomefromvarioussourcessuchasuniversities,companies,andsocietalorganizations.Theybringskillsandattributesfromtheirexperiencesthatmakethemabletoformacompetitiveenterprise.Also,thereshouldbeincentivestotheentrepreneurstotakerisksandinvesttheirtime,energy,andwealthintotheenterprise.Ontheotherside,theBusinessIncubatorcanbeoperatedbyseveraldifferenttypesofoperators.Theyprovidethelevelofsupportandeffectiveservicesthatwillbringvaluetotheentrepreneurs.Asaresult,theeconomiceffectscanberealizedinthecommunityandbeyond.
Figure6.BusinessIncubatorFunctions
AswestarttolookatthecurrentbusinessincubatorecosysteminKorea,itisimportanttodifferentiatebetweenthetypesandfunctionsofdifferentbusinessincubatoroperatorswithinKorea.ThefollowingchartprovidesadetaileddescriptionofcurrentmodelsandfactorsinthestructureofincubationfoundinKorea.Incubatorscanbemanagedbydifferentagenciesandfunctionwithanentirelydifferentsetofvaluesandprinciples.Theseclassificationshelptounderstandthebackgroundandmotivationsforbusinessincubatorsastheyseektohelpenterprises.
Figure7.BreakdownoftheStructureandClassificationsofBusinessIncubatorsinKorea
ManualoftheKoreanBusinessIncubatorModel—May2016 7
Structure Category Characteristics and ProfileFounded by the central government / local governments and public institutionsFocused on job creation and economic diversification of the economyPrimary target is expanding the tax baseEstablished by Universities and Research InstitutionsFocused on the transfer of technology and commercialization of researchTarget is to strengthen and commercialize University revenuesContribute to the enhancement of the institution's image in the communityFinding research grant opportunities in cooperationProviding entrepreneurship opportunities for graduates and facultyOperated by Individuals and Private Companies as a business investmentSeeking profit and the structuring of companies to produce profitInvestments in technologies and to secure technology, real estate development purposesMore than 70% of the resident enterprises have a specific area or specific targetSecured through Small Business Administration for a specific area of incubation The use of specialized services, depending on the growth stage of the enterpriseIndustry professionals needed to ensure proper supportTargeting a wide range of industries and specialtiesProfessional managers need to have general management capacity for a wide rangeThe accumulation of human capital, technology and equipment advantage of the universitySuitable for the cultivation of high-tech industryEarliest possible commercialization of research resultsEasy access to amenities and proper facilit iesMarket proximity and marketing advantageProximity to indigenous resources nearbyExpenses are relatively inexpensive, such as space occupancy feesFaithful to the established objectives and policies of the operations centerSpecialized support services, eligible to focus on specific sectorsPolicies reflect the operational support agencyPublic interest can be excluded to the operating profit of the institution
Public
Private
Management
Business Incubator Classifications in Korea
Operational Support
Self-Reliant Center
Non-Self-Reliant Center
Non-Specialized Center
Universities and Research Institutions
Specialized Center
Specialization
Rural-area Center
Urban Center
University-related Center
Geographical Location
Objectives
ManualoftheKoreanBusinessIncubatorModel—May2016 8
TheobjectivesofthisreportaretomakeclearthespecificoperationalstructureoftheBusinessIncubatorinKoreaandthedifferentaspectsoftheKoreanincubatorecosystem.TheBusinessIncubatorinKoreashouldhavespecificoperationalobjectivestofitthecircumstancesofitsoperationalobjectives.Itmustspecificallybeoperatedinaccordancewiththesystemdesignandoperatingstrategy.Theinvolvementofmultiplestakeholdersandpartiesnecessitatesspecificgoalstopursue.Therecanbevarioussettingsandcategoriesofincubators,intermsofeconomicdevelopment,technologycommercialization,profitability,andenhancementofentrepreneurship.First,thepriorityshouldbetocreatenewbusinessfromthestandpointofeconomicdevelopment,employment,industrialadvancement,revitalizationofthelocaleconomy,andsolvingeconomicproblems.Objectivescanbesettodeterminesuccessfulimplementation.Thesecondobjectiveistocommercializethenewtechnologybeingformedinuniversitiesandresearchcenters.IncubationofnewtechnologiesthroughtheBusinessIncubatorcenterneedstargetstonurturepromisingtechnologyandinnovationthatleadstocommercializationandprofitablebusinessmodels.Thirdly,fromthestandpointofprofitgeneration,incubatorscanseektoachieveanoperatingprofitfortheiractivities.Finally,theactivationofentrepreneurshipthroughassociationwiththeBusinessIncubationcenterintothecommunity.Forexample,abusinessincubatorestablishedbyaUniversitycanhaveanimpactonthecommunity’sinvolvementinstart-ups.Thesuccessfulcommercializationofideasfromprofessorsandstudentsmaybringaboutanincreasedinterestinstart-upandsmallenterprise.
Figure8.OperationalObjectivesoftheKoreanBusinessIncubatorTheoperatingstrategyoftheBusinessIncubatoristofocusonthegrowthofenteringcompaniesthroughtheprovisionofvarioussupportservices.Theseservicesincludetheprovisionofthosecompaniesthatactivatethelocaleconomythroughtheuseofexistingbuildingsandspaces.InKorea,BusinessIncubatorsstartedwiththefirststrategytostimulatetheeconomyasanobjective,butgraduallymovedtothesecondstrategyfocusedoncorporatedevelopment.Thisisimportantinsecuringstart-upandsmallenterprisesuccessrateandself-relianceforthefuture.Intheoperationofbusinessincubators,therewillneedtobeastrategyforthemutualdevelopmentofbothenterprisesandbusinessincubators.Incubatorsshouldnotgenerateprofitonlybyenterprisesthatmoveintoexistingspace.Iftheenterpriseperformsparticularlywell,theincubatorshouldbenefitaswell.Asanexample,universitiesthatoperateanincubatorcangetseveralbenefits.Theyenhancethesocialcontributionoftheuniversitywhenasubjectperformswellthroughtheprogram.Theycanalsoenhancethesocialcontributionofuniversitiesbyutilizingthespace,technology,equipment,anduniversityresourcestosupportSMEs.Throughthis,awarenesstothecommunityoutsidethattheresearchactivitiesoftheuniversity
ManualoftheKoreanBusinessIncubatorModel—May2016 9
createdthecommercialtechnologies,whichcanincreasetheresearchfundingfromoutsidesources.Inaddition,theprofessorsoftheuniversityorthestudents,orgraduatesalsoreceiveincreasedopportunitiesthroughbusinessincubation.
Figure9.KoreanIncubatorHistory-1991—2014
KoreanBusinessIncubationDevelopmentHistoryYear RelevantHistoricalData
1991EstablishedthefirstlawforoperatingBusinessIncubators
MinistryofCommerce,IndustryandEnergystartstodevelopsupportsystem
1993 YoungdongBusinessIncubatorestablished,thefirstprivateBusinessIncubatorinKorea
1994
SmallandMediumBusinessCorporationDivisionofMinistryofTrade,IndustryandEnergyMinistryopensgovernmentoperatedAnsanBusinessIncubator
MinistryofScienceandTechnologystartsTechnologyBusinessIncubator
1996
SmallandMediumBusinessAdministrationgovernmentagencyopened
MinistryofInformationandCommunicationstartsSoftwareBusinessIncubatorprogramsupport
CityofSeoul,SouthChungcheongProvincestartBusinessIncubators
1997
MinistryofInformationandCommunicationstartsUniversityITBusinessIncubator
MinistryofCommerce,IndustryandEnergyestablishestechnologypark
SpecialLawpassesforthepromotionofventurecompanies
1998 SmallandMediumBusinessAdministrationexpandsBusinessIncubatorprogram
2000MinistryofCulture,SportsandTourismstartsBusinessIncubatorprogram
SmallandMediumBusinessAdministrationdevelopsinformationwebsiteforstart-ups
2001 MinistryofEnvironmentstartsBusinessIncubatorprogram
Figure9.KoreanIncubatorHistory-1991—2014-Continued
KoreanBusinessIncubationDevelopmentHistory
HistoryofKoreanBusinessIncubators
ManualoftheKoreanBusinessIncubatorModel—May2016 10
Year RelevantHistoricalData
2002 Announcementandspecialmeasuresmadeforventurecompanies
20035YearPlanestablishedforhowtoactivatestart-upcompanies
MinistryofNationalDefencestartsBusinessIncubator
2005GovernmentalmeetingforeconomicpolicyonBusinessIncubators
SmallandMediumBusinessAdministrationmergesdivisionsandmanagestogether
2006 StoppeddesignationofnewBusinessIncubators,Supportcenterexpansion
2007Expanded10yearoldspeciallawpromotingventurecompanies
SmallandMediumBusinessAdministrationpresentation:"ActivationoftheBusinessIncubator"
2008 KoreaInstituteofStartup&EntrepreneurshipDevelopmentestablished
2009NewBusinessIncubatorestablishedforHealthcare,GreenTechnology
All9ministriesmadestrategy"howtoactivatetechbasedstartup"
2011KoreaBusinessIncubatorAssociationestablished
AnotherSmallandMediumBusinessAdministrationpresentation:"ActivationoftheBusinessIncubator"
2014
Thereare282BusinessIncubatorsAppointedbySmallandMediumBusinessAssociation
209universities,25labs,5runbySME,18provinces,and25others
Fromthischart,itiscleartoseethattheBusinessIncubatorhasdevelopedoverathepast25years.Thereareafewnotesfromthechartthatdevelop.TherearevariousgovernmentalagenciesthathavetriedtostartandoperateBusinessIncubatorsthroughoutthehistorytomixedlevelsofsuccess.Therewereover11differentagenciesofgovernment,including9nationalagencies,tooperatebusinessincubatorsinKorea,eachoperatingwithdifferentmanagementteamsandobjectives.Thisseemstoindicatethescatteredapproachofthegovernmentagencieswasineffectiveatcollaborationandsharingresources.Also,fromthecurrentnumbersin2014,itisclearthatthevastmajorityofBusinessIncubatorsinKoreaarenowrunbyuniversitiesandinstitutes.Businessincubatorsthatformoutofuniversitiestendtobegearedfortechnologybasedstart-upsandenterprises,Thisalsotargetsthestudents,graduates,andalumnioftheuniversities,agenerallyyoungertargetthattheoverallecosystemoftheKoreanenterprisesystem.Inordertounderstandthepurposeofestablishmentofbusinessincubators,setthebusinessscope,findthepurposeandroleforincubators,thereshouldbeanoperatingsystemforthebestwayoperatetheincubator.
IncubatorStructure&OperatingSystem
ManualoftheKoreanBusinessIncubatorModel—May2016 11
The“BusinessIncubator”isreferredtointhe“IncubatorOperationalRegulations”policyofSmallandMediumBusinessCorporationasthefacilityandorganizationintendedforthedevelopmentforstart-upsandsmallenterprise.TheIncubatorprovidesfundingsupport,networking,management,guidance,growthconsultation,jointresearchanddevelopment,accounting,andlegalservices.TheIncubatoroperatingsystemisbasicallythemodelwithafocusonthecomponentsoftheprocessandthegoalsandstrategies.Abasicmodelcanbedescribedintwodimensionswiththreebasicelements:theincubator,enterprise,andtheinvestor.Therelationshipbetweenthoseelementsisdescribedinthechartbelow.
Figure10.BasicModeloftheIncubatorOperatingSystem
Theoperatorismanagingthebusinessincubatorcentertoperformtheactualbusinessincubatoroperation,providingthenecessaryservicestostart-upsandenterprises.Theoperatorsofthebusinessincubatorsreceivefinancialsupportfrominvestorsintothebusinessincubators.Thestart-upandsmallenterprisesarethecompaniesthatcancontributetoregionalornationaleconomicdevelopmentandbringinnovationtothecommunity.Theinvestorcomponentoftheoperatingsystemisthecentralandlocalgovernments,colleges,ChamberofCommerce,theprivateenterprises,etc.thatsupporttheoperationwithfundingandbuildtheIncubatorcenter.TheInvestorsupportsactivitiesrelatedtostart-upsandsmallbusinessesandoverseestheBusinessIncubatorCenterthroughtheoperationoftheSupervisoryCommittee.Andtheseinvestorsareexpectingmacroscopiceffects,suchasstimulatingtheeconomyiftheinvestorispubliclyfinanced,orinthecaseofprivateinvestorsbyholdingequityofpromisingcompaniesandexpectingtheproceedsoffuturedividendsorequitysale.
Theprocessmodelofabusinessincubator’soperatingsystemcanbedifferent,sodifferentcharacteristicsexistdependingontheestablishedobjectiveandphysicallocation.YoucanseetheIncubatoroperatingsystemthroughthelensoftheobjectivesandstrategy.TheIncubatoroperatingsystemisintendedtodefinetherelationshipbetweenandthefactorsthataffectthebasicoperationalactivitiesoftheIncubatorenterprises.
ManualoftheKoreanBusinessIncubatorModel—May2016 12
Themainelementsoftheoperationcanbedividedintofivecategoriesincludingmanagementpolicies,organizationalstructure,resources,supportservices,andoutsideconnections.Theseelementsareinfluencedbyoperationalobjectivesandstrategiesofbusinessincubators(Figure11).ThemainselectionoftheIncubatorenterprisesandstart-upsareinfluencedbythefactors(includingwhetherthereissectorselectionorcharacterizationoftheincubator),supportutilizingitsresources,andguidedgraduationandaftergraduationsupport.
Figure11.Incubatoroperatingsystemcomponentsandcharacteristics
Figure12.CurrentBusinessIncubatorStructureDiagram
ManualoftheKoreanBusinessIncubatorModel—May2016 13
TenantOccupancyManagementTenant—TheresidentgraduationprocessofmanagementisdistinguishedbyaseriesofprocessesleadingtothegraduationofthetenantsfromtheBusinessIncubationCenter.Theprocessesconsistofenteringthecenter,beingincubatedandgraduatingtodifferentiatebetweentheprocesses.(1)TenantEntranceProcessManagement:<RecruitmentProcedure>→<SelectionProcessandCriteria>→
<TenantApprovalandContract>→<IncubationandBusinessDevelopmentFundManagementAgreement>
(2)IncubationProcessManagement:<BusinessPlanMapping>→<EnterpriseProgressAssessment>→<EnterpriseCommercializationSupport>→<EducationPrograms>→<EnterprisePerformanceManagement>
(3)GraduationProcessManagement:<GraduationExitClassification>→<GraduationProcedure>→<"ManagementafterGraduation>
Figure13.TypesofManagementintheBusinessIncubator
IncubatorManagementOverview
ManualoftheKoreanBusinessIncubatorModel—May2016 14
TheprocessforcompaniesforenteringtheBusinessIncubatorandgraduatinghasmultiplelevels.First,theprocessfortheselectionoftenantstoentertheBusinessIncubatorcanbedescribed.
Figure14.SelectionProcessforIncomingBusinessIncubatorTenants
RecruitmentPlan:FortherecruitmentoftenantcompaniestoentertheBusinessIncubator,theremustbeanestablishedrecruitmentplan.Inaccordancewiththeoccupancylevelsofthecenter,thereshouldberegularandspecialrecruitingannouncementsplanned,established,andutilized.
(1)RegularRecruitment:1-2timesperyeararecruitmentplanshouldbeestablishedandexecuted.WhentheBusinessIncubatorcenterplanstheimplementationoftherecruitmentplan,thescheduleshouldbesetaswell.
IncubatorManagement—EntranceProcess
ManualoftheKoreanBusinessIncubatorModel—May2016 15
(2)SpecialRecruitment:InaccordancewiththeneedsofoccupancyoftheBusinessIncubatorcenter,thereshallbespecialrecruitmentplans.Ifvacancyoccursaboveaspecifiedlevel,thereshouldbearecruitmentdriveexecuted.IfatenantcompanyisrecruitedandacceptedbytheBusinessIncubatorandnovacancyexists,thetermsshallbedrawnuponlywhenavacancyexistsinthecenter.
PublicRecruitingAnnouncement:AnannouncementthattheBusinessIncubatorisrecruitingqualifiedtenantsshallbemade,alongwithdetailsofthespace,rentalcharges,andmajorsupportservicesofferedbythecenter.Therecruitingmethodisconductedusingvarioussources.
• BusinessIncubatorCenternewsletterandwebsite• Governmentagencywebsites• BusinessIncubatorAssociationwebsites• DailynewspapersandBroadcastMedia• GovernmentAgencyCenters
TenantApplicationsReceived:(1)TheapplicationisdownloadedbythetenantfromtheBusinessIncubatorCenterwebsite.(2)Theapplicationmaybefiledbymailoremail,orbyvisitingthecenter.(3)Iftenantapplicationshasbeenreceivedandnorelevantinformationhasbeenomittedormissedbythe
applicant,thereisareviewtodeterminewhetherrequirementswhichhavebeendescribedaremetbytheapplication.Additionallocationinformationandscheduleisgiventotheapplicant.
(4)Inthepre-interviewscreeningreview,amanagerconductsandpreliminaryscreeningofthetenant,thebusinessplansubmitted,andthesupportingdocumentspresentedwiththeapplication.Therequirementsoftheplanandproperbusinessinformationmustbeidentifiedwithintheapplicationbeforedeterminingwhethertheapplicantshalladvancethenextphaseoftheprocess.AnintroductionofthecenterandaBIcentermaybeinspectedbytheapplicant.
(5)Thetenantapplicationshouldhavethesecriteria:• Thestart-uporsmallenterpriseshallhavebeenestablishedinthe3yearspriortotheapplicationandnolongerthan3years.• ThetargetedsectorfortheBusinessIncubatormaybedifferentdependingonthetargetsandgoalsoftheoperationplan.• TheBusinessIncubatorshalldeterminethetargetedentrepreneursforthecenterforbusinessdevelopment.Forexample—Seniorcitizens,YouthandStudents,Women,Universityassociatedindividuals,etc.
TenantApplicationScreeningProcess:ThereisadocumentreviewtodeterminewhetherthecontentsandaccompanyingdocumentsincludedintheapplicationmeettherequirementsforentryintotheBusinessIncubator.Theoccupancyrequirements,thecompanydateoffoundation,therepresentativesandparticipationofemployees,financialcondition,financialstatus,etc.arechecked.ThetenantandsubmittedinformationshouldbeobjectivelycheckedbytheBusinessIncubatorandinformationindependentlyverified.ThechecklistforsuchinformationisfoundinFigure15.Theprimarypurposeofthescreeningprocesstodeterminewhetherthebasicrequirementsaremetbytheapplicantandtheeligibilitysetoutintheoperationalstandardsisensured.
Figure15.ApplicationDocumentsandDataReview
ManualoftheKoreanBusinessIncubatorModel—May2016 16
FinalPresentationScreeningScheduleAnnouncement:Anannouncementismadeforapplicantsandtheyarenotifiedviaemailwiththedetermination,aswellasthescheduleforthefinalpresentation.Theyshouldbegivenat5daysnoticebeforemakingthefinalpresentation.Inaddition,presentationfilesshouldbesubmittedinadvancetosubmitbeforethedatethepresentation.TheBusinessIncubatorprovidesthebusinessplaninadvancetothejudgesbyemail.Theconfidentialinformationsuchascompanyname,nameofrepresentativesandparticipatoryworkforce,contactdetails,socialsecuritynumbersshouldbecarefullyomittedtoensureimpartialityandlegalcompliance.Theappointedjudgesmustsignaswornstatementthattheywillnotleakthepersonalinformationorbusinessitemssuchasacquisitionandcorporatestatusinthereviewprocessandthattheywillnotuseinformationforotherpurposesorpersonalpurposes.FinalPresentationReview:TheBusinessIncubatoradvancestothepresentationscreeningfortheselectionoftenantsinthecenter.(1)Thepresentationsforthecommitteecanbescheduledduringanytimeoftherecruitmentwith
presentationspresentedtogetherorseparatelytoaccommodatetheparticipationofcommitteemembersintheprocess.
(2)Thereviewprocessisannouncedtotheparticipants.Thepreliminaryinformationisreleasedtothejudgesandthetenantapplicantshave10-15minutestointroducethecompanyandbusinessplan.Afterthistimeiscompleted,thereisa5-10minuteQuestionandAnswersession.
(3)ScreeningDecision:theBusinessIncubatorcentercollectstheresultsfromthepresentation,organizesthisinformation,anddetermineswhethertomoveforwardwiththetenant.
TenantSelectionandContractSigning:TheBusinessIncubatornotifiestheresulttothetenantsafterthescreeningprocessisfinalized.Theprocessmovesforwardandgeneralinformationoftheoccupancyagreementiscollected:(1)PeriodofOccupancy(2)Spaceentering(3)Tenantoccupancyanddepositfees(4)BusinessIncubatordevelopmentfundsdesignatedforTenantsupport(5)CenterLocationInformation(Ex.—Parkingpermits,licenses,etc.)TheBusinessIncubatorCenterandthetenantsignthecontract.Thecontractdescribesthetenantoccupancyperiod,theobjectsoftheagreements,andthedefaultcontributionsofeachparty.Theoccupancyagreementshouldensurethatthepartiestothewrittencontractshalleachtwocontractcopieseachtomanagefilestorage.Legalpartyrepresentativesonbusinessregistration(legalentity)shouldbenamedandconsulted.Thediscussionconcerningtheimplementationofthecontractandmatterslistedinthecontractmustbeguaranteed.TherequirementsofthetenantresponsibilitiesmustbedescribedtoinsuretheimplementationbythetenantandtheresponsibilitiesoftheBusinessIncubator,aswell.Thenegotiationsinthecontractmustbefaithfullymaintained.
ManualoftheKoreanBusinessIncubatorModel—May2016 17
Figure16.ContractAgreementInformationDescriptionList
Oncethecontractissigned,thetenantapplicantshallmoveinonthegivenoccupancydate.AfterenteringtheBusinessIncubator,theyshouldbeequippedwithvariousdocumentsrelatedtobeingatenant,suchcomputerdataentrytheabilitytosubmitdatatocreate,modifyandmoveintheeventofachangeofdetailsinthecompanymaintains.TheBusinessIncubatorsupportsthegrowthofthetenantenteringtheBusinessIncubatorthroughavarietyofmethodsduringtheperiodofoccupancy.
Figure17.BusinessIncubatorProcessManagementDetails
IncubatorOccupantManagement
ManualoftheKoreanBusinessIncubatorModel—May2016 18