Application Process

The relationship between MCED and each client is a working partnership with the goal of achieving successful and sustained commercialization in an accelerated timeframe. In order to create a productive and mutually beneficial relationship between MCED and the client, the incubator business model requires that the client be willing to conduct business in an open, collaborative and cooperative fashion with MCED. To be considered for admission to MCED, an applicant must be a technology-based company with an innovative product or service. Consulting or wholesale businesses will not be considered for admission. Selection will be based on the ability of the candidate business to meet certain standards. The application process is two-fold. First, an applicant must complete the on-line application and submit a document (business plan or otherwise) addressing the following criteria. This will help ensure a good fit between candidate companies and the overall mission of MCED.

• Do you have an innovative, technology-based product/service with a high barrier to entry (i.e. product/service that is not easily duplicated)?

• Have you confirmed that there is a market willing to pay for your product/service?

• Have you investigated the competitive landscape and identified what your competitive advantage is?

• Does your company have the beginnings of a sound management team with relevant business experience?

• What is the size of the total market directly related to your product/service?

• Does your company have working capital?

• Does your company have the potential for substantial growth and job creation within Maine?

• How much R&D is required to bring your technology to fruition?

• Does your company fit into one of the clusters identified as successful industries in Maine?

• What do you expect from MCED?

Next, MCED will evaluate potential clients with an emphasis on the following three areas. Therefore, a business plan addressing these issues is strongly recommended.

I. Technical

• Is there a technical or proprietary competitive advantage for the product or process?

• Has the technology been proven to be feasible?

o How many months until the first delivery of the product or process?

o With what human or capital resources?

II. Business/Market

• What is the life cycle stage of the industry? Of the company?

• What is the buyer concentration of the market (i.e. few large companies vs. general consumers)?

• Is there evidence of a clear market opportunity or niche?

o What are the current competitive conditions?

o What are the expected barriers to entry?

• Can the company attain a dominant position with high gross margins within that niche?

• Is there growth potential for the company?

o What is the projected market share in the 5th year?

o What is the expected size of the market in the 5th year?

o What is the current growth rate of the market?

• Are the financial pro formas available and realistic?

• Are there sufficient financial resources to survive or a high potential to acquire these resources?

• What is the overall quality of the business plan?

III. Management

• How complete is the founding team? (i.e. how many key positions are filled?)

• What is the joint experience of the management team?

• Are the management team’s business and technical backgrounds relevant to this business?

• Is the management team committed and realistic in its expectation?

• Will the team listen to advice?

Do you have what it takes...