- Technology-based product or service
- Entrepreneurial capabilities
- Job creating potential
- Growth potential
- Documented business plan
- Team building potential
The following four-step process is designed to help you prepare for application and entry to the Black Hills Business Development Center (BHBDC).
Step #1 – Application
It is important for you to meet with the BHBDC Executive Director to discuss your current or planned business initiative. The BHBDC has entrance criteria that must be reviewed by both parties to determine your eligibility for application to the Center. A copy of the application document is included in this information package.
Step #2 – Business Plan
You will be required to submit a business plan upon approval of your pre-application in order to submit a formal request for entry. (www.bhfreebusinesshelp can provide a template for assembly of your business plan). ALTERNATIVELY, you may submit a research grant/plan if your work is research toward commercialization applications.
Step #3 – Admission Committee review
The Admissions committee will review your plan and will utilize the following criteria to determine your eligibility for the BHBDC:
- You meet the criteria for eligibility.
- Your business plan’s objectives are realistic.
- You have a sound understanding of your product and market.
- Your business has potential for sustainability, growth and job creation.
- You demonstrate the necessary foundation and skill set to accomplish your goals.
Step #4 – Acceptance to the Business Center
The Executive Director will advise you when your application is approved. (In some cases clients may be required to submit additional information as part of the review process). ONCE APPROVAL has been granted you will be furnished lease agreement and the appropriate service agreement. Both must be signed prior to occupancy.
* Subletting is not permitted. Should a resident engage in subletting of any kind, there will be an immediate termination of the lease agreement. If a resident has excessive unused space, the resident should inform the Executive Director and accommodations will be made to remedy this situation.