BIOI aka: Feasibility Study
Business Incubation Opportunity Investigation
Over the past years the common way of determining whether a business incubator would have a fighting chance of succeeding and/or make a positive economic impact within the desired region was to conduct what is called a full feasibility study. This was a logical, systematic and very effective way to achieve a “comfort level” of initiating an incubator project — until —, like most good things, some decided to take short cuts and follow the “boiler plate” method. Compounding the dilemma, many communities have experienced economic downturns and setbacks that make business incubators even more appealing than ever before. Therefore, the desire for expediency, the quick fix, overtook the prudence of thoroughness. This has led to many business incubation initiatives failing and once again seemingly proving business incubation does not work. We at Incubation Operations, Training and Applications, IOTA, have never taken the short-cut or boiler plate method when doing a study; in fact, we have always tried to exceed the scope of work requested in an effort to give our clients the best opportunity to make a good decision from good information. It is to that point that we will no longer identify what we provide to a community as a feasibility study but introduce the Business Incubation Opportunity Investigation (aka BIOI). BIOI is designed to return to the thoroughness desired and needed by those who investigate the entrepreneurial prowess of their surrounding region. You can then see if the region has the opportunity to grow its own economic recovery and expand from within or if it needs to seek another avenue.
If you should commission IOTA to conduct a BIOI we will incorporate all of the traditional parts of a feasibility study. Additionally, we will include an overview of the opportunity from a regional perceptive, which is usually overlooked. We will include additional critical mass analyses to provide a more through set of data points for your community to use for decision making. Additionally, with BIOI, we will provide multiple plans for your community to consider instead of simply a yea or nay conclusion.
We at IOTA believe that business incubation is the “best kept economic development secret” in the economic development tool chest. Yet if not commenced from good information and with through implementation it can be the “weakest rung in the ladder and created only out of despair and desperation”. We at IOTA want you to make good decisions from good information. When it comes to starting a business incubator whether it is mixed use, kitchen, arts, technology or manufacturing, we ask you to start it only after doing a Business Incubator Opportunity Investigation. If it is the desire to create a co-work space, maker space, accelerator, or virtual entrepreneurial experience initiative, we ask you to start it only after doing a Business Incubator Opportunity Investigation.
It made me feel that we can be successful. This is not the impression received from the other workshop I attended.”Attendee