Frequently Asked Questions
Q1. What kinds of companies are accepted in the HRTIS?
Q2. How can a company participate in HRTIS activities?
Q3. What are the benefits of becoming a Client?
Q4. What is the cost of becoming a Client?
Q5. How do I sign up?
Q6. How long can a company remain as a Client at the Incubator?
Q7. Where do you get your funding?
Q8. How has the HRTIS impacted economic development of the Hampton Roads area?
Q1. What kinds of companies are accepted in the HRTIS?
Client companies can be new start-ups, spin-offs from existing companies, or branch offices from a larger company trying to break into the Hampton Roads region (or into one of its jurisdictions). Companies we are currently working with are pursuing commercial applications of technologies such as remote sensing instruments, distance learning software, wind tunnel instrumentation, non-destructive evaluation techniques, satellite design and analysis tools, and web/virtual reality related technologies.
Q2. How can a company participate in HRTIS activities?
Your company can take steps to become a Client, Incubator Resource, Client Sponsor, New Technology Advocate, Incubator Patron, or Funding Sponsor. Visit our ‘Sponsorships’ section to learn more about each of these levels. To reach us with more questions, email hrtis@hrtc.org
Q3. What are the benefits of becoming a Client?
HRTIS "Clients" receive a wide range of individualized service from the HRTIS staff and its state, local, and university partners. HRTIS is based on the "best practices" of other successful technology incubators throughout North America. The HRTIS offers the following primary areas of service to its clients:
1. A structured environment that helps entrepreneurs to maintain focus on their short- and long-term goals.
2. Orchestrated introductions to potential strategic partners, funding sources, and other technology-based businesses throughout the state, the US, and overseas.
3. Strategic and tactical planning services.
The HRTIS provides clients with preferred access to resources, without promising preferred outcomes. HRTIS helps its clients question assumptions and refine business models, prepare to seek capital, understand markets, plan business futures, build networks of potential advisors, set milestones and measure progress, get training to succeed in business, and access resources for running a business.
Q4. What is the cost of becoming a Client?
$3,000 annually for small or start-up companies. This fee includes use of all Client tools and services. Email us at hrtis@hrtc.org for pricing as a transitional client.
Q5. How do I sign up?
Give us a call at (757) 645-2447 or email us at hrtis@hrtc.org.
You’ll begin the process by completing an Initial Application form. Then take time to review and answer the questions presented in our Business Plan Checkup and we’ll set up an appointment to talk with the HRTIS Executive Director.
Q6. How long can a company remain as a Client at the Incubator?
The expected client incubation period typically lasts three years. However, companies can remain as a client until they reach a state (as measured by assets and cash flow) that indicates they have the ability to continue progress toward the goals set in their business plans. The incubator executive director monitors their maturity and helps them develop to a point where they can survive on their own. More specifically, the HRTIS graduates companies when they have met all the milestones established in their Client Agreements. The Client Agreement is a document that is negotiated when clients first enter the program and is updated periodically as they progress.
Q7. Where do you get your funding?
Currently we have a number of corporate and organizational sponsorships that supplement client fees: the City of Hampton, County of James City, Center for Innovative Technology, and the Hampton Roads Technology Council.
Q8. How has the HRTIS impacted economic development of the Hampton Roads area?
In the world of economic development, high-technology entrepreneurship is all the rage; and with good reason, too. Recent studies have shown that every dollar paid in salary to a scientist or engineer in a high-tech company generates an additional $2.3-$2.5 elsewhere in the local economy, compared to $1.25-$1.5 for basic manufacturing or retail outlets. Therefore, throughout America and the world, localities like Hampton Roads are working hard to foster growth of new companies in high-tech industries.
There are over 600 business incubators in North America, over twenty-five percent of which focus strictly on nurturing technology-based companies. According to the National Business Incubation Association (NBIA), "Incubators provide hands-on management assistance, access to financing, and orchestrated exposure to critical business or technical support services." Most importantly, 87% of incubator clients are still in business five years after they graduate from incubation programs! Presently, graduates and current Incubator clients generate over $46 million annually in revenues.
