To apply to the SpringTech Innovation Lab, companies must:
- Submit a completed Tenant Application Form
- Submit a business plan and supporting materials
- Complete a presentation to the selection committee. Applicant will be notified via email of presentation date.
Submit all completed documents, via mail or email:
SpringTech Innovation Lab
109 War Memorial Drive
Berkeley Springs, WV 25411
The committee meets every other month. The completed application must be submitted for review two weeks prior to the presentation date.
The following criteria and process will be used by the Selection Committee to approve companies requesting space in the SpringTech Innovation lab:
- The company must be a start-up, must be registered to do business in the State of West Virginia and be ready to launch both company and product. Start-up means a company in business for two years or less.
- Company must be set up as a for-profit business.
- The company must have a complete business plan, including a description of the business, marketing plan, financial and cash flow projections for the first three years of operation.
- The business plan must be prepared by the business owner(s), with assistance from their accountant, the SBDC coach, or others if necessary, but participation by the owner indicates commitment to and full understanding of the business.
- The company will be evaluated on the success potential of the business; particularly its commercial and market viability.
- The qualifications of the management team will be evaluated, based upon resumes submitted and the quality of the presentation to the committee.
- The project will be evaluated on the projected impact on the community and the company’s willingness to document the actual impact both while a tenant and for three years following graduation. This also demonstrates the business’ understanding of and willingness to support the mission of the incubator. Impact information would include job creation, property and business taxes paid, and purchases made from vendors in Morgan County for materials and services. This information would be kept confidential on a company basis, but would be used in the aggregate to assess and market the success of the SpringTech Innovation Lab.
- Intent to stay in Morgan County following graduation. During the last year of occupancy, the company must plan for transition to next phase.
- Company must explain how a location in the SpringTech Innovation lab will be of benefit. It must have needs for support that can be addressed by the incubator.
- Company may not be a competitor of any existing tenant.