Successful startup business plan

requirements for successful business start-up and successful business to start up
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AustinMcmahon,United Kingdom,Researcher
Published Date:16-07-2017
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Keys for a Successful Business Start-Up Business Resource GuideWELCOME TO KEYS FOR A SUCCESSFUL BUSINESS START-UP The Lincoln Chamber of Commerce welcomes you to this Keys for A Successful Business Start-Up guide – a resource for businesses and entrepreneurs of all types. Whether you are examining Lincoln, Nebraska as a possible location for your existing business or are thinking about starting a new business in Lincoln, this guide can help. Within is a listing and discussion of many of the incentive programs, assistance organizations, financing programs, and other local resources to help business owners and entrepreneurs. We are confident this guide can be a valuable resource to you. Lincoln has much to offer as a host city for a business. Lincoln is home to the State Capitol and flagship campus of the University of Nebraska. The region is known throughout the United States for its highly educated and productive workforce and a quality of life that is almost unparalleled. There is strong presence of a number of industries including electronics manufacturing, financing, insurance, health care and software. Located near the geographical center of the U.S., Lincoln’s transportation & logistics can provide a company with the capability to compete on a national and global scale. With world class research facilities along with a broad manufacturing base, Lincoln is a city with the right environment for a business to grow. More information can be found on our website, www.selectlincoln.org Thank you for your interest in this guide and our city. Inquiries can be directed to: Lincoln Chamber of Commerce 1135 M Street, Suite 200 Lincoln, Nebraska 68501-3006 (402) 436-2350 1THE LINCOLN NEBRASKA CHAMBER OF COMMERCE The Lincoln Chamber of Commerce is a coalition of business and industry that work in partnership with local civic organizations and government agencies to improve the standard of living and create economic opportunity for all Lincoln area residents. Whether it’s new jobs, new streets, new recreational facilities, new or improved visitor attractions or special events, chances are the Chamber has played a positive role in lives of Lincoln residents. Chamber initiatives are promoted through strong partnerships. The Lincoln Chamber of Commerce is an organization of associated businesses that works on the local, state and federal levels to promote Lincoln’s economic objectives. The Lincoln Partnership for Economic Development is a public-private organization formed by the Chamber and the City to promote job growth and retention in the region. The Lincoln Convention and Visitor’s Bureau is an organization funded by Lancaster County lodging taxes to promote tourism opportunities for the region. The Lincoln Chamber of Commerce provides members with a strong package of opportunities, benefits, assistance and business visibility that increase involvement in the community and help member firms to grow. The Chamber engages elected officials at all levels of government to be an advocate for the Lincoln area business community. The member directory and the “Buy Lincoln First” program for business referrals encourage local residents to support our member businesses. Chamber members have numerous opportunities for business, political and social networking through frequent events including: Business After Hours, the annual Business to Business Tradeshow, Chamber Coffee, Public Policy Forums, Face the Chamber series, Small Business Network events, Young Professionals Group and others. The Lincoln Chamber of Commerce is proud to be the voice of business and growth in our community. We look forward to working with you as your business grows in our community. For more information, please visit our website www.lcoc.com. 2THE LINCOLN PARTNERSHIP FOR ECONOMIC DEVELOPMENT The Lincoln Partnership for Economic Development is a non-profit, public-private institution and the lead organization for economic development in Lincoln. Started in 1996, The Lincoln Partnership for Economic Development was established to consolidate the economic development efforts of the City of Lincoln and the Lincoln Chamber of Commerce. Our mission is to nurture an environment for existing businesses, attract high-impact industries, and develop its entrepreneurial capacity. Since its formation, there have been more than 7,000 new jobs created in the Lincoln area and over 1,000 jobs at risk of leaving the region have been retained. Through strategic partnerships with community organizations, the economic development team has provided assistance to well over 250 companies. The Lincoln Partnership for Economic Development has played an important role in branding and marketing Lincoln to prospective business as well as developing and providing important services to local business and industry. The four core programs of the Lincoln Partnership for Economic Development are as follows: 1 Business Retention & Expansion: The Business Retention and Expansion Program constitutes the backbone of Lincoln Partnership for Economic Development efforts. Lincoln is fortunate to have a diverse base of existing companies of all sizes. The Partnership works to assist these businesses to help them grow and prosper in Lincoln. Efforts include: business surveys, access to city and state incentives, site selection assistance, interactions with cooperate offices to remain and increase employment, in Lincoln. Although many of these projects go unnoticed, more than 5,000 new jobs have been added in the Lincoln area since 2004. 2 Business Attraction: The Lincoln Partnership for Economic Development has developed a strong business recruitment program since 2004. The Partnership has gained a reputation for providing high quality, accurate information in a timely manner to prospective clients. By participating in numerous industry events and trade shows throughout the nation, site selection consulting firms recognize the Lincoln community as a viable option for company location, capable of providing qualified employees and resources for their clients. 3 Innovation and Entrepreneurship: An important component of the future economic growth of Lincoln lies within fostering an environment where entrepreneurs have access to facilities, support, resources and money to start new, high-growth businesses. The Partnership recognizes this and has begun efforts to make assistance services more accessible. Other efforts include supporting the UNL New Venture Plan competition, the Intersect Conference, NMotion accelerator, and other programs/events supporting the entrepreneurial ecosystem here in Lincoln. 3The Partnership also has supported the State’s Talent and Innovation Initiative and works to encourage Lincoln businesses to take advantage of the many different programs. These programs were created to encourage and support the transfer of Nebraska-based technology and innovation to create high growth, high technological companies, small businesses, and microenterprises as well as enhance the creation of wealth and quality jobs. The program provides funding to help businesses develop new technologies that lead to quality job opportunities across the state. These competitive grants will provide funding and technical assistance for research at Nebraska institutions, new product development and testing, and help expand small business and entrepreneur outreach efforts within the Lincoln community. Furthermore, the Partnership has served as a resource for entrepreneurs by directing them to local assistance organizations, reviewing business plans, and providing key demographic information required by lenders. 4 Competitiveness: The Partnership for Economic Development takes an active role in the Lincoln Chamber of Commerce’s efforts related to public policy and economic development. The Partnership, along with the Lincoln Chamber of Commerce and other businesses and organizations was instrumental to the design and passage of the Nebraska Advantage incentive bill. The Nebraska Advantage incentive package now makes Lincoln (and Nebraska) a strong candidate for firms seeking sites and facilities in which to locate and build. Locally the Partnership has been at the forefront in advocating for the use of Tax Incre- ment Financing, working with partner organizations to develop a listing of “Greenfield Sites” available for development and advocates for infrastructure planning conducive to attracting new businesses. Finally, the Partnership has encouraged strategic workforce development that enhances the ability of Lincoln area residents to gain quality employment. The Lincoln Partnership for Economic Development seeks to increase employment opportunities in Lincoln and to develop a business climate where firms have the resources they need to grow. Through our partner organizations, community contacts, and local government and business lead- ers, the Partnership can be a resource to your business as you start or locate in Lincoln. For more information, please visit our website http://www.selectlincoln.org. 4BUSINESS RESOURCE LISTING: INTRODUCTION A wide variety of programs are available to businesses in Lincoln, Nebraska including workforce incentives, facility and equipment investment, assistance services, and state and local incentive packages. The programs described here can be an important source of funding for training and other purposes; can be the source of significant reductions in withholding, sales and income tax liability; and can be an important source of funding for eligible companies. Reviewing available tax incentives and training assistance should be an important part of preparing a business plan for any new venture, as these programs man significantly reduce a company’s capital requirements. Moreover, all companies should review potential available benefits on a regular basis as their operating situation and needs change. Because there are a broad range of government and private organizations, each with a different mix of services and conditions, it can be challenging for a business owner to identify which program or organization is best suited to provide assistance. This text can help. Described in the following sections are the incentives, services, financing resources, and programs available from the many state and local, public and private organizations in Lincoln. Each has been grouped into the categories shown below, along with a name and contact information where possible. • Business Planning • Finance Assistance Organizations • Business Accelerators/Incubators & University Programs • State of Nebraska Incentive Programs • City of Lincoln Incentive Programs • Nebraska Department of Labor These overviews provided here are designed to provide a general summary of the intent of the program, of businesses that may be eligible and of the benefits that may be received. They are not intended to be a substitute for more detailed program descriptions. Programs are authorized through a variety of state statutes and are administered by a variety of state agencies (Department of Revenue, Department of Labor, Department of Economic Development and others) or by local communities. Eligibility and benefits of each program must be reviewed individually. It is not possible to generalize program eligibility and benefits between programs. Inquiries regarding incentives can be directed to: Lincoln Chamber of Commerce 1135 M Street, Suite 200 Lincoln, Nebraska 68501-3006 (402) 436-2350 5BUSINESS PLANNING Nebraska Business Development Center (NBDC) Nebraska Business Development Center provides business consulting to business owners or startups, one-on-one or in small groups, in the areas of business planning, loan packaging, marketing, operations management, financial planning, and general business practices. More information about this program is available in the next section of this guide. Contact: Phone: (402) 323-3626 Website: http://nbdc.unomaha.edu/about/lincoln.cfm E-Mail: zzimmermansoutheast.edu SCORE Lincoln SCORE (Service Corps of Retired Executives) is part of SCORE “Counselors to America’s Small Business,” a national nonprofit, volunteer association dedicated to entrepreneur education and the formation, growth and success of the nation’s small businesses. Lincoln SCORE provides free and confidential business advice and counseling tailored to meet the needs of your small business and your personal objectives. Lincoln also offers workshops, for a modest fee, for both start-up and in-business entrepreneurs. SCORE volunteers are real-world professionals with time-tested knowledge who donate thousands of hours to help small businesses succeed. Counselors are experts in such areas as accounting, finance, marketing, management and business plan preparation. Phone: (402) 437-2409 Minority, Women and Veteran Business Resources Lincoln Commission on Human Rights Directory of Women and Minority Owned Business- es http://www.lincoln.ne.gov/city/mayor/human/pdf/directory_women_minority.pdf Minority-Owned Resources http://www.sba.gov/content/minority-owned-businesses Women-Owned Resources http://www.sba.gov/content/women-owned-businesses Veteran Resources http://www.sba.gov/content/veteran-service-disabled-veteran-owned Nebraska One-Stop Business Registration Information System The One-Stop Business Registration Information System has been created to help in navigating the process of setting up new business. The System helps to create a business entirely by asking questions about the business, identifying forms to be filled and by state agencies, and provides links in the process. http://www.nebraska.gov/osbr 6NebraskaEDGE The NebraskaEDGE (Enhancing, Developing and Growing Entrepreneurs) is part of the Center for Applied Rural Innovation (CARI) at the University of Nebraska-Lincoln. It is a community-based entrepreneurial training program designed to encourage the expansion of small businesses, including agricultural operations. Since 1993, EDGE has helped nearly 2,500 individuals transform their visionary ideas into viable business opportunities. The EDGE program offers business development training to help individuals polish their skills, expand their knowledge, and discover how to handle the real-world conditions that impact their new and existing businesses. The NebraskaEDGE mission is to promote community and economic growth through small business and management training. EDGE meets this mission by offering a collaborative approach to learning between the community, business owners and experienced instructors. Contact: Marilyn Schlake Phone: (402) 472-4138 Website: http://nebraskaedge.unl.edu/ Online Business Toolkit The State of Nebraska Department of Economic Development provides an online toolkit containing links to a number of programs and information resources related to starting or expanding a business in Nebraska. Website: http://www.neded.org/business/start-a-business Southeast Community College Entrepreneurship Center Southeast Community College Entrepreneurship Center serves as a resource center for anyone interested in Entrepreneurship. The center offers one-on-one coaching to anyone interested in starting their own business or looking for direction on their path to business independence. The center is home to the Business Incubation Center; both resident and virtual. The Entrepreneurship Center at SCC offers the business administration certification and associate degree programs with an entrepreneurship focus and also hosts credit and non-credit classes on Entrepreneurship in conjunction with the Continuing Education Center. For more information call or visit the website. Phone: (402) 323-3383 Website: https://www.southeast.edu/Entrepreneurship/ To Set up an Appointment: http://sccpi. southeast.edu/CE/eShipBusinessCoach.aspx Entrepreneur Training/Development PIPELINE Pipeline is an elite organization of the Midwest’s most successful, high-performance entrepreneurs. Our members work as one to face business challenges, funnel opportunities to their peers and build market-leading technology and life-sciences business together. Each year approximately 10-12 new members are invited to join Pipeline. After an extensive selection process, new members participate in a unique and rigorous year-long business leadership development program that blends workshop modules, advice from national experts, and a deepening of the relationships among new and current Pipeline members. This introductory year-long program leverages a national network 7of business advisers at the forefront of their respective specialties who engage deeply with Pipeline members, effectively extending members’ business networks nationwide. Since its founding in 2006, Pipeline has built an elite network of entrepreneurial leaders who work as one to face business challenges, funnel opportunities to their peers, and build market- leading technology and life-sciences businesses together. As keystones of the regional business environment, Pipeline members are creating jobs, investing in their businesses and communities, and mentoring the next-generation of business leaders. Website: http://www.pipelineentrepreneurs.com/ STARTUP COMMUNITY eXtension eXtension is an interactive learning environment delivering the best, most researched knowledge from the best land-grant university minds across America. eXtension connects knowledge consumers with knowledge providers - experts who know their subject matter inside out. eXtension is unlike any other search engine or information-based website. It’s a space where university content providers can gather and produce new educational and information resources on wide-ranging topics. Because it’s available to students, researchers, clinicians, professors, as well as the general public, at any time from any Internet connection, eXtension helps solve real-life problems in real time. http://www.extension.org/entrepreneurship Fuse Coworking FUSE is a coworking space where Lincoln’s knowledge-workers, creatives and technologists can come and work in an exciting, stimulating professional environment that provides collaboration, community and creativity. Memberships are either daily or month-to-month, there’s no setup fee, and you can cancel at any time. Fuse Coworking is more than desks, meeting rooms and wi-fi. Fuse is a community, a place where we can collaborate, and create amazingly great stuff. It’s a place where small companies can come and grow all located in the Haymarket. Fuse also arranges for speakers to share their skills, knowledge and expertise with the community. Website: http://www.fusecoworking.com/ 8NMotion NMotion is a mentor-driven, education-focused, startup accelerator based in Lincoln, NE, focusing on high-growth software and technology-based businesses in targeted industries of financial services, healthcare, manufacturing, transportation/logistics, communications, and agriculture. NMotion provides an intense 12-week program designed to get startups moving forward – faster and more effectively. They offer seed funding, hands-on education and access to a group of highly engaged mentors. They combine this with a cohort of fellow startups to create a collaborative community that’s focused and accountable. Startups are also given a shared pool of talented associates to complement skill sets and access to free or reduced services from a variety of partners and sponsors. Website: http://nmotion.com Southeast Community College Entrepreneurship Center Southeast Community College Entrepreneurship Center serves as a resource center for anyone interested in Entrepreneurship. The center offers one-on-one coaching to anyone interested in starting their own business or looking for direction on their path to business independence. The center is home to the Business Incubation Center; both resident and virtual. The Entrepreneurship Center at SCC offers the business administration certification and associate degree programs with an entrepreneurship focus and also hosts credit and non-credit classes on Entrepreneurship in conjunction with the Continuing Education Center. For more information call or visit the website. Phone: (402) 323-3383 Website: https:// www.southeast.edu/Entrepreneurship/ To Set up an Appointment: http://sccpi.southeast.edu/CE/eShipBusinessCoach.aspx Turbine Flats The Turbine Flats Project’s mission is to create a robust, self-sustaining, collaborative environment for small and start-up businesses to bring their products and ideas to market. The Idea Community will provide a first home for little or no cost to entrepreneurs and help them focus on their business rather than be consumed with basic real estate issues that could otherwise detract from the crucial idea development stage. At 2124 Y St., Turbine Flats is an old manufacturing building that has been converted to 27,000 sq. ft. of collaborative office space. Additionally, Turbine Flats will provide basic business services such as high speed Internet access, office infrastructure, a collaborative environment with other Entrepreneurs, in-house access to professional legal, financial, and marketing services, and an environment of excitement, growth, and other helpful resources. Contact: Matthew Wagener Phone: (402) 435-3850 Website: www.turbineflats.org E-Mail: mwegenerturbineflats.org 9FINANCE ASSISTANCE SERVICES GRANTS & LOANS Community Development Resources Community Development Resources is a Non-profit 501(c)(3) organization whose mission is to provide capital, technical assistance, and training opportunities for small business in the State of Nebraska. Community Development Resources lends to start-up and existing businesses that have a viable business plan to create or maintain businesses. CDR is a Community Development Financial Institution (CDFI) certified under the U.S. Treasury Department’s Community Development Financial institution Fund, dedicated to, and whose core purpose is, providing financial products and services to people and communities underserved by traditional financial markets. Community Development Resources seeks to bridge the growing gap that exists between the loans and services available to the economic mainstream and those offered to low- income persons and communities, as well as the non-profit institutions and businesses that serve them. Community Development Resources serves a critical role in addressing issues of poverty and access to credit in economically disadvantaged communities by providing development services or technical assistance along with the loans and investments they make for community and economic projects. A CDFI may include a community development loan fund, credit union, bank, microenterprise fund, corporation- based lender, or venture fund. CDR’s Small Business Loan Programs is designed to assist under-capitalized, startup, and existing small businesses. These businesses, for many reasons, often cannot qualify for traditional bank financing and support. CDR can provide loans in amounts as low as 1,000 and up to 100,000. • SBA Micro-Loans. 1,000 to 50,000, amortized with a term from 1 to 6 years, with interest rates from 7.75% to 8.5%, and secured with appropriate collateral. This loan serves startup and micro-businesses funded by SBA Micro Loan Funds. • Small Business/Community Development loans. 1,000 to 100,000, amortized with a term from 1 to 5 years, with interest rates from 6% to 9%, and secured with appropriate collateral. • SBA 504 Loans. Financing for fixed assets with a fixed rate – term loan with an 0% interest rate. Must be a 501(c)(3) in Lincoln/Lancaster County, and a non-religious organization. • Alice Integrity Loan Fund. 1,000 to 5,000, amortized with a term up to 36 months. Provide limited capital to individual who are committed to being self-sustaining entrepreneurs. Must be a resident of Lancaster County Nebraska. 10One-to-One Technical Assistance Review business plans, Finance, Accounting, Legal, Technology and Marketing which are beneficial to startups and existing businesses. Appointments may be scheduled to address specific business questions. Contacts: Website: www.cdr-nebraska.org E-Mail: admincdr-nebraska.org General Questions: Rick Wallace Phone: (402) 436-2388 Doris Miller Phone: (402) 436-2387 SBA 504 Loan questions: Jeff Breunig Phone: (402) 436-2388 Micoloan questions: Kevin Hagemoser Phone: (402) 436-2436 NEDCO The Nebraska Economic Development Corporation (NEDCO) is an IRS designated 501(c) 3 non-profit corporation promoting economic development and job creation throughout Ne - braska. NEDCO was established in 1987 and is licensed as a Certified Development Com - pany (CDC) by the U.S. Small Business Administration (SBA) to offer the SBA 504 Loan Program. NEDCO can help businesses by making a loan to buy a building through the SBA 504 Loan Program. Loans are long-term and provide a low, fixed interest rate. The SBA 504 Loan Program can even finance the machinery you need to buy. • Often only 10% down payment required (15% - 20% for start-up business) • Conserves cash for working capital • Long term, with low fixed interest rate To be eligible for a NEDCO loan, a company must meet the following criteria: • Organized as a for-profit business • Located in or planning to locate in any area of Nebraska • Small business - either: net worth under 8.5 million & net profits after taxes under 3.0 million or meet SBA’s other size standards • Loan proceeds to be used for capital investment (land, building, leasehold improvements, renovation, construction, machinery & associated soft costs) • Another bank/lender must be willing to participate in the financing. The SBA 504 loan finances up to 40% of the total project cost and the other bank/lender finances 50%. The business or its owner typically puts in 10%. Economic develop ment goals must be achieve through the project being financed • Owner-user of the project being financed (51% occupancy if existing building; 60% occupancy if new construction). Contact: Jeff Bomberger Phone: (402) 483-4622 Website: www.nedcoloans.org E-Mail: jeffnedcoloans.org 11Nebraska Investment Finance Authority (NIFA) Nebraska Investment Finance Authority or NIFA has two programs to accelerate small business investment in modernization assets. The incentives are available for investments made by existing small businesses that will, modernize their production assets, expand their production lines to increase market share and/or target international markets with new products. NIFA is offering modernization resources to Nebraska manufacturers and agricultural/food product processors. The resources are available as either a grant (“MAG”) or loan loss reserve (“CAP”). Eligible applicants must be: For-profit businesses and proprietorships with 5 to 100 em - ployees and at least 5 years of Nebraska-based operations, companies with net depre- ciable Nebraska-based assets up to 5 million, businesses in Manufacturing, Agricultural Processing and Food Processing. When referring to modernization NIFA has defined it as the Acquisition of machinery and equipment assets to add new product lines, increase production efficiency, increase mar - ket share and develop/expand products for international markets. Contact: Steve Peregrine Phone: (402) 434-6930 Website: http://www.nifa.org/programs Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs The objectives of these federal programs are to assist small businesses with the resourc- es needed to stimulate technological innovation, meet federal government research and development needs, encourage participation of minority and disadvantaged persons, and increase private sector commercialization of federal research and development projects. Grants are provided through eleven federal agencies having the largest research and de- velopment budgets and are awarded to projects meeting the missions of these agencies. Funding agencies include the Departments of Agriculture, Commerce, Defense, Education, Energy, Transportation, Health and Human Services, NASA, the National Science Founda- tion and the Environmental Protection Agency. SBIR/STTR funding is provided in two phases. In Phase I, companies may use funds to evaluate and demonstrate the technical feasibility of a project. Phase I research efforts are typically six months in duration and awards do not normally exceed 100,000. Phase II funding is used to continue development of the technology and included the principal R&D effort. Phase II grants are typically 24 months in duration and up to 1,000,000 per award. To be eligible for an SBIR and STTR grant, a company must meet all of the following criteria: • No more than 500 employees • A for-profit organization • Located in the United States • At least 50% owned and controlled by U. S. citizens or lawfully admitted permanent residents 11 12The differences between SBIR and STTR: • STTR is a partnership between small business and a research institution. • For SBIR, the principal researcher must be employed by the small business more than half-time • For STTR, a formal agreement between the small business and research institution is required, minimum 40% small business, minimum 30% research institution. Phone: (402) 554-6270 Website: http://nbdc.unomaha.edu/venture/sbir.cfm State DED Talent and Innovation Initiative Business Innovation Act The purpose of the Business Innovation Act is to provide competitive funding for research, development and innovation that helps expand small business and entrepreneurial out- reach efforts that lead to more quality job opportunities within Nebraska. Small Business Innovation Research (SBIR) Planning and Matching funds program The Nebraska Small Business Innovation Research (SBIR) planning and matching funds program was implemented in October 1, 2011 to encourage and support small businesses with a principal place of business in Nebraska to submit applications and provide match to the federal SBIR programs. SBIR Phase 0 maximum amount 5,000. Phase 1 & 2 maximum amount is 100,000 or 65% of federal grant. Pre Seed (Prototyping) The Nebraska Innovation Fund (NIF) Prototyping is a program to provide financial assis - tance to individuals and businesses operating in Nebraska to support proof of concept activities. Maximum grant of up to 50,000 with a 50% match of requested grant amount of non-state sources (25% match for value-added ag projects). Seed Stage (Commercialization) The Invest Nebraska Corporation manages the 3 million fund for NDED as investment in a small business with the purposes for bringing a product or process to the commercial market. Investments may be a stand-alone convertible note or part of minimum qualified round of equity financing. Maximum investment of 500,000. Academic Research and Development Academic R & D involves applied research, new product development, or new uses of intellectual property already generated by a private or public college or university in Ne- braska. The academic research and development being performed on behalf of the business must be directed toward: the commercialization of new products, the modification of existing products that lead to substantially improved marketability, or to the improvement of ex- isting processes that will provide new sources of revenue to a Nebraska business. Phase 1 maximum grant of 100,000, Phase 2 maximum grant of 400,000 with a 1 to 1 match requirement. 13Microenterprise Investment Program The purpose of the microenterprise program is to encourage, support, and grow Nebraska-based microenterprises by providing technical assistance in rural and urban distressed areas in order to better assure that Nebraska’s microenterprises are able to realize their full potential to create jobs, enhance entrepreneurial skills and activity, and increase low-income households’ capacity to become self-sufficient, and to coordinate resources and technical assistance provided by microenterprise service providers in the State. Microenterprise Lending Program The purpose of the microenterprise program is to encourage and support the transfer of Nebraska-based technology and innovation in rural and urban areas of Nebraska in order to create high-growth, high technology businesses and to enhance creation of wealth and quality jobs. http://neded.org/business/talent-a-innovation-initiative/business-innovation-act Nebraska Progress Loan Fund (NPLF) NPLF is a loan provided by Nebraska Department of Economic Development to growing businesses to acquire matching private investment for expansions and to develop or modify new and existing technologies. Maximum loan amount of 500,000 with a 1 to 1 match requirement. http://neded.org/business/progress-loan-fund Invest Nebraska Angel Sidecar Fund The Invest Nebraska Corporation manages the 3 million fund for NDED for investment in order to match private angel investment in start-up businesses developing, modifying or employing new technologies. The Sidecar fund was designed to accelerate private investment in Nebraska high-growth companies and increase the impact of third party investment. Maximum loan amount of 500,000 with a 1 to 1 match requirement. http://neded.org/business/progress-loan-fund Economic Gardening The purpose of the Nebraska Economic Gardening Program (NEGP) authorized by the Small Business Innovation Act (SBIA) is to provide technical assistance to help Nebraska grown business and assist Nebraska businesses. Maximum grant of 10,000 with at least a 20% match requirement. http://neded.org/business/economic-gardening Angel Investment Tax Credit (AITC) AITC encourages investment in high-tech start-up companies in Nebraska by providing 35-40% refundable state income tax credits to qualified Nebraska investors investing in qualified early state companies. http://neded.org/business/talent-a-innovation-initiative/angel-investment 13 14INVESTMENT OPPORTUNTIES Nebraska Angels, Inc. The Nebraska Angels is an independent network of individual angel investors. Angel investors are wealthy individuals who invest in high risk, early stage ventures. Their goal is to achieve higher returns than the typical public markets provide. Most angels are active investors who contribute their time and experience, as well as offer introductions to valuable contacts essential to the company’s success. Angels typically invest between 25,000 and 100,000 per transaction individually, and from 250,000 to 750,000 as a group. They invest in one to four transactions per year. On average, angels are patient, with an average term for holding an investment of eight years. For the risk and added value they provide, angels seek returns of at least ten times their investment. The Nebraska Angels receives business plan submissions each month. The funding process involves a thorough screening process where up to three companies per month are selected to present to members for funding consideration. The Nebraska Angels evaluate a potential investment primarily based on the management team, market opportunity and growth potential. Phone: (402) 434-2121 E-Mail: infonebraskaangels.org Website: www.nebraskaangels.org Nebraska Global Nebraska Global is a venture capital fund that invests in viable, long-term software companies and seeks to build an influential technology environment in Nebraska. Nebraska Global wants to focus on building a sustainable tech environment by helping establish healthy, hearty software businesses within the state and not focus solely on a 30x return and pre-determined exit strategy. It is their mission to build profitable companies. http://www.nebraskaglobal.com/ Invest Nebraska Corporation Invest Nebraska is a venture development organization that advises and invests in companies and early stage business ideas in Nebraska. Invest Nebraska supports and encourages angel investment and entrepreneurship in all areas of Nebraska, and provides networking opportunities for investors, entrepreneurs and service providers from all corners of the state. The mission of Invest Nebraska is to promote capital formation for and provide operating assistance to high impact entrepreneurs and investors in Nebraska. Invest Nebraska celebrates the rich entrepreneurial spirit in our rural and urban areas. Together with the state’s many entrepreneurs, the organization strives to make Nebraska a center for entrepreneurship and innovation. Phone: (402) 472-2063 Website: www.investnebraska.com E-Mail: infoinvestnebraska.com 15BUSINESS ACCELERATORS/INCUBATORS & UNIVERSITY PROGRAMS UNL Center for Entrepreneurship Consistent with its role as a part of Nebraska’s Land Grant University, the Center for Entrepreneurship strives to fulfill the University of Nebraska’s responsibility to students who aspire to create jobs rather than take jobs. The UNL Center for Entrepreneurship’s teaches theory and skills that have been associated with the highest probability of entrepreneurial success. The undergraduate entrepreneurship curriculum consists of 8 courses. The UNL Center for Entrepreneurship also offers courses at the graduate level and an undergraduate track focuses on entrepreneurship and innovation. The Center for Entrepreneurship sponsors conferences, competitions and community outreach programs to create growth and competition in local businesses. Each year the Center for Entrepreneurship sponsors Innovation Night, 3-2-1 Quick Pitch competition, and the UNL Venture Plan competition where students and entrepreneurs present business plans to compete for venture funding. Phone: (402) 472-3353 Website: http:/ /cba.unl.edu/about/centers/ent/default.aspx E-Mail: entrepreneurshipnebraska.edu Food Entrepreneur Assistance Program Provided through the University of Nebraska – Lincoln’s Food Processing Center, the Food Entrepreneur Assistance Program is the source for assistance through all phases of establishing a food business. The Food Entrepreneur Assistance Program was designed specifically to assist food manufacturing entrepreneurs; from developing a product formulation and process, through introduction to the market. The program begins with a one-day “From Recipe to Reality” seminar that provides entrepreneurs with an understanding of the key factors that need to be considered when starting a food manufacturing business. Topics include: • Market Research • Product and process development • Food regulatory issues and agencies • Packaging and labeling • Pricing and cost analysis • Product introduction and sales • Promotional material package • Food safety and sanitation • Business structure Following the seminar, participants may choose to enter the “From Product to Profit” phase of the program. During this phase entrepreneurs will receive comprehensive, individualized and confidential assistance from food scientists and business consultants with the development of their own business venture. Contact: (402) 472-2832 Website: http://fpc.unl.edu/Entrepreneur/index.shtml 15 16NMotion NMotion is a mentor-driven, education-focused, startup accelerator based in Lincoln, NE, focusing on high-growth software and technology-based businesses in targeted industries of financial services, healthcare, manufacturing, transportation/logistics, communications, and agriculture. NMotion provides an intense 12-week program designed to get startups moving forward – faster and more effectively. They offer seed funding, hands-on education and access to a group of highly engaged mentors. They combine this with a cohort of fellow startups to create a collaborative community that’s focused and accountable. Startups are also given a shared pool of talented associates to complement skill sets and access to free or reduced services from a variety of partners and sponsors. Website: http://nmotion.com Nebraska EPSCoR Internship Reimbursement Program Nebraska Engineering, Science, and Technology Internship Program (NESTIP) sponsored by Nebraska EPSCoR and the National Science Foundation, supporting any Nebraska business that would like to hire an intern through an innovative cost-share program that also aims to encourage knowledge transfer and applied research. This program will reimburse a business up to 50 percent of an intern’s salary and related taxes; up to a maximum of 5,000 per student for a six-month funding period. Any engineering, mathematics, science or technology undergraduate student enrolled in one of Nebraska’s accredited four-year colleges or universities, who has completed at least 65 credit hours of college courses, is eligible to participate. Graduate students are also eligible to participate. The program has sponsored more than 100 students since 2001. The program subsidizes only one student per business at any given time. Phone: (402) 472-8946 Website: https://epscor.nebraska.edu/ E-Mail: https://epscor.nebraska.edu/ Southeast Community College Entrepreneurship Center Southeast Community College Entrepreneurship Center serves as a resource center for anyone interested in Entrepreneurship. The center offers one-on-one coaching to anyone interested in starting their own business or looking for direction on their path to business independence. The center is home to the Business Incubation Center; both resident and virtual. The Entrepreneurship Center at SCC offers the business administration certification and associate degree programs with an entrepreneurship focus and also hosts credit and non-credit classes on Entrepreneurship in conjunction with the Continuing Education Center. For more information call or visit the website. Phone: (402) 323-3383 Website: https:/ /www.southeast.edu/Entrepreneurship To Set up an Appointment: http://sccpi.southeast.edu/CE/eShipBusinessCoach.aspx 17Turbine Flats The Turbine Flats Project’s mission is to create a robust, self-sustaining, collaborative environment for small and start-up businesses to bring their products and ideas to market. The Idea Community will provide a first home for little or no cost to entrepreneurs and help them focus on their business rather than be consumed with basic real estate issues that could otherwise detract from the crucial idea development stage. At 2124 Y St., Turbine Flats is an old manufacturing building that has been converted to 27,000 sq. ft. of collaborative office space. Additionally, Turbine Flats will provide basic business services such as high speed Internet access, office infrastructure, a collaborative environment with other Entrepreneurs, in-house access to professional legal, financial, and marketing services, and an environment of excitement, growth, and other helpful resources. Contact: (402) 435-3850 Website: www.turbineflats.org 17 18STATE OF NEBRASKA INCENTIVE PROGRAMS Nebraska Advantage Act The Nebraska Advantage Program is designed to make the state more competitive for expansion of existing businesses as well as location of new facilities within the states, thereby strengthening Nebraska’s economy. The Nebraska Advantage Act is a comprehensive approach to meeting the needs of your expanding or relocating business. The bill declares that it is the policy of the state to make changes in tax structure to attract and retain business. There are six tiers of benefits available to qualifying businesses. Each tier reflects achievement of specific threshold levels of investment and new job creation. General benefits of the Nebraska Advantage Program include substantial reduction of an eligible company’s income, sales, withholding and personal property taxes for up to 10 years if job creation and new capital investment thresholds, as described below, are met. For each tier, a company has an attainment period, of 5 to 7 years to achieve the required investment and job creation thresholds, an entitlement period of 6 to 10 years during which benefits may be earned and used, and a carry-over period of up to 8 years, during which benefits not used during the entitlement period may be used. Benefits include a sliding scale jobs tax credit, which is a percentage of wages paid to new employees at the project. The jobs tax credit levels are as follows: Percent of State Wages Jobs Tax Credit 60% 3% 75% 4% 100% 5% 125% 6% Wage equivalents are adjusted annual to reflect Nebraska wage levels. The jobs tax credit may be used to offset state withholding tax for new employees. The tiers and general benefits for each are: Tier 1 – ‘Nebraska Small Business Advantage’ – requires creation of at least 1 million of new investment and 10 new jobs. This tier is available to manufacturers, research and development or testing businesses and listed technology-related services where at least 75% of the sales are out of state or to the federal government. Qualifying businesses under this tier are eligible for a refund of 50% of the sales tax paid for qualified investment at the project, the full sliding scale jobs credit and a 3% investment tax credit. For Tier 1 projects “qualified business” is limited to R&D, manufacturing, and specifically listed technology-related services. It does not include the retail sale of tangible personal property, unless the business manufactures the product. 19

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