TARGET TECHNOLOGY INCUBATOR

The Target Information Technology Incubator is located within the Target Technology Center in Orono, Maine. The facility provides a superior environment for information technology development and commercialization activities.

In addition to the Incubator, the facility houses University of Maine researchers and private sector technology firms, providing them with the space, support services, and resources they need to be successful.

The facility was developed by the Bangor Target Area Development Corporation in partnership with the University of Maine. This center is one of seven applied technology development centers in Maine designed to assist firms engaged in technology related activities.

WHY INCUBATE?

A business incubator is an economic development tool designed to accelerate the growth and success of entrepreneurial companies tailored to a company's needs. Incubators provide clients access to appropriate rental space and flexible through an array of business support resources and services. Its main goal is to produce successful firms that will leave the program financially viable and freestanding when they graduate and leave the incubator, usually in two to three years.

These incubator "graduates" create jobs, revitalize neighborhoods, commercialize critical new technologies and strengthen local and national economies.

The businesses being incubated today are at the forefront of developing new and innovative technologies, creating products and services that improve the quality of our lives -- on a small scale today, and on a much grander scale tomorrow.

Business incubation provides entrepreneurs with the expertise, networks, and tools necessary to make their ventures a success:

Physical space...
Shared office services, access to equipment, meeting space, flexible leases and expandable space – typically all under one roof.

Services...
Hands-on management assistance, access to financing and orchestrated exposure to critical business or technical support services.

Types of Incubators:
40% of incubators are technology focused;
30% are mixed use, accepting a wide variety of clients;
The remainder focus on service, light industrial and niche markets or on assisting targeted populations.

INCUBATOR BENEFITS

Tenants in the Target Technology Incubator have a greater chance for success as a result of their location within the Incubator.

Tenant companies benefit from:

• A professional office environment that provides the necessary tools to operate a successful business.
• Access to the necessary resources and experts to allow the business to develop and grow.
• On-going training opportunities targeted to the needs of tenant companies.
• On-site staff whose first priority is to ensure the success of tenant companies.
• Close association with University of Maine research and access to UMaine resources to provide R&D and commercialization assistance.
• Public relations and marketing opportunities resulting from the companies' association with the Incubator.
• Networking opportunities with companies engaged in similar activities and facing similar challenges.

Incubator Costs

Tenant companies pay a monthly lease for services. Lease rates include heat/lights, two phone lines, internet access and basic reception services. Long distance usage and the use of a network printer, copy machine and fax are billed separately.

Rates also include the services of the Incubator staff, including business management assistance and training.