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University inaugurates new business incubator program
by Jim Karpen
Maharishi University of Management Review Translate This Article
20 April 2005
Earlier this month the Maharishi University of Management launched a special business incubator program designed to help entrepreneurs develop their business ideas to the point that they can get investor funding or start producing revenues from the sale of their products or services.
Herriott said that the two other incubators in the state, at the University of Iowa and at Iowa State University, are essentially office parks for high-tech companies that are already organized and funded. Those incubators provide office and lab space and charge rent as their source of income.
The incubator at Maharishi University of Management will be for entrepreneurs who are at the idea stage. 'Our participants won't have money for rent,' Dr. Herriott said. 'The typical participant will need all of his or her money for daily living expenses while researching and writing a business plan or organizing the business.'
For this type of entrepreneur, the University is offering free rent in Utopia Park and office space and Internet service on campus. This will save the participant about $500 per month, which will go toward starting the business.
The University will also provide research assistance from librarians, who can help people do market research using public databases, and from professors at Maharishi University of Management, who will give their students class projects related to the businesses in the incubator.
'The incubator's services will not strictly be free, but they will be risk-free to the entrepreneur,' Dr. Herriott said. 'If and when the participating company starts producing income, the University will benefit either by having a share of ownership in the company, or by getting a royalty on sales, or by a delayed payment of the value of services provided, with interest.' Each enterprise in the incubator will have its own contract with the University.
Copyright 2005, Maharishi University of Management
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