In our case as a company created by students of the Technological University of Panama, the institution gives us support to start our business, they provide us the chance to consult with experts in each field who work in the university such as economists, engineers and legal advice that would help us to settle in the market.
This advice may take up to a period of 36 months; our university checks periodically how the business is performing and obviously makes the corrections for our business to be completely viable.
As mentioned previously the help of the university would also include the implementation of a comprehensive business plan and according to the needs presented. Currently is under discussion the possibility that the university changes a business in to a "spin-off" as they currently do not charge any commission or percentage to the companies that approach them for advice.
The incubation process involves the following steps:
• Entrepreneur gets the funds to carry out the project.
• Incubation firm contract between the University and the Entrepreneur.
• Schedule of Activities for entrepreneurs (training, management and linking).
• Monitoring and Control Activities.
• Marketing Product or Service.
• Sustainability over time.
• Graduation.
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