Section 9-15-34.1 - Business incubators; conditions for state expendituresBusiness incubators receiving state funds shall be required to pass a state incubator certification program administered by the economic development department. The department shall certify business incubators that submit documentation to the department that the incubator has:
A. a mission statement that defines the incubator's role to assist entrepreneurs and support the growth of businesses; B. for incubators established after the effective date of this section, a formal feasibility study indicating an appropriate market and local community support or, for incubators established prior to the effective date of this section, a business plan; C. an effective governing board or an appropriate oversight advisory board committed to the incubator's mission; D. qualified management and staff to achieve the mission of the incubator and to help businesses; E. an ongoing business assistance program that places the greatest value on client assistance and adds value to client businesses by developing programs and coordinating activities such as: (1) technical assistance and consulting; (2) coaching and mentoring, business training workshops and seminars; (3) providing marketing assistance; (4) fostering networking opportunities and links with other business service providers; and (5) providing assistance in obtaining financing; F. a facility that encourages innovation and provides dedicated space for incubator client firms with flexible leases and that includes a common area meeting space and business equipment; G. a process for client businesses that involves a screening and selection process and graduation policy for client companies; H. a system for program evaluation; I. all applicable required licenses and permits and a functional accounting system; and J. membership in the national business incubation association.