Incubation services are provided by the WTBC staff and focused on business feasibility, steps to launch, sales and marketing, organizational structure, financial and information systems, and ongoing strategic planning. Through this work, WTBC aims to create a fertile business environment assisting in the diversification of Wyoming's economy.
Early stage, high-growth companies will advance through predictable stages of business development. The WTBC can help businesses grow larger and faster than they would otherwise by helping the client understand the demands and achieve the goals of each stage. By striving to be business process experts rather than business sector experts, the WTBC can provide value to all types of companies regardless of their sector focus. The WTBC counseling differs depending on the client's stage of development.
Pre-venture is when a client has an idea and is in the process of evaluating its feasibility and whether to fully pursue its development. Some Pre-venture clients are in the early stages of development while others may have spent years planning a product or service. Many times a Pre-venture client will have some form of technology they want to market but do not have an application for that technology and need help identifying where the application could best fit. WTBC counseling for Pre-venture clients focuses on:
- Developing a business concept, which includes overview of problem and solution, product, customer, market size, competition, marketing strategy, and sales strategy.
- Determining business feasibility through cash flow analysis.
- Deciding whether to form a company and pursue the idea or not.
- Customer validation.
- Creating a revenue model that combines one time sales along with a continuous revenue stream.
Once a decision is made to start a company, this stage involves the active development of a product or service that can be sold.
- Forming business entity.
- Establishing financial information system.
- Creating product development plan with established benchmarks and deadlines to manage R&D activity.
- Demonstrating feasibility through prototype, alpha, and beta testing.
- Finalizing implementation documentation.
Start-up (Initial Sales)
WTBC counseling for Initial Sales clients focuses on:
- Closing the first sale.
- Developing a sustainable business model through sales, which includes discovery of competitive advantages, understanding of pricing, product delivery, and supporting the product.
The First Growth stage starts after the client has developed a sustainable business model, meaning sales revenue can be projected 3-6 months forward. During this stage sales increase and the main goal becomes focused on building an organization. This is accomplished through the development of a strong team of people who take the lead in the different functional areas of the company. Also, the client needs to establish systems and processes to guide and control the activities of the business. WTBC counseling for First Growth clients focuses on:
- Understanding cause and effect in sales and marketing.
- Organizational structure and human resources process formalization, including creation of management team and departments, organizational charting, and job descriptions for each position.
- Information and financial management controls are established and reviewed.
- Begin the strategic planning process.
Stability and Strategic Planning
The client has established an organization with a team of people who understand what the company is trying to accomplish and what their role is within the business. The client at this stage is actively looking for ways to further develop the business and improve profitability. WTBC counseling for stability clients focuses on:
- Core business evaluation, which includes sales analysis, information & financial analysis, and human resources analysis.
- Strategic planning review and implementation.