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The Georgetown Innovation Center is a business incubation center that focuses on the development of businesses at any stage. The staff of the Georgetown Innovation Center offers free services to clients that range from business development to assisting with small business loans. The GIC can also offer you the office space and meeting environment you need to take your business from concept to reality to build your enterprise. Most importantly, GIC will take you to the next level of business plan development with the formulation of marketing plans and strategies to launch or improve your business.
The GIC is a public/private economic development effort, which is funded by the regional business community and other leading private foundations. The Innovation Center is administered through the Fifth T Innovation Group, a registered 501(c)(3) non-profit organization.
HOW CAN THE GIC BUSINESS INCUBATION PROGRAM HELP YOU START A COMPANY?
The GIC offers the tools, resources and connections to help overcome the challenges of starting a company, introducing a new product, or expanding into the markets you serve.
You may have the next million-dollar idea, but until you turn your concept into a reality, you’ll likely have a difficult time achieving success. The GIC Business Incubation Program provides entrepreneurs with the tools, resources and connections to help you navigate through the challenges of launching a product or starting a company.
Do you wish to take advantage of the great business opportunities in South Carolina and the mid-Atlantic region? Is your business focused on the issue of developing new ventures in a new market? Or the challenges associated with testing a new market or launching a new product?
With its healthy economy and business-oriented climate...and it's weather as attractive as its economic incentives, GIC can help you innovate in the Grand Strand region.
Through the joint efforts of our network of partners, we can help you and your enterprise evaluate and consider expansion in one of South Carolina’s fastest growing markets.
THROUGH OUR NETWORK, WE HELP INNOVATE BY:
- Developing the culture and processes for technology entrepreneurship. GIC is a part of Coastal Carolina University, a statewide program that advances innovation and entrepreneurship.
- Building business competency. CCU offers professional and graduate-level assistance in market research, business planning, funding strategies and launching technology-based startup ventures.
- Providing professional research and development assistance. In addition, GIC has access to a wide range of databases to assist and promote new product development within our business startups.
- Providing Intellectual Property and Patent Research assistance. In conjunction with Coastal Carolina University and local legal support, GIC helps gather research pertaining to existing patents and intellectual property.
- Supplementing the human resources needs of new startups. In the form of incubator residencies or project staffing, the commercial potential of innovations can be assessed and advanced. We also can assist in accessing local, legal, accounting and professional support.
- Delivering technology commercialization services. GIC has access to a wide range of technology commercialization services such as basic assistance, alliance formation and technology licensing research.
The Georgetown Innovation Center also partners with Coastal Carolina University, as well as public and private sector partners at the local and state level.
- Operating a community business incubator in affiliation with the City of Georgetown. GIC provides office space and services for startups or expanding companies. GIC counselors reside at the business incubator and offer ongoing mentoring services to next-generation business residents in our program.
WE GUIDE INNOVATORS THROUGH THE CRITICAL STEPS OF DEVELOPMENT AND HELP TURN A VISION INTO A BUSINESS START-UP.
- Market research – Analyze competitors, market potential, barriers to entry and regulatory and legal hurdles.
- Business modeling – Develop the basic framework, including potential sales and distribution channels, partners, alliances and resource requirements.
- Assessing talent – Assess the experience of team members, identify gaps in skills and identify strategies for filling those gaps.
- Business planning – Provide coaching, financial expertise and writing support to help develop a plan to attract potential investors.
- Company formation – Provide guidance towards choosing the appropriate form of corporate entity, and also establish its legal entity.
- Financing – Explore possible financing options and develop skills to secure initial funding.
- Launching - Assist you in bringing your business to market.
The GIC Business Incubation Program begins with its staff and advisors identifying expertise and resources that will benefit your company most. Regular education and networking programs also address the shared needs identified among incubator clients. Through strategic sessions and various informal interactions, GIC works to develop the skills necessary to transform plans into realities.
The program provides a built-in network of support among like-minded peers.These sessions are designed to help define a company’s primary business. Using the definition of the company’s primary business, we develop market and capital strategies to form a solid foundation that is crucial to the growth and prosperity of emerging enterprises.
HELPING YOU ACHIEVE SUCCESS
The GIC uses a unique process to identify potential business innovators.
Our program is based on methods developed in conjunction with the 5thT program, and its community economic development partners. GIC will help innovators evaluate the commercial or licensing potential of their idea or business. GIC will aid in preliminary assessments of commercial viability, risk evaluation, prototype and modeling of development costs over a six to a twelve-month timeframe.
Innovation may follow several paths to commercialization. We understand and value the idea that it is not the goal of every inventor to form a company or participate in the commercialization of their invention or product. We work closely with key stakeholders to develop successful strategies for a range of scenarios to ensure the innovator has the opportunity to find success. Possible strategies include helping form partnerships or creating a de novo company.
Georgetown Innovation Center
The Georgetown Innovation Center is a business incubation center that focuses on the development of businesses at any stage. The staff of the Georgetown Innovation Center offer free services to clients that range from business development to assisting with small business loans. Most importantly, the GIC will take you to the next level of business plan development with the formulation of marketing plans and strategies to launch or improve your business.