Faculty of Business and Information Technology - Business Incubator
The Faculty of Business and Information Technology (FBIT) Business Incubator is a two-semester for-credit program. It is open to all FBIT third- and fourth-year students who apply and compete for a limited number of places. Successful applicants will already be committed to their own entrepreneurial venture. As individuals, they will be strong academically and will demonstrate the ability to perform satisfactorily in accordance with an individually designed, self-directed learning contract.
FBIT will oversee all Incubator initiatives and activities, providing guidance, mentoring and assistance to participants in all phases of their venture’s development. Incubator participants will also be supported by local business community entrepreneurial support services.
Participants will move their business ideas through the various stages of preparing a comprehensive business plan, obtaining venture capital and launching their business. These initiatives will take place from within the FBIT Business Incubator umbrella as a real-world undertaking with a view to launching a functioning, viable business operation. Participants will have access to the Entrepreneurship Lab facility as a work space, as well as other faculty resources, to support their product development.
The FBIT Business Incubator differentiates itself from traditional business incubators by its dual streams of:
- practical doing
- formal learning
The traits and talents that contribute to entrepreneurial success come naturally to certain individuals. However, this program reflects the philosophy that skills and knowledge can be learned and acquired as a result of a formal program of study, especially when linked with the practical doing component of the program.
A self-directed learning contract will be developed for each incubator participant. These contracts include the preparation of a comprehensive business plan for the participant’s venture. This will include all of the requisite research, design and financial planning required to develop and launch a business venture (practical doing). A formal program of study will also be offered; it will include various topics related to the participant's business planning initiatives (formal learning), and will be weighted equally with the practical activities.
Depending on their own individual program, all participants will have already completed various Business and Entrepreneurship courses as part of their degree work at UOIT. This program will advance these individual fields of study. Participants will come to the program with a high level of academic performance, which they will be required to sustain in order to remain in the program.