The services and programs offered through Technology Village are designed to increase a participant’s likelihood of successful development and growth; offering these services is crucial to the program’s ability to successfully graduate participants into the community to generate jobs and wealth in the region.
Technology Village service offerings are divided into four categories:
– Business Development Assistance
– Professional Networking Support
– Educational and Training Programs
– Facility-Based Services
Business Development Assistance
Business development assistance is the direct support provided to participants from the time of acceptance through graduation. The Technology Village Board of Directors, with the assistance of service provider organizations, will provide oversight and facilitate access to resources that meet the participant’s needs.
Business development assistance consists of ongoing business assessment; including client business plan evaluation, identifying areas of need, developing a work plan to address those needs, determining the services needed to move the business plan forward, and identifying timeframes for the completion of major tasks.
Professional Networking Support
Professional networking support is the active role the program takes to develop connections to resources that participants might not otherwise have access to as a start-up business; this type of support is an important aspect of the Technology Village program.
The Board and Executive Director are working to develop a pool of volunteers from the community willing to serve as mentors and business counselors for participants of the Technology Village program based on their experience with the participant’s industry sector and stage of development.
The Technology Village Board of Directors and Executive Director is also working to establish and maintain a capital and financing network consisting of banks, angel investors, venture capital, corporate equity investors, brokers, and other personal contacts. The program will introduce participants to this financing network when the advisory board determines the participant’s business is at an appropriate point and properly prepared to seek financing.
Educational and Training Programs
Technology Village will work with its service providers to offer participants access to a range of educational and training programs applicable to any start-up operation, including; financial, legal, organizational, marketing, insurance, technology commercialization, licensing, etc. The Executive Director and Board of Directors will use connections to resource partners and service providers to provide Technology Village participants the opportunity to attend educational and training classes offered throughout the southern metropolitan area. Educational programs will include off-site seminars and training sessions and may include hosted, on-site seminars based on specific interest to program participants.
Facility-based services include flexible leases, below market lease rates, and other site based services that are included in the basic rental agreement. The Technology Village program will provide access to professional office space that includes use of shared conference rooms, as well as telephone, local area network, high-speed internet access, printer/copy machine and office furnishings. Costs associated with these services and janitorial service, landscaping, parking, property taxes, utilities, property insurance, and program administration are included in the rental rate and are reflected as the City of Prior Lake’s “equity investment” in the participant business.