A number of polices and procedures have been established to help guide the management and success of the Technology Innovation Center (TIC). Specific details are outlined in the TIC Handbook. Business Location The candidate should be a Michigan-based company, or an out-of-state business with plans to relocate with intentions to remain headquartered in East Lansing or Mid-Michigan area. Innovative Product Traditional retail businesses will not be considered. The candidate must qualify as an innovative technology-based company that provides a product or service. Product Development The potential tenant must be within the early stage of development or in a restart mode. The Team The applicant must provide a list of the team members with backgrounds, education/experience, and their responsibilities with the company. The Business Plan A formal business plan is not required but should be under development. Financial Components The application must show realistic financial statements and must have sufficient capital to operate for minimum of 12 months (operational expenses and fees for services and use of incubator facilities). Impact It is preferable that the product and/or company show potential for economic impact in Mid-Michigan. Available Resources The TIC is designed to assist early stage businesses and entrepreneurs succeed in the market. A number of amenities and business resources are included in the lease payment. Tenant Evaluation Tenants must meet at least four times a year with the TIC staff to formally set goals and objectives and to evaluate business condition. Tenant Occupancy The standard lease agreement is for a six month term, renewable every six (6) months thereafter if milestones and evaluation standards are met. Overall, the tenant will have a total of three years to graduate from the incubator program, beginning with the initial lease signing. Continued Use of the Incubator Tenants are also encouraged to engage in the small business and entrepreneurship programs and networking events and required to attend two training sessions or seminars a month to maintain good standing. A number of criteria are required to remain in the program. Graduation Criteria A number of benchmarks have been established for graduation (or early graduation). Tenant Removal The tenant may be removed from the incubator program for meeting a number of established criteria.