Retail Incubator
What is a Retail Incubator?
A retail incubator is a dedicated space that supports the launch and growth of retail businesses by providing entrepreneurs with hands-on opportunities to learn and apply retail skills. It serves as a nurturing environment for new, emerging, and established small business owners, offering resources and guidance during the critical start-up phase and supporting ongoing growth and sustainability planning. The goal is to equip business owners with the knowledge and tools to thrive in the competitive retail industry.
Retail Incubator Program Framework
Business Coaching, Mentoring, and Consulting
Tailored guidance to set entrepreneurs up for success
Capital Readiness Preparation
Assistance to accessing capital/funding resources
Networking and Community Engagement Hub
Facilities to engage within a vibrant entrepreneurial community
Local Training & Business Resource
Valuable resources for startup, launch, and sustainable growth phases of business
Retail & Tourism Market Research
Procurement and client-specific application of research
Prototyping and Manufacturing
Equipment and expertise to actualize ideas into products
Retail-Specific Technical Assistance
Includes display, design, pricing, supply chain; inventory; and operations logistics
Retail Space Assistance
Guidance and milestone planning for acquiring retail space upon graduation
Innovation and Design Thinking in Our Incubator and Makerspace
The Wheelhouse Makerspace Product Development Program is designed for the Retail Business Incubator Program participants to support product development for their retail business. The program is divided into 5 product development tracks. Within each track, there are several touchpoints with an expert for product design, development, and testing. Safety and equipment certifications for product development and prototyping are included on an as needed basis.
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Ideation
Identify viable idea
Further market & trend research
Develop product campaign
Equipment safety and certification (as needed)
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Minimum Viable Product Design
Understand key assumptions/hypothesis
Establish Target/desired outcome
Build an MVP
Measure progress toward target/desired outcome
Success/failure/pivot/reassess/restart
Initial product development and testing
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Prototyping & Manufacturing
Continue product prototyping and testing using campaign feedback
Develop production processes and timelines
Select manufacturers and negotiate contracts
Manage inventory and supply chain logistics
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Product Launch
Analyze product campaign feedback and analytics
Plan product launch and promotional materials
Design product information and support materials
Final product
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Post-Launch
Evaluate product performance and identify areas of improvement
Collect and analyze customer feedback and sales data
Develop plans for future product iterations or improvements
