Procedure for Admission:

The Innovation Center is not for every company. Admission is based on the following criteria:

1. Less than three years old.
   
   
2. Developing proprietary technology to support or enhance the mission
   of the US Army.
   
   
3. Possess a business plan showing the company can be financially successful by discussing its market, competitive edge, technology plan, and management team.
   
   
4. Demonstrate the potential to benefit from a relationship with
   The Innovation Center.

After submitting an application and the Executive Summary of a Business Plan, the company is interviewed by the Board of Directors. Once approved, new business start ups begin their stay by meeting with The Innovation Center management to participate in an Initial Needs Assessment followed by the creation of a mutually agreed to Plan of Action for the first year.

Implementation of the Tenant's Plan of Action - The Innovation Center will assist the tenant company in the implementation of its plan by providing the following business assistance opportunities:

• "How To" training sessions given by Advisory Board members, SCORE or
  outside speakers.
  
• Attendance at selected conferences, such as the Incubator Showcase and the
  Government Procurement Exhibit.
  
• Partnering relationships with Picatinny technology centers.
  
• Capital sourcing e.g. NJBIN Seed Fund, NJEDA Seed Fund, SBIR,
  SBA, etc.

In order for the management of The Innovation Center to track progress of tenants, companies will be asked to provide the following information annually.

• Financial Statements - the client company shall provide The Innovation Center with "bookeeper-prepared" quality quarterly financial statements. An annual financial summary is required 30 June.
• The Company shall also provide detailed periodic information on the employees, including the number and names of employees, the titles and positions of each employee, and the names and positions of the company's officers and Board members should they change from the admission Business Plan.
• The company shall hold informal meetings with the professional staff of The Innovation Center at least once a month. The tenant company may also meet with the full membership or individual members of the Advisory Board as necessary, but not less than annually.
• Should a tenant fall seriously behind its scheduled Action Plan, the company will be required to meet with The Innovation Center's Board of Directors to discuss remedial actions to be taken.

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General Policy:

• Hours - Normal working hours are 7am to 7pm. Tenants, however, have keys to the building, and therefore have 24 hour access, 7 days per week. The Arsenal Canon Gate entrance is also open around the clock.
• Telephone Service - New tenants are provided one phone, but must pay for hook up by the phone company. The state of the art phone system allows for tenants to designate a routing system specific to each company's requirements. All new phones beyond the first are to the tenant's account. The Innovation Center arranges for both local and long distance service, billing tenants monthly for the service used. Tenants may arrange for service through a different long distance carrier and be billed direct.
• Payments - Tenants are invoiced monthly for licensing fees, useage fees for miscellaneous services and phones. Payments are due the first of the month, with a 15 day grace period. A late fee of 1% will be charged for payments received after the 15th.
• Success Track - Each tenant company is expected to graduate to full commercial status within five years. Tenants will meet from time to time with The Innovation Center's Board of Directors to discuss the current status of their commercialization effort. If there is not sufficient evidence of progress, the Board may not renew the tenant's lease.
• Professional Assistance - The Innovation Center has cooperative agreements with
  the ARMY, the County College of Morris, SCORE (Service Corps of Retired
  Executives), the Small Business Administration, and local professionals with
  functional expertise. This support system is committed to seeing the Center's
  tenants succeed. There is no charge for group learning sessions or initial
  consultations. Work done by ARMY personnel will be to the tenant's account at a
  standard fixed rate.
• Food - The Post Restaurant is open 6am to 1:30pm. Service includes a full breakfast and lunch menu. The Center has a refrigerator, coffee maker, and microwave oven. Tenants are responsible for their own food and keeping the kitchen clean. Tenants also have access to The Club (formerly the Officers' Club) to hold large meetings.
• License Agreement - Each tenant will be required to sign a standard Licensing Agreement with The Innovation Center at the beginning of a tenancy which spells out obligations of both tenant and the Center's management regarding space and its modifications, services and equipment to be provided and cost for same, and the environmental policy of Picatinny Arsenal.

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The Picatinny Technology Innovation Center

Phone: 973-442-6400 • Fax: 973-442-6402 • e-mail mmerclean@ccm.edu

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