Retail Incubator
What is a Retail Incubator?
A retail incubator is a specialized type of business incubator designed to catalyze the process of starting and growing retail businesses by providing a place for highly motivated entrepreneurs to learn retail skills relatively quickly. Retail incubators nurture new, emerging, and established small business owners by helping them to survive during the critical start-up period and by assisting in continuous growth and sustainability planning.
Retail Incubator Program Framework
Business Coaching, Mentoring, and Consulting: Tailored guidance to set entrepreneurs up for success
Local Training & Business Resource: Valuable resources for startup, launch, and sustainable growth phases of business
Retail-Specific Technical Assistance: includes display, design, pricing, supply chain; inventory; and operations logistics
Capital Readiness Preparation: assistance to accessing capital/funding resources
Retail & Tourism Market Research: procurement and client-specific application of research
Retail Space Assistance: guidance and milestone planning for acquiring retail space upon graduation
Networking and Community Engagement Hub: Facilities to engage within a vibrant entrepreneurial community
Prototyping and Manufacturing: Equipment and expertise to actualize ideas into products
Innovation and Design Thinking in Our 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.
Ideation Lab
Minimum Viable Product (MVP) Design
Prototyping & Manufacturing
Product Launch
Post-Launch
Makerspace Product Development Program
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Idea Lab
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