§ 1187.44 What minimum requirements must awardees meet?

(a) Each awardee must: (1) Offer culturally tailored incubation services to Native businesses and Native entrepreneurs; (2) Use a competitive process for selecting Native businesses and Native entrepreneurs to participate in the business incubator; however, awardees may still offer technical assistance and advice to Native businesses and Native entrepreneurs on a walk-in basis; (3) Provide physical workspace that permits Native businesses and Native entrepreneurs to conduct business and collaborate with other Native businesses and Native entrepreneurs; (4) Provide entrepreneurship and business skills training and education to Native businesses and Native entrepreneurs including: (i) Financial education, including training and counseling in: (A) Applying for and securing business credit and investment capital; (B) Preparing and presenting financial statements; and (C) Managing cash flow and other financial operations of a business; (ii) Management education, including training and counseling in planning, organization, staffing, directing, and controlling each major activity or function of a business or startup; and (iii) Marketing education, including training and counseling in: (A) Identifying and segmenting domestic and international market opportunities; (B) Preparing and executing marketing plans; (C) Locating contract opportunities; (D) Negotiating contracts; and (E) Using varying public relations and advertising techniques; (5) Provide direct mentorship or assistance finding mentors in the industry in which the Native business or Native entrepreneur operates or intends to operate; and (6) Provide access to networks of potential investors, professionals in the same or similar fields, and other business owners with similar businesses. (b) Each awardee must leverage technology to the maximum extent practicable to provide Native businesses and Native entrepreneurs with access to the connectivity tools needed to compete and thrive in 21st-century markets.