Are you about starting a science and technology park? If YES, here is a detailed sample science and technology park business plan template & feasibility report you can use for FREE. The real deal in starting a science and technology park is securing a facility that is large enough to contain all the fun tech equipment and of course enough parking space.
The location must also be one where clients that would pay to make use of your science and technology park are resident. It might take you months to get an ideal facility, so it is better that you inform your real estate agent in advance to help you with the search.
Starting a standard science and technology park is akin to starting a mini institution and it can be expensive but you can be rest assured that you will make your money within few years of launching the business. For you to secure a facility big enough to accommodate the activities you intend offering means that you must truly be prepared for this business.
If your science and technology park facility is of high standard and it is located close to a community with growing youth population, you will attract loads of techies and techie wannabes. Below is a sample science and technology park business plan template that can help you to write your own with little or no difficulty.
A Sample Science & Technology Park Business Plan Template
1. Industry Overview
A science and technology park is an organization managed by specialized professionals, whose main aim is to increase the wealth of its community by promoting the culture of innovation and the competitiveness of its associated businesses.
An ideal science and technology park is a space design specifically to meet a range of needs, including office space, laboratories, storage, warehouse facilities, meeting rooms and conference centers.
Operators in this line of business provide locations that foster innovation and the development and commercialization of technology and where governments, universities and private companies may collaborate. Science parks differ from high-technology business districts in that they are more organized, planned, and managed.
In summary, starting a science and technology park business in the united states of America can be some worth stressful, it requires enough cash to acquire land large enough to accommodate the kind of facility that can comfortably attract users and also cash required to equip the facility to meet the standard expected by potential users.
2. Executive Summary
Sir Thomas Watson® Science & Tech Park, LLC is a standard and well – equipped science and technology park that will be located in a growing community in Tampa-St. Petersburg – Clearwater, Florida. Our basic aim of setting up the business is to support the science and technology industry by offering services that encourage people to conduct research, offering technological consultations, training small and medium-sized enterprises, and offering guidance on technology transfer and international co-operation.
We will also offer rental space, with 5.4 hectares (13 acres) and over 11,000 square meters (120,000 sq ft) of buildings with office, storage, and laboratories hosting about 50 active tenants, including representatives of chemistry, biotechnology, IT, ICT and telecommunication.
We have been able to secure a standard facility in a central and easy to locate location in Tampa-St. Petersburg – Clearwater, Florida. We have a big responsibility and commitment to develop young adults in the R&D technology sector and this includes providing high tech training, supporting new business startups and enhancing technology management skills. We are well equipped to services the whole community as well as visitors and tourists.
Sir Thomas Watson® Science and Tech Park, LLC is going to become the number one science and technology park facility in the whole of Tampa-St. Petersburg – Clearwater, Florida and we will work hard to build our facility to match the needs of the average science and technology lover in the community.
We conducted a thorough research and feasibility studies and we were able to come to the conclusion that Tampa-St. Petersburg – Clearwater, Florida is the right place to open our business. As a matter of fact, our major aim of starting Sir Thomas Watson® Science and Tech Park, LLC is to encourage people in the community to get involved in science and technology.
Sir Thomas Watson® Science and Tech Park, LLC will at all times demonstrate her commitment to sustainability, both individually and as a business, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.
Sir Thomas Watson® Science and Tech Park, LLC is owned and managed by Sir Thomas Watson and his immediate family members. Sir Thomas Watson is an inventor that is interested in mentoring young ad aspiring scientists.
3. Our Products and Services
Sir Thomas Watson® Science and Tech Park, LLC is in the industry to provide science and technology park facility for residents of Tampa-St. Petersburg – Clearwater, Florida which is why we have been able to put up a facility that can help us achieve the goal. We are optimistic that everyone who makes use of our facility will definitely derive huge value for their money.
4. Our Mission and Vision Statement
- Our Vision of starting Sir Thomas Watson® Science and Tech Park, LLC is to provide office and lab space to tenant companies, in a complex of multi-user and single-user buildings, and by providing professional services and support programs to tech business accelerator programs.
- Our mission for establishing Sir Thomas Watson® Science and Tech Park, LLC is to create a movement in the community that supports total engagement for science and technology related activities. We want to contribute our quota towards ensuring that Tampa-St. Petersburg – Clearwater communities produce some of the leading techies in the whole of the United States of America.
Our Business Structure
Sir Thomas Watson® Science and Tech Park, LLC will become the leading science and technology park in the whole of Tampa-St. Petersburg Clearwater, Florida and we are fully aware that it will take the right facility, management and organizational structure to achieve our goal.
We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders. As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more.
Our business will not be built only for the purpose of giving our members/customers value for their money, but also, we will ensure that we make our work environment highly conducive for all our employees. In view of that, we have made provisions for the following positions to be occupied by highly qualified and experienced staff;
- Chief Executive Office – CEO
- Facility Manager
- Accountant/Cashier
- Marketing and Sales Officer
- Science and Technology Operator
- Customer Care Executive/Front Desk Officer
- Cleaners
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Carries out induction for new team members
Facility Manager
- Manages personnel and operational activities of the science and technology park facility
- Ensure that all staff follow park and security rules
- Monitors and manages all expenses within the approved budget
- Provides training to park staff in safety and emergency procedures
- Ensures customer complaints are handled and resolved
- Follows government rules and regulations for science and technology park operations
- Accomplishes recruitment, training, workload assignment, performance review, appraisals and promotions for staff
- Assists in preparing annual budget for the park operations
- Reviews and revises safety and security plans as needed
- Develops and implements safety policies and practices for employees
- Ensures that the facility is kept clean, safe and secure
- Ensures the park facilities and equipment are in good working order.
Science and Technology Park Facility Operator
- Supervising multi-disciplinary teams of staff including cleaning, maintenance, grounds and security
- Ensuring that basic facilities such as water and heating, are well-maintained
- Ensuring that facilities meet government regulations and environmental, health and security standards
- Advising businesses on increasing energy efficiency and cost-effectiveness
- Drafting reports and making written recommendations
Marketing and Sales Officer
- Identifies, prioritizes, and reaches out to new clients, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts
- Writes winning proposal documents, negotiate fees and rates in line with organizations’ policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Documents all customer contact and information
- Represents the organization in strategic meetings
- Helps to increase sales and growth for the organization.
Accountant/Cashier:
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis
- Performs cash management, general ledger accounting, and financial reporting for the organization
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for Sir Thomas Watson® Science and Tech Park, LLC
- Serves as internal auditor for Sir Thomas Watson® Science and Tech Park, LLC
Client Service Executive
- Welcomes members and potential members / clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the organization’s products and services
- Manages administrative duties assigned by the management in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
Cleaners (3):
- Responsible for cleaning in and around the facility
- Cleans up after customers
- Washes glassware and utensils after each use
- Ensures that toiletries and supplies don’t run out of stock
- Handles any other duty as assigned by the facility center manager.
6. SWOT Analysis
Sir Thomas Watson® Science and Tech Park, LLC is in business to provide science and tech facility for people in Tampa-St. Petersburg – Clearwater and also help its clients achieve their goals and at the same time to make profits. We are aware that there are competitions in the science and technology park industry which is why we took out time to conduct an effective SWOT Analysis before investing our hard – earned money into the business.
We know that if we get things right before starting our science and technology park, we will not have to struggle before attracting loyal clients and building our membership base to a level where we can easily breakeven in record time. We hired the services a HR and Business consultant with bias in business structuring to help us conduct SWOT analysis for our company and he did a pretty good job for us.
Here is a of the result we got from the SWOT analysis that was conducted on behalf of Sir Thomas Watson® Science and Tech Park, LLC;
- Strength:
One of the obvious strengths that will definitely stand as a plus for Sir Thomas Watson® Science and Tech Park, LLC is the fact that our facility is equipped with the latest tech gadgets and it is centrally located in a densely populated residential area in Tampa-St. Petersburg-Clearwater; our location is in fact one of our major strengths.
We equally have a team of highly qualified professionals who will work with all our clients and lastly our membership package is one of the best that anybody living in Tampa-St. Petersburg – Clearwater can get; it is cheap and affordable.
- Weakness:
We looked into our Business model and we were able to identify two major weakness. One is the fact that we are a new business and the second is the fact that we may not have the financial resources to match existing science and technology parks and even government own science and technology park facilities in Florida when it comes to acquiring latest recreational gadgets and generating the needed hype that can drive traffic towards our facility.
- Opportunities:
We are centrally located in one of the busiest and densely populated areas in Tampa-St. Petersburg – Clearwater, Florida and we are open to all opportunities that the city has to offer.
- Threat:
Some of the threats that are likely going to confront Sir Thomas Watson® Science and Tech Park, LLC are unfavorable government policies, inclement weather, demographic / social factors, downturn in the economy and lastly, the emergence of new competitors within the same location where our science and technology park facility is located.
7. MARKET ANALYSIS
- Market Trends
The Science and technology park industry has indeed benefited from recent marketing campaigns which are targeted towards encouraging people to participate in science and technology activities. Going forward, many people who are part of the baby boomer generation are expected to sign up for memberships or make use of such facilities in their communities.
However, patrons of science and technology recreation centers are anticipated to increasingly pick up membership from less expensive centers as against expensive all – inclusive clubs.
Technology has indeed given leverage to all aspect of the human endeavor. To start with, it is the advancement of technology that landed man in the moon. It is the advancement of technology that made communication either via the telephone or computer easier and faster.
It is the advancement of technology that made transportation faster and perhaps cheaper. It is the advancement of technology that made the manufacturing of goods faster and cheaper. It is the advancement of technology that made it possible to treat terminal diseases like cancer, kidney failure et al and we can go on and on as regard the positivity that technology as brought to our world.
The technology industry is so wide and vibrant and there is still room large enough for those who are interested in the industry to come in and create their own impact. One thing is certain the world will always celebrate any inventor who is able to invent machines or devices that can ease the process of doing things.
As science and technology parks grow, it becomes necessary for them to develop new service offerings or install new facilities that will help them attract more people. So, it is very important for science and technology facilities to continue to improvise if they want to grow their business and generate their target revenue.
8. Our Target Market
The target market for science and technology parks cut across people from different backgrounds. The fact that people visit or register in science and technology parks makes marketing the business interesting. The target market for science and technology parks can be categorized into three groups.
The first group are techies looking for a hub to rent office space and leverage on existing facilities in the park. The other group of people are schools who want an ideal place to take students during excursions or playtime et al. The last group of people are techie wannabes.
Sir Thomas Watson® Science and Tech Park, LLC will work towards providing services, facilities and environment that will help us reach out to our target market. These are the category of people that we intend marketing our science and technology park to;
- Techie Wannabes
- Techies and Geeks
- Schools
- Every young adult in our community
- Travelers / Tourists
Our competitive advantage
No doubt, the Science and technology park industry is indeed prolific and highly competitive. Clients will only make use of your facility if they know that you can help them achieve their goals or provide the enabling environment and facility for them to work and advance their research or invention.
We can boast of having access to multi – skilled and flexible workforce, proximity to key markets and carrying out regular maintenance to keep the facility in good condition. Sir Thomas Watson® Science and Tech Park, LLC is located close to a densely populated – residential area in Tampa-St. Petersburg – Clearwater, Florida; this is obviously going to give us an edge amongst our competitors.
We equally have a team of highly qualified professionals who will work with our clients to achieve their aims of making use of our facility and lastly our gate fee cum membership package is going to be one of the best that anybody living around Tampa-St. Petersburg – Clearwater, Florida can get; it is cheap and affordable.
Our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Marketing Strategy and Sales Strategy
Our marketing strategies will be directed towards achieving specific objectives that will support the strategic goals of the organization. The truth is that all that we do will be geared towards creating new market channels, increasing sales and our market share.
We will leverage on improving on our services and facility to ensure that we win new clients and retain old members. At Sir Thomas Watson® Science and Tech Park, LLC, our marketing strategies will be consistent throughout the marketing mix and we will take into consideration product improvement, promotion, and price.
Our unique selling proposition is that we are well positioned and people can easily access our facility, our prices are affordable and we have a complete package for schools and teams. Parts of the marketing and sales strategies that we will adopt are;
- Open our science and technology park facility with a big party for all
- Advertise our science and technology park facility on national dailies, local TV and radio stations
- Promote our science and technology park facility online via our official website and all available social media platforms
- Introduce our science and technology park facility by sending introductory letters alongside our brochure to communities, schools, corporate organizations, households and key stake holders in Tampa-St. Petersburg – Clearwater, Florida
- Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al.
- Making our first impression count positively to those making use of our science and technology park facility for the first time
- Make use of attractive hand bills to create awareness and also to give direction to our science and technology park facility
- Adopt direct mailing coupon marketing approach
- Position our signage / flexi banners at strategic places in and around Tampa-St. Petersburg – Clearwater, Florida
- Create a loyalty plan that will enable us reward our consistent members especially those that registered as a school or groups
- Engage in roadshows within our neighborhood to create awareness for our science and technology park facility.
Sources of Income
Sir Thomas Watson® Science and Tech Park, LLC is established with the aim of maximizing profits in the industry and we are going to ensure that we do all it takes to attract clients on a regular basis. Sir Thomas Watson® Science and Tech Park, LLC will generate income by offering the following services;
- By making available an ideal science and technology park is a space designed specifically to meet a range of needs, including office space, laboratories, storage, warehouse facilities, meeting rooms and conference centers.
- Selling food and beverages
10. Sales Forecast
It is important to state that our sales forecast is based on the data gathered during our feasibility studies and also some of the assumptions readily available on the field.
It would be hard to create a sales forecast with a newly opened business like ours because the statistics that will be provided will be on a short – term basis. Experts said that usually a business should be in operation for at least one year before they can generate the statistics that will help in accurate forecasting; statistics should be at least one year-old in order to show the trends and pattern in consumer spending.
We expect to welcome a minimum of 12,000 customers i.e. 0ne thousand customers per month within our first year of operation and then in subsequent years we will grow by 25 percent on more. Below are the sales projection for Sir Thomas Watson® Science and Tech Park, LLC, it is based on the location of our science and technology park and the services that we will be offering to our clients (members);
- First Fiscal Year (FY1): $240,000
- Second Fiscal Year (FY2): $450,000
- Third Fiscal Year (FY3): $750,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major competitor offering same services as we do within 4.5 miles’ radius from our science and technology park.
11. Publicity and Advertising Strategy
We have been able to work with our branding and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to become the number one choice for clients in the whole of Tampa-St. Petersburg – Clearwater, Florida which is why we have made provisions for effective publicity and advertisement of our science and technology park.
Below are the platforms we intend to leverage on to promote and advertise Sir Thomas Watson® Science and Tech Park, LLC;
- Place adverts on both print (community – based newspapers and magazines) and electronic media platforms
- Sponsor relevant community – based sport events and competitions
- Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
- Install our billboards in strategic locations all around Tampa-St. Petersburg – Clearwater, Florida
- Engage in roadshow from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- List Sir Thomas Watson® Science and Tech Park, LLC on local directories / yellow pages
- Advertise our science and technology in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our staff members wear our branded shirts and our vehicles are well branded with our corporate logo.
12. Our Pricing Strategy
Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more (except for premium and customized services) and we don’t intend to charge less than what our competitors are charging as gate fees or members fee in Tampa-St. Petersburg – Clearwater, Florida.
Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us or when they register as a family, group or schools. The prices of our services will be same as what is obtainable in the United States’ open market.
- Payment Options
The payment policy adopted by Sir Thomas Watson® Science and Tech Park, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Sir Thomas Watson® Science and Tech Park, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards/Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
In view of the above, we have chosen banking platforms that will enable our clients make payment for admission into our science and technology park without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
This is what it would cost us to set up Sir Thomas Watson® Science and Tech Park, LLC in the United of America;
- The total fee for registering the business in the United States of America – $750.
- The cost for legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of $3,000.
- The cost for hiring Business Consultant – $5,000.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
- The cost of accounting software, CRM software and Payroll Software – $3,000
- The cost for leasing facility for the science and technology park – $250,000.
- The cost for facility remodeling and equipping the facility with various ICT gadgets – $250,000.
- Other start-up expenses including stationery – $1000
- Phone and utility deposits – $3,500
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
- The cost for start-up inventory – $15,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, internet facility, tables and chairs et al) – $10,000.
- The cost of launching a website – $1,000
- The cost for our grand opening party – $15,000
- Miscellaneous – $15,000
We would need an estimate of $750,000 to successfully launch a small but standard science and technology park in Tampa-St. Petersburg-Clearwater, Florida. Please note that the salaries of all our employees for the first two months are included in the financial projection.
Generating Funds/Startup Capital for Sir Thomas Watson® Science and Tech Park, LLC
Sir Thomas Watson® Science and Tech Park, LLC will be owned and managed by Sir Thomas Watson and his immediate family. They are the only financiers of the business which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources.
- Generate part of the startup capital from personal savings and sale of his stocks
- Generate part of the startup capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $250,000 (Personal savings $200,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business closes shop.
One of our major goals of starting Sir Thomas Watson® Science and Tech Park, LLC is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to equip our facility with state of the ICT gadgets and equipment and make our services affordable.
Sir Thomas Watson® Science and Tech Park, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of ten years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List/Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Acquiring facility and remodeling the facility (construction of science labs and office space inclusive): In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the needed ICT gadgets and equipment, electronic appliances, office appliances and suppliers: In progress
- Creating Official Website for the Company: Completed
- Creating Awareness for the business both online and in the neighborhood: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party/launching party planning: In Progress
- Establishing business relationship with vendors and key stakeholders in the industry: In Progress