Business incubators receiving state funds shall be required to pass a state incubator certification program administered by the economic development department. The department shall certify business incubators that submit documentation to the department that the incubator has:
A. a mission statement that defines the incubator's role to assist entrepreneurs and support the growth of businesses;
B. for incubators established after the effective date of this section, a formal feasibility study indicating an appropriate market and local community support or, for incubators established prior to the effective date of this section, a business plan;
C. an effective governing board or an appropriate oversight advisory board committed to the incubator's mission;
D. qualified management and staff to achieve the mission of the incubator and to help businesses;
E. an ongoing business assistance program that places the greatest value on client assistance and adds value to client businesses by developing programs and coordinating activities such as:
(1) technical assistance and consulting;
(2) coaching and mentoring, business training workshops and seminars;
(3) providing marketing assistance;
(4) fostering networking opportunities and links with other business service providers; and
(5) providing assistance in obtaining financing;
F. a facility that encourages innovation and provides dedicated space for incubator client firms with flexible leases and that includes a common area meeting space and business equipment;
G. a process for client businesses that involves a screening and selection process and graduation policy for client companies;
H. a system for program evaluation;
I. all applicable required licenses and permits and a functional accounting system; and
J. membership in the national business incubation association.