|
Business incubators are programs designed to accelerate the successful
development of entrepreneurial companies through an array of
business support resources and services, developed and orchestrated by incubator
management and offered both in the incubator and through its network of
contacts. Incubators vary in the way they deliver their services, in their
organizational structure, and in the types of clients they serve. Successful
completion of a business incubation program increases the likelihood that a
start-up company will stay in business for the long term: Historically, 87% of
incubator graduates stay in business.
Incubators differ from research and technology parks in their dedication to start-up and
early-stage companies. Research and technology parks, on the other hand, tend to
be large-scale projects that house everything from corporate, government or
university labs to very small companies. Most research and technology parks do
not offer business assistance services, which are the hallmark of a business
incubation program. However, many research and technology parks house incubation
programs.
Incubators also differ from the U.S. Small Business
Administration's Small Business Development Centers (and similar business
support programs) in that they serve only selected clients. SBDCs are required
by law to offer general business assistance to any company that contacts them
for help. In addition, SBDCs do not target start-up and early-stage companies;
they work with any small business at any stage of development. Many business
incubation programs partner with their local SBDC to create a "one-stop shop"
for entrepreneurial support.
In 2005 alone, North American incubation programs assisted more than 27,000
companies that provided employment for more than 100,000 workers and generated
annual revenues of $17 billion. From Wikipedia, the free encyclopedia
|