3/19/2023 0 Comments Incubator synonym![]() Building or accelerating growth of local industry clusters.Fostering a community's entrepreneurial climate.īusiness incubation has been identified as a means of meeting a variety of economic and socioeconomic policy needs, which may include Technology incubators account for 39% of incubation programs. More than half of all business incubation programs are "mixed-use" projects that is, they work with clients from a variety of industries. Incubator types, goals, and sponsors Industry sectors intentionally supported by incubation programs Many incubation programs set graduation requirements by development benchmarks, such as company revenues or staffing levels, rather than time in the program. On average, incubator clients spend 33 months in a program. Life science and other firms with long research and development cycles require more time in an incubation program than manufacturing or service companies that can immediately produce and bring a product or service to market. The amount of time a company spends in an incubation program can vary widely depending on a number of factors, including the type of business and the entrepreneur's level of business expertise. Virtual clients may be too remote from an incubation facility to participate on site, and so receive counseling and other assistance electronically. Affiliate clients may be home-based businesses or early-stage companies that have their own premises but can benefit from incubator services. These companies do not reside in the incubator facility. More than half of incubation programs surveyed by the National Business Incubation Association in 2006 reported that they also served affiliate or virtual clients. Īlthough most incubators offer their clients office space and shared administrative services, the heart of a true business incubation program is the services it provides to startup companies. It is this factor that makes it difficult to compare the success rates of incubated companies against general business survival statistics. Acceptance criteria vary from program to program, but in general only those with feasible business ideas and a workable business plan are admitted. Entrepreneurs who wish to enter a business incubation program must apply for admission. Unlike many business assistance programs, business incubators do not serve any and all companies. Technology commercialization assistance.Comprehensive business training programs.Access to angel investors or venture capital.Access to bank loans, loan funds and guarantee programs.Help with accounting/financial management.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. Many business incubation programs partner with their local SBDC to create a "one-stop shop" for entrepreneurial support. In addition, SBDCs work with any small business at any stage of development, not only startup companies. SBDCs are required by law to offer general business assistance to any company that contacts them for help. Small Business Administration's Small Business Development Centers (and similar business support programs) in that they serve only selected clients. However, many research and technology parks house incubation programs. ![]() Most research and technology parks do not offer business assistance services, which are the hallmark of a business incubation program. 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. Incubators differ from research and technology parks in their dedication to startup and early-stage companies. Successful completion of a business incubation program increases the likelihood that a startup company will stay in business for the long term: older studies found 87% of incubator graduates stayed in business, in contrast to 44% of all firms. Incubators vary in the way they deliver their services, in their organizational structure, and in the types of clients they serve. Business incubators are programs designed to support 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.
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