What is the purpose of a business incubator?
The primary purpose of a business incubator is to create the innovation environment that produces successful business startups. An effective business incubation program aims to: Increase the likelihood of business success during the first critical years Significantly reduce to “time to launch” for many companies Enable business owners to focus on their core product development and provide assistance with a myriad of operational matters Commercialize research results Create new jobs and increase the tax base of a community Encourage and teach entrepreneurship Why should I support business incubators? Simply stated, they work. According to national statistics, 30% of incubator clients typically graduate each year. According to the Impact of Incubator Investments Study, 1997, 87% of incubator graduates remain in business. Less than one in four businesses that start outside of an incubator survive for five years.
