From The Purpose and Benefits of Business Incubators
“Business incubators are programs designed to help new small businesses get off the ground. They provide entrepreneurs with an inexpensive start-up environment, as well as a wide range of support, consulting, administrative, referral and networking services. In the United States, about one-third of incubation programs are sponsored by economic development agencies, although for-profit businesses, local governmental entities and colleges, universities or trade schools may also manage these entities.”
Why Incubation?
The incubation process allows entrepreneurs to preserve capital and gain external support to accelerate their businesses growth. Through business incubation, the Enterprise Center captures each entrepreneurs uniqueness and offers support and customized services to maximize businesses potential. The ultimate goal of incubation is to launch profitable, sustainable entrepreneurial companies. Graduation is determined cooperatively based on mastery of core business functions; for most companies, it will take place within four to six years.
Benefits
- Business and Technical Assistance
- Affordable/Flexible Lease Space
- A Network of Relationships with other Business Owners
- Ability to Adjust Business Model to Market Conditions
- Financial Assistance and Advice
- Preservation of Working Capital