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Incubator FAQs |
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| Q. |
What is a Business Incubator? |
| A. |
A business incubator is an economic development tool designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services.
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| Q. |
What is an Incubator's main goal? |
| A. |
A business incubator's main goal is to produce successful firms that will leave the program financially viable and freestanding within three to five years. By coordinating resources and encouraging small companies to share ideas and experiences, incubators reduce the risk involved in starting and growing a new company by providing young companies access to facilities, shared basic office services, and investment capital that might otherwise be unavailable.
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| Q. |
What is an Incubator's economic impact? |
| A. |
Incubator "graduates" create jobs, revitalize neighborhoods, commercialize critical new technologies and strengthen local and national economies. Startup firms served by incubators annually increased sales by $240,000 each and added an average of 3.7 full- and part-time jobs per firm. For every $1 of estimated annual public operating subsidy provided the incubator, clients and graduates of incubators generate approximately $45 in local tax revenue alone. Every 50 jobs created by an incubator client generate another 25 jobs in the community.
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| Q. |
Why are Incubators important for start-up businesses? |
| A. |
Business incubators reduce the risk of small business failures. Statistics show that 87 percent of all firms that graduated from incubators are still in business. North American incubator clients and graduates have created approximately half a million jobs since 1980.
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Additional statistics about incubators
- Today there are more than 800 business incubators in North America, up from 12 in 1980.
- 40 percent of incubators are technology focused; 30 percent are mixed use, accepting a wide variety of clients; and the remainder focus on service, light industrial and niche markets or on assisting targeted populations.
- 45 percent are urban, 36 percent are rural and 19 percent are suburban.
Source NBIA, National Business Incubator Association
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BUSINESS BRIEFS |
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August 6, 2008- AutumnWave, Dell make inroads with Dickinson College
by Jim T. Ryan-Central Penn Business Journal
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June 27, 2008- Businesses Switching to Local Online Marketing, Study Finds
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