Incubator Options for Entrepreneurs
Business incubators are facilities designed to accommodate small and startup businesses that usually provide a range of business support services and resources that accelerate the success of the business.
Types of Incubators
Incubators may have targeted goals and objectives that will direct the services, organizational structure, and types of clients served. The most frequent incubator is considered mixed use and hosts light industrial, technology and service firms.
However, in more recent years, new incubators are likely to target specific industries such as technology, software development, biotech, food processing, and arts and crafts. Incubator sponsors may also target programs to support microenterprise creation, the needs of women and minorities, environmental endeavors and telecommunications.
Critical to the definition of an incubator is the provision of management guidance, technical assistance and consulting tailored to young growing companies. Incubators usually also provide clients access to appropriate rental space and flexible leases, shared basic business services and equipment, technology support services and assistance in obtaining the financing necessary for company growth.
Benefits of Incubation
Benefits of locating in an incubator facility include:
- A network of relationships with other business owners
- Financial assistance and advice
- Business and technical assistance
- Shared business services