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Business Incubators

ArticleID 89  
Writer Isaac Thuku
Category Personal Article


A business incubator is any facility designed to assist businesses to become established and profitable during their incubation period.

Incubatees are individuals interested in promoting an innovative idea that they have so that it becomes a business, yet they may have no skills in business. Consequently they need to learn more to change the concept into business.

The second category of incubatees may be people who have clear documented business concepts based on an innovative idea they already have but which again may not be converted into business due to resource constraints. They could also be businesses that are already set up and running but need to be boosted to grow. Each one of them needs a different approach to convert them into vibrant business outfits.

Reasons for Starting a Business Incubator

i. A need for job creation in the community or the country

ii. Transfer of technology from universities and corporations in order to diversify the local economy

iii. To produce successful businesses which are able to operate independently

iv. Fostering a community's entrepreneurial climate

v. Building or accelerating growth of local industry clusters

vi. Encouraging women or minority entrepreneurship

vii. Some people find it a viable business opportunity networking with other entrepreneurs

Factors to Consider In Choosing the Right Incubator

Space and Service-related Issues:

• Charges for space and services

• Rates compared to market rates

• Services the incubator provides

• Lease requirements?

• Is there room for your business to grow?

Quality

• What information does the incubator provide about the extent and quality of the services the incubator provides?

• Does the incubator management seem to understand your business needs and can they offer on-site assistance and access to valuable contacts and community business services needed by your firm? Policies and Procedures

• What are the policies and procedures of the incubator?

• Are some services provided free of charge?

• How long can you remain a tenant?

• Is there a graduated rent structure or does the incubator take royalties or an ownership right in its tenants' businesses

• Can you leave easily if your business goes burst?

• Does the incubator provide seminar or training programs in addition to other business assistance services?

Business Incubators, what are Business Incubators, starting a business, entrepreneur, entrepreneurship
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