What is a business incubator? What are incubator best practices?
Answer:
An incubator should provide business coaching, mentoring, financial assistance and/or capital access, technology tech transfer and commercialization, innovation evaluation, marketing and business plan assistance, and referrals to professional service providers to increase the likelihood of business success. Long-term NBIA “best practice goals” are to meet or beat the following: survivability: 87% of incubator clients are still in business five years after entering the incubator; retention: 84% located within 30 miles of the incubator; and business growth: most enter with 2-3 employees and grow to 10-12 after an average of 3 years 2 months in the incubator.