Incubation best practices that lead to successful new ventures
With the help of targeted business assistance, entrepreneurs are better prepared to turn business ideas into successful new ventures that have a greater-than-average chance of success. Since the first business incubator opened in Batavia, N.Y., in 1959, business incubation programs have helped new business owners access the resources and assistance they need to grow successful firms. For more than 50 years, these programs have played an important role in improving struggling economies, creating jobs, and encouraging innovation.
Business incubation programs are designed to accelerate the successful development of entrepreneurial companies through an array of business support resources and services, developed or orchestrated by the incubation program manager, and offered both in the incubator and through its network of contacts. A business incubation program’s main goal is to produce successful firms that will leave the program financially viable and freestanding. Critical to the definition of an incubator is the provision of management guidance, technical assistance, and consulting tailored to the needs of new enterprises.