What is a business incubator?Business Incubators house, cultivate, and help develop small young firms, which, according to statistics, are most susceptible to failure during the first several years. Incubators are a valuable economic development tool which encourage and assist new, small and minority businesses to build a foundation for the future and strengthen the economy by increasing jobs and income - all under one roof.Business incubators are generally physical structures that nurture start-up businesses. Some incubators focus on one specific kind of business (such as technology or manufacturing), while others promote mixed use.Virginia's number one employer is small business. Most owners of start-up businesses already possess a strong vision for their companies, but may require additional operational means, management assistance and networking opportunities with which to help put their vision into action. These vital components of any successful business are provided within the incubator environment. Incubators offer entrepreneurs and emerging companies some combination of office, technological, manufacturing, warehouse and storage space with flexible leases, shared business services and equipment, administrative support services, and assistance in obtaining much-needed financing. Management guidance and counseling suitable for young growing companies is also a crucial part of business incubation. While contributing to the general economic health of the community, providing new and increased job opportunities and adding to the variety of products and services available to area business and industry, business incubators offer new businesses the opportunity to start and grow their companies in a supportive, cost effective and professional environment. |
