Business incubator

Business incubators are organized economic complexes covering a broad group of distinguished real estate-based centers, which offer facilities and support services for small and medium businesses. The functioning of the complexes is directed at supporting the development of start-ups and optimize the conditions for technology transfer and commercialization by:

• providing adequate space to meet the needs of business,
• business support services, such as: economic, financial, legal, patent, organizational and technological consulting,
• assistance in obtaining financial resources,
• creating a proper climate for the establishment and implementation of innovative projects (by so-called synergistic effects),
• promoting contacts with scientific institutions and evaluation of innovative projects.

Activities of business incubator

The activities of incubators are highly specialized and relate directly to support the emergence and development of new businesses. In the case of incubators special emphasis on assistance is addressed to companies with innovative ideas. Support offered to companies is provided in the initial phase of their existence and, depending on the organization's statute may last from about a year to several years. Incubators offer can vary greatly and depend on resources and scale of operations.

However, the classic incubator should offer facilities to operate on preferential terms, advisory support and training to varying degrees. From the viewpoint of novice business owners it is also important to properly select of the incubator residents, which can provide services for themselves, to give them additional benefits. The diversity of academic entrepreneurship centres and increasingly gives them the possibility to increase the intensity of activities for the development of the economy.

Business incubator — recommended articles

Industrial park — European social fund — Cluster development — Outsourcing — Intangible asset — Innovative systems — Types of projects — Tourist policy — Program of global activity of the company

References

• Mian, S. A. (1997). Assessing and managing the university technology business incubator: an integrative framework]. Journal of business venturing, 12(4), 251-285.