Small business incubators are programs that are created to accelerate the development of small business companies or entrepreneurial efforts. Small business incubators achieve this feat through a wide array of business support resources and services. These assets are typically developed and orchestrated by an incubator management team and are offered both in the program and through the incubator’s network of contacts.
Small business incubators vary in the way they deliver their various services. In regards to their organizational structure and the clients they serve, small business incubators are highly differentiated. Typically, small business incubators are training sessions; they are small classes that help the employees of small businesses become more efficient workers.
That being said, the goal of any company is to increase efficiency and organization. In conjunction, a successful completion of a small business incubation program increases the likelihood that a small company will stay in business and experience long term profits. This statement, which is backed up by statistics, states that 87% of incubator graduates stay in business.
Small business incubators are held separately from research and technology parks because they are dedicated to start-up companies and early-stage development programs. Research and technology parks, in contrast, are large-scale projects that focus on stabilizing and evolving corporations, government programs, and university labs.
Small business sales are commonly associated with the overall efficiency of the company and the organizational efforts associated with the business. To streamline a small business’ ability to sell and market their product, a small business incubator will provide tutelage on the following services:
Help with business basics
High-speed Internet access and computer programs
Help with presentation skills
Links to strategic partners
Management team identification
Help with business etiquette
Help with regulatory compliance
Intellectual property management