Incubators usually also provide clients access to appropriate rental space and flexible leases, shared basic business services and equipment, technology support services and assistance in obtaining the financing necessary for company growth.įor 50 years, incubators have been helping entrepreneurs turn their ideas into viable businesses. These incubator graduates have the potential to create jobs, revitalize neighborhoods, commercialize new technologies, and strengthen local and national economies.Ĭritical to the definition of an incubator is the provision of management guidance, technical assistance and consulting tailored to young growing companies. A business incubator’s main goal is to produce successful firms that will leave the program financially viable and freestanding. The services provided by incubators are usually developed or orchestrated by incubator management and offered both in the business incubator and through its network of contacts. Historically, NBIA member incubators have reported that 87 percent of all firms that have graduated from their incubators are still in business.īy providing support process that accelerates the successful development of start-up and fledgling companies and providing an array of resources, incubators help community’s economies grow.
Business incubators reduce the risk of small business failures.
Our country’s small businesses represent 99.7% of all employer firms and employ half of all private sector employees.īusiness incubators are an economic development tool designed to accelerate the growth and success of entrepreneurial companies. Louisiana’s incubators help diversify the state’s economy by growing and strengthening small businesses. The business incubators that are members of LBIA provide a comprehensive program of business services and guidance targeted to the needs of start-up and fledgling companies to speed them to market and increase their chances for success. (Source: 2006 State of the Business Incubation Industry)
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LBIA was established to promote alliances among incubators, governmental agencies, and professional economic developers in order to promote the growth and diversification of our state’s businesses and economy. The National Business Incubation Association estimates that in 2005 alone, North American incubators assisted more than 27,000 start-up companies that provided full-time employment for more than 100,000 workers and generated annual revenue of more than $17 billion. The Louisiana Business Incubation Association (LBIA) is a state association of business incubators and their supporters.
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