What Is Business Incubation?
Business incubation is a business and economic development strategy that serves to accelerate the growth of small business enterprises. A great place for start-ups and existing small businesses, in the process of expanding, to test new markets.
The Upper Coastal Plain Business Development Center (BDC) offers affordable space, services and a support structure that can be an ideal environment for overcoming many of the inherent challenges and mitigate some of the risks entrepreneurs face in starting and growing a business. Business incubators are “often a good path to capital from angel investors, state governments, economic-development coalitions and other investors.” Entrepreneur – “Getting Started with Business Incubators”.
The BDC provides access to a breadth of resources and leverages knowledge, capital and expertise through partnering relationships and collaboration with other professionals and entrepreneurs. The BDC serves somewhat as a hub and connects their clients to mentors, educators, partners, business/community leaders and investors that are essential to the growth of a business.
Facts About Incubators
- Over 1,400 in North America.
- Estimated to be more than 3,500 outside North America.
- Most operated by Government (21%), Economic Development
- Organizations (31%), Academic Institutions (20%).
- Types of Incubators include Mixed Use (53%), Technology (39%), Manufacturing (4%), and Service (3%).
- A $1 incubator investment produces an average of $30 in tax revenue.
- 87% of all incubator “Graduates” are still in business after 5 years, compared to 50-60% for companies that Go-it-Alone.
- 84% of companies that start their business in an Incubator remain in the community and create new local jobs as they grow contributing to the local tax base.
About the BDC
Benefits – The following amenities are all inclusive of one low monthly lease payment:
- Professional presence
- Business counseling/mentoring (in-house and/or through partners)
- Shared Receptionist
- Conference/training rooms (equipped with projectors, auto screens, white boards, connectivity)
- Mail handling (the cost of postage is billed monthly)
- Access to professional printers (b/w and color copies at additional cost)
- Telephone service and equipment
- Broadband Internet access
- Network of professionals
- Networking opportunities
- Office supply acquisition at government rates
Flexibility – Over 10,000 sq. ft.available for “Client Companies” who may choose cubicles, offices, or potentially build to suit their particular business needs.
The Goal of Business Incubation is Economic Development and New Job Creation.