Simply, a business incubator is a company that helps new and startup companies to develop by providing services such as management training or office space.
More broadly "Business incubation is a unique and highly flexible combination of business development processes, infrastructure and people designed to nurture new and small businesses by helping them to survive and grow through the difficult and vulnerable early stages of development."
Functions of Business Incubator:
Business incubator provides a nurturing, instructive and supportive environment for entrepreneurs during the critical stages of starting up a new business.
Business incubator provides SMEs and start-ups with the nurturing environment needed to develop and grow their businesses, offering everything from virtual support, rent-a-desk through to state of the art laboratories and everything in between.
They provide direct access to hands on intensive business support, access to finance and experts and to other entrepreneurs and suppliers to really make businesses and entrepreneurs to grow.
The goal of incubators is to increase the chance that a start-up will succeed, and shorten the time and reduce the cost of establishing and growing its business. If successful, business incubators can help to nurture the companies that will form the true creators of regions or nation’s future wealth and employment.
