Incubators aren’t the only option for nurturing your new business, but they are a great option – especially for entrepreneurs who haven’t quite nailed down their business model yet, but are starting to form some solid ideas. By comparison, the survival rate for companies that go it alone without the benefits of incubator support is 44%. The association estimates there are currently 1,400 incubators operating in the United States.Īfter five years, businesses that were nurtured in a business incubator have a survival rate of 87%, Kitts said. “There is a significant increase in the rate of success for businesses if they start out in incubators,” said Tracy Kitts, former COO of the National Business Incubation Association – now the International Business Innovation Association (INBIA), a global nonprofit with 1,200 members in 30 countries. So, are incubators as good for businesses as they are for babies? The results speak for themselves. Their intent is to give new businesses and startups a leg up on success. Incubators provide startup companies with office space and a comprehensive menu of professional services and advice.
In the business world, they work in a similar way to keep a new business alive while it finds its niche. You might think of an incubator as a device that helps hatch a chick or keep a newborn baby warm.
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