Additionally, the BIC provides access for emerging business owners to basic infrastructure such as, shared office space or production areas, telephone, local area network and Internet service, business equipment such as computer, printer, copier and fax machine, shared conference room, reception and restroom facilities. Furthermore, business incubators aren’t quite as intensive as accelerators which means the support you receive from an incubator will be a bit more ad hoc and spaced out. Typically, BIC business support services include: guidance and mentorship in developing and implementing business strategies business management product management and marketing financial management compliance with legal and regulatory requirements facilitated exposure to a “know-how network” of established businesses and access to financing. Today, it has been estimated that some 2,500 business incubators exist outside the United States. As part of the Citys Comprehensive Economic Development Strategy (CEDS) the City explored developing and operating a Small Business Incubator. The ‘ South Africa Business Incubator Establishment Handbook ‘ by the Department of Trade, Industry and Competition, defines the role of incubator as follows: (1) incubators focus on SMEs in the early stages of growth (2) incubators offer services aimed at strengthening the capacity of SMEs to operate on their own and (3) incubation. A general survey of incubators was conducted in 1998, showing the existence of about 2000 incubators in the world. Incubator graduates commercialize technologies, create jobs, and strengthen local economies.īICs accelerate development of emerging businesses by providing hands-on assistance during vulnerable start-up years. also reports that 87 percent of all firms graduated for their incubators are still in business.
#Business incubator professional
They provide professional advice, guidance and various forms of support services and resources to businesses during the start-up phase.
The goal of a BIC is to produce successful businesses capable of being financially viable and freestanding. Business Incubator Centres (BICs) are common in both developed and developing countries.
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