The goal of business incubators is to launch new ventures and improve their chances of success by providing low-cost space, overhead and ancillary administrative services. Most business incubators are private, nonprofit organizations sponsored by government, nonprofit, university-related, or privately sponsored agencies whose mission is to spark job creation and economic growth in the community. What distinguishes incubators from shared office space is free in-house management consulting and technical consulting. Essentially, they offer shared support such as financial, managerial, technical and administrative services. No two business incubators are alike.
Incubators vary according to their mission, services, costs and managerial expertise.
Their orientation depends on the particular needs of the region where they operate and their mission statement. Incubators are driven by local economic needs. Thus, if technology transfer is of prime importance, the business incubator facilitates this mission. Incubators can be technology based, service based, retail based or manufacturing based. Kitchen incubators are for start-up catering ventures that prepare specialty foods such as salsa, cookies, breads, burritos and soups.