A business incubator is a facility that provides economical space, plus business services such as typing and copying, some management advice, and possibly financial assistance. Business incubators are owned and operated by a wide variety of entities and sponsors, including local government, universities, economic development groups, state government and a combination of sources. They're located throughout the country, and there's probably one near you. As their name implies, business incubators are designed to nurture small businesses until they are able to exist on their own. The main benefits are the inexpensive office space and the access to business services.
Private companies are also in the incubation business.
Be careful if you're considering one of those companies because they, unlike the nonprofit agencies, are in business to make a buck from you. They may try to force you into a long-term lease or other commitment that will hinder the flexibility of your business. Also, their managerial assistance may be useless or nonexistent. Before you agree to pay for a private incubator, talk to your attorney. All Rights Reserved.