Definition of Business Incubator
A business incubator is a company often sponsored by private companies or public institutions to help new or startup companies to develop and grow by providing them with financial or technical help. Business incubators act as a catalyst tool for national and regional economic development. According to the National Business Incubation Association (NBIA), there are approx. 1400 business incubator members in the U.S alone while a total of 1900 members in 60 nations.
Business incubators are different from research or technology parks in their approach to business startups or early-stage companies. Research or technology parks work with established private or public companies, universities labs to very small companies while business incubators help with early-stage or companies working on new ideas.