Business incubator

rdf:langString Business incubator

rdf:langString Business incubator is an organization that helps startup companies and individual entrepreneurs to develop their businesses by providing a fullscale range of services starting with management training and office space and ending with venture capital financing. The National Business Incubation Association (NBIA) defines business incubators as a catalyst tool for either regional or national economic development. NBIA categorizes its members' incubators by the following five incubator types: academic institutions; non-profit development corporations; for-profit property development ventures; venture capital firms, and a combination of the above. Business incubators differ from research and technology parks in their dedication to startup and early-stage companies. Research and technology parks, on the other hand, tend to be large-scale projects that house everything from corporate, government, or university labs to very small companies. Most research and technology parks do not offer business assistance services, which are the hallmark of a business incubation program. However, many research and technology parks house incubation programs. Incubators also differ from the U.S. Small Business Administration's Small Business Development Centers (and similar business support programs) in that they serve only selected clients. Congress created the Small Business Administration in the Small Business Act of July 30, 1953. Its purpose is to "aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns." In addition, the charter ensures that small businesses receive a "fair proportion" of any government contracts and sales of surplus property. SBDCs work with any small business at any stage of development, not only startup companies. Many business incubation programs partner with their local SBDC to create a "one-stop shop" for entrepreneurial support. Within European Union countries there are different EU and state funded programs that offer support in form of consulting, mentoring, prototype creation, and other services and co-funding for them. TecHub is one of the examples for IT companies and ideas. In India, the business incubators are promoted in a varied fashion: as technology business incubators (TBI) and as startup incubators—the first deals with technology business (mostly, consultancy and promoting technology related businesses) and the later deals with promoting startups (with more emphasis on establishing new companies, scaling the businesses, prototyping, patenting, and so forth). The mission on creating specific innovations among the young minds of researchers via. 101 specialized incubators have been boosted in various parts of India through AIM-India. For instance, AIC-IIITKottayam, a startup-based incubator, specializes in IoT Cloud research jointly with world class incubators from Germany, the US, Austria, and so forth. In Singapore, there are 218 incubators and accelerators. They contribute immensely to the vibrant and growing start up ecosystem which in 2022, ranks 7th in the World. This is a climb up three spots from the 2021 ranking. The growth is also fueled by the growing number of accelerators that work together with Enterprise Singapore to provide support in accessing its grants and resources. These accelerators work with Enterprise Singapore through recognition as an Accredited Mentor Partner (AMP). As an AMP, the accelerators encourage and support aspiring first-time entrepreneurs to start innovative businesses, through mentorship and venture programmes and in their application to the Startup SG Founder (SSGF) programme. One of the country's well-known accelerators is Singapore Management University’s (SMU) Institute of Innovation and Entrepreneurship (IIE). IIE has up to date produced a wide variety of well known and successful start-ups in multiple industry verticals ranging from impact driven businesses to those in the Crypto space.