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Industry Best Practices

  • Commit to the two core principles of business incubation
  • Obtain consensus on a mission that defines the incubator’s role in the community and develop a strategic plan containing quantifiable objectives to achieve the program mission
  • Structure for financial sustainability by developing and implementing a realistic business plan
  •  Recruit and appropriately compensate management capable of achieving the mission of the incubator and having the ability to help companies grow
  • Build an effective board of directors committed to the incubator's mission and to maximizing management's role in developing successful companies
  • Prioritize management time to place the greatest emphasis on client assistance, including proactive advising and guidance that results in company success and wealth creation
  • Develop an incubator facility, resources, methods and tools that contribute to the effective delivery of business assistance to client firms and that address the developmental needs of each company
  • Seek to integrate the incubator program and activities into the fabric of the community and its broader economic development goals and strategies
  • Develop stakeholder support, including a resource network, that helps the incubation program's client companies and supports the incubator's mission and operations
  • Maintain a management information system and collect statistics and other information necessary for ongoing program evaluation, thus improving a program’s effectiveness and allowing it to evolve    with the needs of the clients

Developed by NBIA, with credit to the book, Growing New Ventures, Creating New Jobs: Principles and Practices of Successful Business Incubation, Rice M. and Matthews J., 1995