VE’s Business Incubator Evaluation Tool Helps You Launch More Businesses
Lincoln Center Business Incubator and Skills Center, Washington State
Business incubators are a critical component of the ViTAL Economy (VE) Innovation Ecosystem, providing a physical location or a virtual incubator network home for entrepreneurs. They also provide the support structure to help entrepreneurs make their innovations a reality.
Starting and growing a business is not easy, and incubators that follow best-practice principles reverse typical business startup failure rates. For the business incubator program to produce expected benefits in the regional economy it needs to be:
Woven into a long-term community and regional economic development strategy that includes community outreach activities, a clear mission and purpose, research and technology focus and a robust package of business support services
Overseen by a strong governance, organization and management system that maintains a focus on business creation and job growth
Financially sound, maintaining first-class facilities and strong client flow
Accessible to technology licensing and commercialization services
Connected into sophisticated tenant financing and equity resources
Monitored with an ongoing self-evaluation program to maintain community benefit
VE can assess your community’s business incubator program or help your region develop one using our proprietary VE Business Incubator Evaluation Tool. This tool uses numerical analysis to measure current performance against best-practice benchmarks. It also assesses incubator graduation rates and community “knock-on effect” from incubator-launched businesses in the region.
For the past 20 years, VE has led the development, operation and evaluation of incubators across North America. Some of our recent engagements have included:
The development of a combined business incubator and innovation fund strategy for the Pacific Northwest
Planning, development and implementation of an integrated, regional business incubator, skills development center and entrepreneurship development program for the Olympic Peninsula in Washington State
A strategic assessment of business incubator, technology transfer, SBDC and R&D park assets in Southern Illinois
Contact us to learn how VE can help your community develop or improve existing business incubators.