What Is the Role of a Business Incubator?

What Is the Role of a Business Incubator?

Business incubators can play a pivotal role in the growth of new and developing businesses—and in the Greater Daytona Region, many incubator opportunities exist for startups of all types. Read on to learn more about this important feature, and how it can help spur economic development in a big way.

“Hatching” a business

Not quite sure what a business incubator does? Think of it like hatching an egg—lending the right resources and support to a budding business so that it can carry out its true potential. In fact, the word “incubate” itself comes from Latin “incubare,” or “to hatch.”

A business incubator is an organization geared toward supporting a business in its early stages, just before it is about to hatch. Incubators are often connected to university settings, as these institutions are ready-made for providing research and educational opportunities to budding businesses—as well as, in many cases, a physical space that’s geared toward collaborative work and brainstorming.

The “hatching” phase in which a business incubator will support a startup often takes place over the course of one or two years.

An array of benefits for new businesses

So we know the main objective of a business incubator, but in what ways does the incubator actually achieve this goal? There are a wide variety of benefits often provided by an incubator, including…

  • Professional advisors
  • Specialized training and business coaching
  • Collaborative workspaces
  • Networking opportunities
  • Funding (or access to potential funding)
  • And many more

The bottom line is that business incubators are built to connect you with the people and resources you need to achieve lasting business success—because every great company begins with a solid foundation.

Discover local business incubators

The Greater Daytona Region is home to several business incubator programs, such as the University of Central Florida Daytona Beach Business Incubator, and The MicaPlex, an incubator space that brings together the business and university communities for meaningful collaboration on potential products and services. Located at the Embry-Riddle Research Park, The MicaPlex is placed at the heart of a thriving talent pool, and is poised to make a lasting impact on budding businesses and emerging technologies throughout the Greater Daytona Region.

Now that you’ve learned more about the role of business incubators, stay up-to-date with Team Volusia to see what local incubators are up to—and the impact they make on the Greater Daytona Region every day.

Bookmark & Share