What is business incubation?
A business incubator is an organisation dedicated to supporting startups and small businesses by providing various services to accelerate growth.
At MIC, we support businesses by providing office space, ongoing mentoring and support, and a knowledge-rich community. Our incubator provides a nurturing environment for small businesses to develop and grow.
Business incubators are often referred to as a hybrid type of economic development, combining features of entrepreneurship, facilitation and real estate development.
A typical business incubator can accommodate between 20 and 50 new businesses, depending on the size of the property it is situated on. Business Incubator programs are proven to be highly effective in creating employment, commercialising new technologies and developing local economies.
A fully operational business incubator would graduate on average 15 businesses per year. Therefore, over a ten-year period, an incubator would “hatch” over 150 new businesses, employing a total of 600-900 people and turning over around $200m per year.