BIRTH OF BUSINESS INCUBATORS GIVE ENTREPRENEURS A CHANCE TO THRIVE Te x t b y L i s a M c T i g u e Photos by Eric Bailey
There are many reasons to start a business: a job loss, inequity of skill versus salary and benefits, desiring more freedom to travel or spend time with family, and a desire to create, innovate, or affect change. In the past 20 years, technology incubators have taken center stage, however, business incubators have been around for over 55 years. Incubators focus on turning entrepreneurs into leaders, providing basic support through services and office space, and sometimes funding in order to create sustainable businesses. "There is a significant increase in the rate of success for businesses if they start out in incubators,” said Tracy Kitts, former COO of the National Business Incubation Association (NBIA), a trade association with over 2,100 members in 60 countries. The first business incubator opened in 1959. The unemployment rate in Batavia, New York rose 20 percent when the company that previously occupied the 850,000 square foot plant moved. The new owners, the Mancusco family, found it difficult to rent the entire complex, so they decided to divide the space into offices and nurture their new tenants. The Batavia Industrial Center was born and the owners provided shared office services, business advice, and assistance with raising capital. When several plants in the Northeast closed in 1980, twelve new business incubators took their place to provide sustainable employment in the area. Incubators continued to evolve during the 1980s due to several factors including:
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THEMILLMAGAZINE.COM•EDITION 6 NO. 2•LOCAL INDUSTRY