A community with a business incubator receives many benefits from having an incubator located there.
For one, incubators improve the local economy through the creation of jobs and increased tax revenue. Growing in an incubator increases a business’ chance of continued success and potential for long-term economic impact. National statistics indicate that two out of three business start-ups fail within the first five years, but 87 percent of businesses started in an incubator are still viable after five years.
Particularly in difficult economic times, incubators offer a chance for those who have lost their jobs to find support and guidance in developing ideas for their new business and launching a new venture.
Business incubators encourage the development and implementation of new, “fresh” ideas. Successful incubator programs can help build a spirit of entrepreneurship within a community, and communities can take a sense of pride in home-grown businesses that are locally owned and operated.
Having a local business incubator is also beneficial to colleges and universities in the region. Incubators often include technology-driven businesses that are able to participate in technology transfers with colleges and universities.
Also, incubators provide college students with internship opportunities in their fields. Beyond internships, businesses in incubators can provide employment opportunities for recent college graduates seeking to remain in the community.
While incubators provide an array of benefits to the communities in which they are located, incubators need community support to succeed. CAN BE is pleased to receive support from businesses, organizations and partnerships throughout the Greater Hazleton community.