Technology business incubators are centers that help people nurture and develop technology ideas into opportunities and, hopefully, successful businesses. The services offered vary from the opportunity to rent space to consultant time, support staff help, shared equipment and testing, and assistance in business plan development and financing. The entrepreneur pays typically on a sliding fee basis and usually can be in the center for only a certain number of years. They are usually one of three types: (1) information technology and electronics firms; (2) those engaged in biotechnology and biomedical applications; and (3) enterprises carrying a mixture of technology concentrations.
Technology business incubators tend to thrive in places having the following resources:
- Access to research universities, federal laboratories, and corporate R & D facilities;
- Entrepreneur-oriented scientists and engineers;
- A cadre of business and legal professionals such as accountants and lawyers;
- Availability of public and private capital resources (such as debt and equity investment);
- An existing pool of technology companies and professionals that can mentor and advise startup firms .
