Growing New Ventures, Creating New Jobs: Principles & Practices of Successful Business Incubation

Growing New Ventures, Creating New Jobs: Principles & Practices of Successful Business Incubation

Growing New Ventures, Creating New Jobs: Principles & Practices of Successful Business Incubation

Growing New Ventures, Creating New Jobs: Principles & Practices of Successful Business Incubation

Synopsis

Well managed business incubators with programs and services that help their client companies grow are important mechanisms for economic development in America. Although the number of business incubators in the United States has grown from 10 to 500 in the last 15 years, the success of these incubators has been mixed. Many incubator directors are so busy with public relations, fund raising and administrative duties that they spend very little time working with client companies. Mark Rice and Jana Matthews, incubator experts, have identified three key principles and 10 best practices of successful incubators - those that help entrepreneurs grow their companies. This book provides a litmus test for determining an incubator's feasibility, suggests ways to attract high-quality entrepreneurs, and includes many hands-on examples from some of the country's best business incubators. The authors have developed alternative financial models for incubators, clearly delineated board and staff responsibilities,and outlined many different ways to help entrepreneurs grow their companies, depending on their stage of development.

Excerpt

When Ewing Marion Kauffman created the Center for Entrepreneurial Leadership Inc. at the Ewing Marion Kauffman Foundation in 1992, he had one outcome in mind--job creation. But he understood that jobs, indeed economic development, depended on the ability of entrepreneurs to grow companies. He was convinced that the best way to enhance the possibilities of success for entrepreneurs was to identify and teach the skills that contribute to entrepreneurial development. If entrepreneurs could learn how to develop successful companies, jobs would be created, as surely as the day follows the night. and these jobs would be one way the Ewing Marion Kauffman Foundation could achieve its mission: "self-sufficient people in healthy communities."

Mr. Kauffman was the consummate entrepreneur. He founded Marion Laboratories in 1950 with $5,000. When that company was merged with Merrell Dow in 1989, it was valued by the nyse at more than $6 billion and employed over 3,000 people. Mr. K, as he was known, knew from this personal experience that entrepreneurs are critical to the economy. Thus his vision of the Center for Entrepreneurial Leadership Inc., included entrepreneurial support systems, and he recognized the importance of business incubators in the development of start-up companies.

Although the Center for Entrepreneurial Leadership Inc. does not plan to operate an incubator, the board and staff have a keen interest in how incubators work, what they do and how they should be developed and managed. Because the Center believes well-conceived and managed incubators are powerful support systems for entrepreneurs, it provided funding to under- write the development of this book. For the first time, the principles and practices of successful business incubation are clearly identified and outlined in detail. Incubators based on the principles and practices in this book will achieve their mission: the growth of successful companies. They will also become hubs for entrepreneurial activity and catalysts for the . . .

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.