Business Incubators are proving to be very popular in tough economic times, providing great value, support and practical advice to businesses when they need it most.
A recent publication to come out of the US by National Business Incubation Association has revealed that incubator’s are highly valuable in times of hardship as they:
- Reduce the risk of small business failure
- Are part of a larger value chain, adding value to the local business community
- Enhance economic development in a region
- Provide government subsidies which pay off through the client companies generating local tax revenue
Queensland’s own Business Incubator – The Innovation Centre at the University of the Sunshine Coast – has recently expanded to accommodate more established companies as part of their Business Accelerator program.
Innovation Centre CEO, Colin Graham has suggested that with many people being made redundant, they are contemplating starting up their own business and looking for advice and support.
“If is often the case that people who have been thinking about a particular business idea for a long time, may see being made redundant as their chance to get started.”