An Akron, Ohio Based Economic Development Incubator with National & Global Partners.
Cofounder Legacy of the Legend Productions & Founder & President Build Management & Thornton & Associates Learn More HERE
Akron OH City Council President & Akron Redevelopment Coalition (ARC) Project Advisory Board Chair Learn More HERE
Founder, of POWERS Women's Network, Business Banking Specialist and LLP Financial Advisor Learn More HERE
Founder, Managing Principal & CEO of McAfee3 Architects & Associate of ARC Co- Founder, Don Thornton Learn More HERE
Land Development, Project Management, Former City Planner & ARC Project Building & Contractor Consultant Learn More HERE
What is a Business Incubator and What Does It Do?
Business incubators are programs designed to support the successful development of entrepreneurial companies through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts. Incubators vary in the way they deliver their services, in their organizational structure, and in the types of clients they serve. Successful completion of a business incubation program increases the likelihood that a startup company will stay in business for the long term: older studies found 87% of incubator graduates stayed in business,[1] in contrast to 44% of all firms.[2] Incubators differ from research and technology parks in their dedication to startup and early-stage companies. Research and technology parks, on the other hand, tend to be large-scale projects that house everything from corporate, government or university labs to very small companies. Most research and technology parks do not offer business assistance services, which are the hallmark of a business incubation program. However, many research and technology parks house incubation programs.
Incubators also differ from the U.S. Small Business Administration's Small Business Development Centers (and similar business support programs) in that they serve only selected clients. SBDCs are required by law to offer general business assistance to any company that contacts them for help. In addition, SBDCs work with any small business at any stage of development, not only startup companies. Many business incubation programs partner with their local SBDC to create a "one-stop shop" for entrepreneurial support. In 2005 alone, North American incubation programs assisted more than 27,000 companies that provided employment for more than 100,000 workers and generated annual revenues of $17 billion.[3]