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May 2006 Feature -LABIA <br />May 2006 Feature <br />You are here: LABIA Home -~ May 2006 Feature <br />Page 1 of 2 <br />~~~ <br />~' IV ~3I A <br />Ncxa xx., &:sie~u ia.c ueuw As¢-na.,.. <br />'~' "' ~ 10 results - <br /> 10 Keys to Incubation Success <br />~ ~ ~`l; . <br /> Need some tips on running an effective business incubation program? <br /> Who better to turn to than LABIA President and CEO Dinah Adkins? <br />Best Practices in Action: ', The following 10 points, which were adapted from a popular speech by <br />'. Guidelines for Implementing '. Adkins, are key to the success of any incubator, regardless of mission <br />First-Class Business or focus. <br />Incubation Programs, the <br />I. most comprehensive report ', 1. Effective business incubation programs are based on legitimate <br />ever on incubation best ' feasibility studies and business plans. These essential documents <br />'... practices, is available at the '.. must identify the market an incubator will serve and prove its financial <br />'. LABIA Bookstore. viability. <br /> 2. Business incubators are service programs, not buildings. No <br /> building can grow companies, provide mentoring and assist emerging <br />'. '. companies in meeting benchmarks necessary for growth. It has been <br /> many years since any knowledgeable person thought a building was <br /> the key innovation in business incubation. If your stakeholders aren't <br />'. I aware that they need to invest in people and knowledge more than in <br />--- ----- --- bricks and mortar, you need to work with them to open their eyes. <br />3. Top incubation programs are well managed, which means their <br />sponsoring organizations provide appropriate salaries and benefits to <br />individuals who have the skills to help companies grow and to <br />transform communities. If local authorities pay for a concierge, they will <br />get a multitenant building with a receptionist, not a vibrant business <br />incubator that can grow the local economy. <br />4. Flexibility and commitment to service are key to effective incubation. <br />Incubator staffs themselves must be entrepreneurial and <br />nonbureaucraticond recognize that they're in a service industry. Not <br />only do they have to help companies develop management teams, <br />they also have to get the mail out on time. They must maintain a <br />special relationship with their clients -bath leader and servant -and <br />only those types of personalities are appropriate for incubator staff. <br />5. Effective incubator managers proactively provide business <br />development services. They screen clients, analyze their strengths <br />and weaknesses, help set benchmarks for growth, and bring in <br />mentors and business service providers to provide customized <br />assistance. Effective incubator executives also monitor these activities, <br />garnering enough feedback from the entrepreneurs and the mentors to <br />determine what is and isn't working. Effective managers don't make a <br />referral and walk away, confident that they've done their job. <br />6. A top-of-class incubation program knows its mission, and <br />management, board and staff clearly understand and work to support <br />that mission. Regular evaluation of all aspects of the program ensures <br />that the incubator meets its goals, evolves with the market, and <br />incorporates new tools and technologies to better serve its clients. <br />http://www.nbia.org/feature/OS_06.php 6/7/2006 <br />