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May 2006 Feature -LABIA <br />7. The best business incubation programs are well integrated into their <br />community networks, resources, and economic development plans <br />and strategies. Gone are the days of stand-alone programs lacking <br />support from economic developers, academics and the business <br />community. More and more, we see incubation programs at the nexus <br />of significant angel equity investing networks, publicly sponsored seed <br />funds, technology infrastructure development and commercialization <br />programs, entrepreneurial campuses, or youth entrepreneurship <br />programs. <br />8. Top incubators adhere to NBIA's Principles and Best Practices of <br />Business. Incubation. These best practices include ensuring that <br />management time is focused primarily on serving companies, rather <br />than managing buildings, raising money or holding politicians' hands. <br />In fact, LABIA research has shown that incubators that adhere to best- <br />practice standards have better outcomes and are more self-sufficient <br />and sustainable. Public investors in these incubators get more return <br />for their investment. <br />9. Top incubator managers engage in continual learning. After all, this <br />feld is not like accounting, which has been around for mare than 1,000 <br />years. The business incubation industry is only about 25 years old, <br />and not a day passes when someone doesn't develop a new tool or <br />technique or uncover a key piece of information that can help us grow <br />companies. Top incubator managers engage in professional <br />development activities, ongoing learning and networking to improve <br />their skills. <br />10. Effective incubator managers are committed, idealistic and hard- <br />headedly realistic at the same time. They take a hard and honest look <br />at their communities, roll up their sleeves and get to work. They <br />recognize that our successes are limited primarily by the size of our <br />dreams. <br />I nis page was last upaatea on may <br />Please send your comments and suggestions tc <br />Contents Copyright 2002 by LABIA. All Rights <br />Page 2 of 2 <br />http://www.nbia.org/feature/OS_06.php 6/7/2006 <br />