Entrepreneurs who are starting out with a business often do not have the required office space to begin with their business proceedings. Buying or renting a place and then getting it equipped with all the necessary equipments and gadgets may turn out to be quite expensive. For most entrepreneurs such a lump sum investment right at the outset may turn out to be financially overwhelming. Business incubation centres have been designed keeping this need of new entrepreneurs in mind so that they can operate from a proper office set up even if they do not have a place of their own.
Business incubation centres or business incubators are designed to aid start-up firms. They offer assistance when it comes to:
- Technical and business assistance either at the site of the project or with the help of a community referral system
- Provide assistance in gathering funds
- Flexible lease options and spaces at times at extremely low rates
- Networking opportunities with other entrepreneurs
- Life, health and other insurance plans
- Business support services like bookkeeping, access to fax machines and copiers, conference rooms and libraries, secretarial assistance and telephone answering facility on the payment of a stipulated fee
There are a number of reasons for beginning a business incubator. It may be necessary to start such a setup to facilitate job creation, for the diversification of the indigenous economy, and to facilitate the sharing of experiences amongst new entrepreneurs and companies. However, the chief goal of a business centre is to provide business a chance to begin operations and become financially viable. No matter whatever the reason behind opening such an incubator is, it ends up proving to be economically advantageous for the local community in the sense that it increases job prospects and helps a company to expand on its business operations.
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