Defending Incubator Budgets During Tough Economic Times
The worldwide economic crisis has dominated headlines for months now. But just what does a faltering economy mean for business incubation programs?
Discussion on the NBIA listserv indicates that many members see a silver lining in the dark economic clouds. Recent posts have pointed to myriad factors that could yield more entrepreneurs (and, by extension, more incubator clients), including factory layoffs, corporate downsizing and even large numbers of returning Iraq war veterans. And as surveys show the public placing its faith in small business to revive the economy, many predict increased government interest in entrepreneur support programs such as incubators.
But there are significant challenges for incubators, too. As credit dries up, where will entrepreneurs get the money they need to start new ventures? As consumers tighten spending, who will buy those products and services? And with a shrinking pool of tax dollars available, will local governments and public universities (among the most frequent sponsors of incubation programs) continue to support incubators?
We believe that NBIA members will find ways to help their clients find funding and reach new markets; after all, that is what incubation programs are all about. But they won’t be able to do that as effectively if they lose funding. Here are some key points about the value of business incubation programs.
The National Business Incubation Association (NBIA) is the world’s leading organization advancing business incubation and entrepreneurship. Each year, it provides thousands of professionals with information, education, advocacy and networking resources to bring excellence to the process of assisting early-stage companies. An elected, voting board of directors representing the world's leading incubators governs the association.
The New Jersey Business Incubation Network (NJBIN) is a collaborative state-wide community of business experts, resources and facilities dedicated to enhancing the commercial success of early-stage entrepreneurial companies, growing higher paying jobs in New Jersey and supporting the Economic Growth Strategy for the State.
Copyright © 2010 NBIA