Summary

In times of economic downturn, many business incubator managers take steps to help their programs weather the storm. Learn how several experienced managers say incubators can (and should) prepare themselves for tough economic times.

Weathering the storm: How incubator managers can help their programs survive tough economic times

by Jim Phillips

August 2008

The economic news gets steadily grimmer: tightening credit, home foreclosures, job layoffs, and price inflation from food to gasoline. How long and deep this economic downturn will be is still in debate, but plenty of people are nervous.

In weathering an economic slump, incubators face many of the same problems as other businesses. A recession, however, also presents challenges – and opportunities – specific to incubation.

An incubator manager who hasn’t been at the helm during a downturn before might get caught by surprise by some of the impacts. In discussing this topic with NBIA members, a handful of veteran managers offered a variety of takes on how to prepare for, and survive, tough economic times.

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Keywords: client selection/admissions, entrepreneurial pool, financial management -- incubator, marketing and promotion, staffing -- incubator

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