Legal Awareness of Business Incubators and Their Role in Community Development

Abstract

Business growth, accelerating the successful development of startups, and establishing companies by providing a system of targeted resources and services to entrepreneurs. Business incubators have grown in importance as economic tools in the last two decades to become one of the most recognized tools for stimulating local development. Incubators provide facilities and services (e.g., business planning, legal, accounting, and marketing support) to facilitate the growth of small businesses. Incubators also have a much higher survival rate than small businesses in general. The primary goal of business incubators is to produce companies. Successful graduates of the program are financially viable and self-sufficient. Incubator graduates can create new jobs, utilize new technologies, and contribute to their local and national economies. The readiness to provide direct management, technical assistance, and advice to provide emerging growth companies is critical to identifying incubators that typically provide workers with a convenient location to rent flexible rentals, shared basic business services and equipment, and technical services and assistance to obtain financing necessary for the company’s growth. Flexibility has various goals, including diversifying urban economies, creating jobs and wealth for less developed cities, and transferring technology to many universities.