Key factors in developing effective, successful and sustainable business incubators

Abstract

Business incubators are proven to be effective for the growth and survival of small businesses. Given their reputation, this paper asks why they are not established in every community. Through the lens of Elgin Community Futures Development Corporation, the author examines the benefits of establishing a business incubator in St. Thomas, Elgin County, Ontario as a way to revitalize their economy after a severe economic downturn. A compilation of interviews with incubator managers, administrators and other experts in Elgin County builds the case for establishing a formal business incubator to permanently stimulate their economy.

 Keywords: Business incubator, small business, job creation, Elgin Community Futures Development Corporation.