IndustryWeek
(Minter) - Resources such as business incubators and economic
development agencies are available around the country to help
entrepreneurs with a good idea pursue the dream of opening their own
manufacturing companies.
There are more than 1,100 incubators in North America, predominantly in the United States, according to the National Business Incubation Association (NBIA). These incubators are overwhelmingly nonprofit organizations that provide entrepreneurs with a variety of business support services, including rental office space, management guidance, technology support and assistance in obtaining financing. In a 2006 report, NBIA estimated that North American incubators in 2005 assisted more than 27,000 startup companies, provided full-time employment for more than 100,000 workers and generated more than $17 billion in annual revenue.
Tracy Kitts, NBIA's vice president and chief operating officer, says five characteristics define business incubation programs: 1) they have a selection process; 2) they work primarily with new companies, either startups or very young companies; 3) they offer comprehensive business assistance; 4) there is on-site management that coordinates and facilitates the delivery of those services; and 5) there is a graduation policy.
To read the full, original article click on this link: The NACFAM Weekly: Help for Manufacturing Startups
Author: NAFCAM Weekly
