McLean County Business Incubator

The EDC, in partnership with Illinois State University, is currently leading an effort to assess the feasibility of a small business incubator in the Bloomington-Normal area. An incubator is an economic development program that helps small and start-up business increase their chances of surviving and thriving (a national survey showed that over 80 percent of firms that went through an incubator are still in business). 

 

This business growth center will create new jobs in our community by enabling current businesses to prosper and grow and be offering qualified entrepreneurs the space, support and services for success.

 

 

Business Incubators 

A business incubator is a facility designed to assist businesses with becoming established and sustainable during their start-up phase. Typically, they do this by providing shared premises, business advice, business services, access to investors, markets and international networks, mentoring and a full-time hands-on management team. 

 

The incubation period for an individual business is normally two to three years. US statistics show that business incubators increase the survival rate of start-ups from 35 percent to 87 percent. If you are a start-up business with high-growth aspirations and export potential, linking with an incubator is a sound strategic move.

 

As of October 2006, there were over 1,400 incubators in North America, up from only 12 in 1980. Of those, 1,115 were in the United States, 191 were in Mexico and 120 were in Canada. National Business Incubator Association estimates that there are about 5,000 business incubators worldwide. Most North American business incubators (about 90 percent) are non-profit organizations focused on economic development. About 10 percent of North American incubators are for-profit entities, usually set up to obtain returns on shareholders investments.

 

Incubator graduates create jobs, revitalize neighborhoods, and commercialize new technologies, strengthening local, regional and even national economies. NBIA estimates that North American incubator client and graduate companies have created about a half-million jobs since 1980.