Business Incubator Centres (BICs) are common in both developed and developing countries. The goal of a BIC is to produce successful businesses capable of being financially viable and freestanding. They provide professional advice, guidance and various forms of support services and resources to businesses during the start-up phase. Incubator graduates commercialize technologies, create jobs, and strengthen local economies.

BICs accelerate development of emerging businesses by providing hands-on assistance during vulnerable start-up years. Typically, BIC business support services include: guidance and mentorship in developing and implementing business strategies; business management; product management and marketing; financial management; compliance with legal and regulatory requirements; facilitated exposure to a “know-how network” of established businesses; and access to financing. Additionally, the BIC provides access for emerging business owners to basic infrastructure such as, shared office space or production areas, telephone, local area network and Internet service, business equipment such as computer, printer, copier and fax machine, shared conference room, reception and restroom facilities.

Locating budding entrepreneurs in one facility, minimizes costs associated with supporting new businesses, enhances visibility of resident and virtual businesses, promotes products and services, and facilitates networking and financial investment