WHAT IS A SMALL BUSINESS INCUBATOR?

    A small business incubator is a flexible method of encouraging the   development of new businesses and fostering local economic development. Incubators are facilities in which a number of new and growing businesses operate under one roof with affordable rents, sharing services and equipment, and having equal access to a wide range of professional, technical, and financial programs.

         
WHY SMALL BUSINESS INCUBATORS?

    Community development and our economy depend heavily on small business.  Small business accounts for almost half of the private work force, and produce almost half of gross domestic product.  What's more, small businesses are more cost efficient in research and development than larger ones.

    However, most small businesses fail within their first five years of operation due to under capitalization and lack of proper management skills.

    Incubator facilities provide an environment where public and private resources can combine to meet the needs of small businesses during their critical stages of development.
 The typical low costs of operating a new business in an incubator facility are conducive to a more rapid growth and maturity into a viable business enterprise.


WHO BENEFITS FROM SMALL BUSINESS INCUBATORS?

    Small businesses, the community, and sponsoring organizations all benefit from business incubators in different ways:

Small Business (Tenants)

Participate in an environment where small businesses can share experiences and conduct business with one another, thereby reducing the risks inherent in business start-ups

Develop increased awareness of and access to financial,
 professional, and technical services assistance

Gain access to facilities and equipment otherwise unavailable or unaffordable

Increase visibility and presence in the marketplace

Pay below market rents and share reduced building maintenance responsibilities
   
 City of Parsons and Area
Increase local shopping opportunities thereby helping improve and strengthen the quality  of Life for citizens and at the same time strengthen our Retiree Relocation Recruitment efforts

Increases job creation and job retention

Improves the local economic base by transforming underutilized property into a center of productivity

Creates greater opportunities for public-private partnerships
Redevelop neighborhoods by productively utilizing abandoned and vacant facilities

Sponsors (Parsons Business Association & Decatur County Chamber of Commerce)

Help promote additional suppliers or customers for contracting, subcontracting and purchasing of products and services.

Nurture a pool of potential growth businesses  for equity investment

Develops a larger network of participants and membership in local and civic affairs  and organizations.
Opportunity to provide  support services by current businesses to the new businesses (tenants)