London's Mayor Boris Johnson has announced an initiative to transform Olympic Park into a creative and digital business hub for the city. According to an article from startups.uk, the proposed redevelopment promises to boost the United Kingdom's (UK) GDP by $450 million ($692.5 million US) and create more than 6,500 new jobs.
With a continued push toward regionalism to better support the state's high-tech platform, lawmakers approved in the FY14 budget startup funding for a new statewide incubator program that provides grants for the incubators and tax incentives for client companies. The initiative is part of Gov. Andrew Cuomo's planned expansion for the state's 10 regional councils.
Finding new and creative ways for high-tech companies to succeed is an important component in business incubation. A recent study examining best practices for supporting new company formation finds it is the synergy among multiple practices, policies and services that produces optimal outcomes. At the same time, collecting standardized measures, reporting on progress annually, conducting external independent evaluations, tracking programs, and continuing to enhance practices are singled out as important policy implications.
"Strong Manufacturing and patent producing metropolitan areas generate the highest shares of exports from their output," according to a recent Brookings report. Researchers at the Brookings Institute found that the top exporting U.S. metros also were significantly more innovative. In this study, innovation was defined by the rate of patent production. Metros with regional clusters also were more likely to export than those without strong regional clusters. The report recommends that U.S.
Specialized and high-tech incubators provide crucial services and resources to promote and enhance Commercialization & Entrepreneurship, one of the six thematic tracks of this year's annual conference. Three sessions tied to this theme will be explored during SSTI's annual conference, focusing on direct lessons from successful and proven TBED programs, regional innovation clustering, and more. They include:
Silicon Valley, a region often looked to for trends in the technology field, is expected to see a rise in the number of new high-tech incubators and the expansion of existing incubators in the coming months. A recent Wall Street Journal article points to these openings as a sign of revival for technology startup companies amid a relatively slow period last year as startup investment plunged during the recession.
Being located within an incubator can provide tech startups help beyond low-rent space. Networking opportunities and direct counseling and technical assistance can play important roles toward the firms' success. Or do they? A recent study published in the journal Technovation finds the interactions incubator managers have with their tenant firms may not be as helpful as the metrics would suggest.
Incubators may take on magnified importance in regional innovation strategies for the coming years given the continued decline in seed and venture capital available to early-stage companies, the need for startups to reduce costs, and the increased opportunities presented for innovation through collaboration and sharing of knowledge.
So it isn't too surprising to see the wave of incubator launches increase during this financial slowdown.
Technology-focused incubators are an important component to fostering entrepreneurial development in a region by nurturing businesses in the earliest stages of development and helping them grow into larger companies that employ high-wage workers and bring new technologies to the market. The following select announcements provide an overview of new incubators from across the nation, illustrating the vital role of entrepreneurial development in growing high-tech regional economies.
Offering customized workspace such as wet laboratories and specialized research equipment is one of the many benefits provided by technology-focused incubators. Access to university research, business mentoring and administrative support services often accompany the reduced rent facilities with the goal of growing technology companies into successful, self-sustaining enterprises. Following are select announcements of recently launched incubators and partnerships from across the nation.