Question

Ada would like to work for herself. She is considering starting her own business. She has heard about government help, in this regard. Specifically, she has heard about business incubators and enterprise zones. She would like to learn more about both. Provide a brief description for a business incubator and, as well, do some online research to find and describe an example of a business incubator in Ontario.

Do the same for enterprise zones. Specifically, provide a brief description for a an enterprise zone, and, as well, do some online research to find and describe an example of an enterprise zone in Ontario.

Answer 1

Business incubators are a tool that has been around since the 1960s. Incubators evolved as a concept to test new ideas in an environment that is separate from a firm’s core operations.

Over the years, incubators have evolved significantly. The concept is now closely tied to the startup ecosystem and is commonly grouped in with corporate accelerators. While the two tools have a lot in common, incubators bring a unique set of benefits specific to the building of longer-term products and developing internal teams.

This guide will teach you how the unique traits of incubators can help your venture evolve in a way that’s different from other innovation tools like accelerators and R&D. Then, I will guide you step-by-step in creating your own incubator.