Incubation Program of VITEC

Incubators nurture young firms, helping them to survive and grow during the start-up period when they are most vulnerable. In VITEC, incubators provide hands – on management assistance, access to financing, and exposure to critical business or technical support services. They also offer entrepreneurial firms shared office services, access to equipment, flexible leases, and expandable space – all under one roof.

The primary purpose of VITEC Incubator is to create the innovation environment that produces successful business starups. An effective business incubation program aims to:

•Significantly reduce to "time to launch" for many companies.

•Enable business owners to focuse on their core product development and provide assistence with a myraid of operation matters.

•Commercialize research results.

•Create new jobs and increase the tax base of a community

•Encourage and teach entrepreneurship. 

The social and economic benefits of VITEC Incubator add value in many different ways. A recent study of incubator companies across the U.S. during the period 1990 through 1996 reports impressive results:

•Incubator programs show high returns on public investment: In 1996, incubators showed a return pf $4.96 for every $1.00 in subsidies.

•High survival rates: In 1996, 87% of incubator graduates were still in business.

•Community contribution: In 1996, 84% of graduates were still in the same community as their incubators.

- The business in the incubator programs produced substantial increases in average annual sales and full-time jobs.

- Most incubator firms provide employee benefits

New businesses will want to locate in a business incubator because they only have strenght in a specific area, along with a great deal of passion form its founders. What they generally lack is experience in the basics of running a business and the infrastructure – from fax machines to telephone systems – to mae things work. VITEC2 can give thses bold new companies structure,credibility, access to knowledge, infrastructure, and contacts that are necessary for the business to take root.