incubator leadership

Incubator Leadership and Management

By Sheila Oliveira Pires

Manager – Incubator at CDT – University of Brasília Brasília - Brazil

September 2003

© iDISC 2003 Applications for permission to reproduce or translate all or part of this work should be made to: infoDev Incubator Support Center (iDISC) SCN Qd.4 Bloco "B" Ed. Centro Empresarial Varig Sala 1302, Brasília/DF - Brazil Zip Code: 70710-926 Tel./Fax: +55 (61)328-0779 URL: http://www.idisc.net Email: [email protected]

SUMMARY Aware of the determinant role human capital – one of the core elements in incubation management- plays in any successful organization or enterprise, Ms. Pires overlays this core concept also on business incubation industry, indicating characteristics, profiles, responsibilities and composition of the incubator staff, as well as their relations with stakeholders, mentors and consultant networks. Throughout this work, the author describes the above issues and embellishes them with rich examples from business incubators around the world. Overviewing incubator team profiles worldwide, Ms. Pires brought up critical factors related to training and managing incubator staff, such as the importance of work team and the needed care in selecting and retaining personnel. In her final remarks, the author calls the readers’ attention to the fact that despite the relevance of the intellectual capital to a business incubator, this subject is lacking in more comparative and in-depth studies and references that discuss this issue in details.

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1. INTRODUCTION The success of any organization, whether it is a nonprofit or profit seeking enterprise, depends on its human potential. Notwithstanding all the technology available today for business management purposes, people are the determinant factor underlying every process since, on the basis of their personal inferences; they are the factors that determine success or failure. “Without a first line team, a company’s plans will rarely be brought to fruition” (Dornelas)1. Precisely the same principle applies to business incubators. The teams charged with management and operations are fundamental to success. According to Wolfe2, “the success of any new venture is contingent on many outside factors including market forces, technological advances and capitalization. The strength, tenacity and adaptability of the venture’s internal leadership and organizational framework – and their ability to execute – are the critical determinants of success, nevertheless”. Many studies on the best incubator practices identify the enormous importance of effective management as a key factor in the performance and feasibility of the incubator3. In its study on the profile of incubators in Australia, the Price Waterhouse & Cooper’s studies states that a major characteristic of the Australian incubator model is effective management: “the role of the incubator management is crucial in ensuring continuing local support and sponsorship, attracting and evaluating prospective tenants and facilitating the smooth transition of leaving tenants” (successful graduates and others)4. In general, incubators have very small staffs. Evidently, this fact alone increases the responsibility of those in charge, whether they are directors or managers. In most of the existent bibliography on the subject, the latter are described as individuals with such skills and profiles that they seem somewhat similar to superheroes – people gifted with extraordinary capacity to overcome all adversities and obstacles. Just as in the case of managers, the Executive Council or Board of Directors and the President or the Director of the incubator plays significant roles in the performance of the undertaking. These are the people who provide guidance, monitoring, evaluation and interventions, together with a steady flow of suggestions to companies in the incubator stage and, in final analysis, who makes it possible to transform ideas into successful businesses. Consequently, this paper describes the role of people in the managerial process of incubators, indicating the characteristics, profiles, responsibilities and composition of the staff, as well as their relations with stakeholders, mentors and consultant networks.

1 DORNELAS, José Carlos Assis. Planejando incubadoras de empresas: como desenvolver um plano de negócios para incubadoras (Planning business incubators: how to develop a business plan for incubators). Editora Campus, 2001. 2 WOLFE, Chuck et alii. Best Practices in Business Incubation, 2000. NBIA. 3 PriceWaterhouseCoopers. National Review of Small Business Incubator. Final Report. 1999 http://www.ausindustry.gov.au/library/NationalReviewFinalPt120020731083820.pdf 4 IBID


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2. THE INCUBATOR AND ITS MANAGERIAL STRUCTURE According to Rice and Matthews 5, the tasks involved in operating an incubator can be divided into two basic categories: activities related to the operation of the incubator as a business and activities focused on fostering the growth of incubated companies. Duff6, on the other hand, understands that incubators are subject to two conflicting questions: one that is operational and the other that is political in nature. “The operational issue is the polarized forces between real estate and enterprise development. (…) The policy issue evident in many programs is between job creation and enterprise development”. In order to reconcile these questions, Duff7 surveyed the best practices found in Australian incubators and came up with a model in which the president focuses primarily on aiding companies as much as possible, while the incubator staff and volunteers have the task of performing the business functions connected to operation of the incubator in general. According to Rice and Matthews8, “the incubator team’s functions can be divided into what can be executed by a secretary or receptionist, those that come under the responsibility of a business manager and those that require the attention of the president or director of the incubator”. The characteristics of the management and operational team will be presented under this topic, showing the general model adopted in the organizational structures of these programs, as well as the profiles, skills and responsibilities of the staff professionals.

2.1. CHARACTERISTICS OF THE MANAGERIAL STRUCTURE The incubator must always be understood as a business and, as such, must seek to work with a lean and competent managerial structure (Pereira and Pereira)9. The managerial structure of an incubator is normally composed of three levels of management: board of directors, incubator management and consultant committee (Medeiros et alii)10. The number of companies aided by the incubator generally defines staff size. What is important is that the administrative structure must be lean, light and agile. The position taken by Shmuel Yerushalmi11, General Manager of Itek – Incubator for Technological Entrepreneurship Kiryat Weizmann Ltd., in Israel “the day-to-day operations are conducted by a small team, comprising the CEO/General Manager, one Executive Secretary and a Business Development Manager, hired as an external part time consultant. Services as bookkeeping, accounting and legal attorneys are contracted on as-needed basis”. 5 RICE, Mark P. and Matthews, Jana B. Growing New Ventures, Creating Jobs. Quorum Books, 1995. 6 DUFF, Andrew. Best Practices in Business Incubator Management. http://www.wantree.com.au/ãduff/ 7 IBID 8 RICE and MATTHEWS, p. 82 9 PEREIRA, Edson and PEREIRA Tânia, Planejamento e Implantação de Incubadoras de Empresas (Planning and Implementation of Business Incubators), ANPROTEC & SEBRAE, 2001. 10 MEDEIROS, José Adelino et alli. Pólos, Parques e Incubadoras – a busca da modernização e competitividade (Centers, Parks and Competivity – the pursuit of modernization and competitiveness). CNPq, 1992. 11 YERUSHALMI, Shmuel. Ten years of experience Itek – Incubator for Technological Entrepreneurship Kiryat Weizmann Ltd. – Israel, article. WCBI. Anprotec, 2001.


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2.2. COMPOSITION AND TASKS OF THE MANAGEMENT TEAM AND BOARD OF DIRECTORS

Based on the bibliographies consulted, the general model for the managerial structure of incubators consists of an Executive Council or Board of Directors, a President or Director, a Manager and a Secretary or Receptionist. In the United States, Australia and Europe, it is common to find the figures of mentors and consultants as part of the incubator management team. In Israel, according to Yerushalmi12 at Itek, “…an Executive Committee, a Research and Development Committee, an Auditing Committee and two Scientific Advisory Boards complement the management system of the incubator”. Dornelas13 further suggests a press advisor and an information manager for the staff of incubator collaborators. According to Greco14, “the management structure of traditional technology incubator facilities consists of an incubator manager (more commonly known as the incubator’s executive director), boards of directors and special selection committees which play key roles in recommending, reviewing and approving companies for inclusion in the incubator facility”. The number of people on the managerial staff is defined on the basis of the quantity of companies assisted. In the case of a ten-company incubator, Medeiros et alii (1982) suggest a staff of three people: manager, secretary and administrative assistant. Staff will only be enlarged if the enterprise expands and/or clearly defined needs arise (Pereira and Pereira, 2002). In the study prepared by the European Commission15, staffing in France was identified as follows: “the incubator has five full time employees of whom two are managerial level and the remainder secretarial and administrative support. Key partners include the local mayor, the local and regional councils, the Centre for Nuclear Research (CRE) and representatives from the private sector.” In its analysis of the Swedish model, the same study found that the number of incubator staff members can be even less: “Mjärdevi Business Incubator AB, which today occupies 1200 m2 in a building located centrally in the Mjärdevi Science Park, consists of 30 offices ranging from starter units of 10 m2 to ‘growth’ units of 50 m2. The incubator is staffed by 2 persons and receives additional support from the science park staff, which has four full-time employees. The incubator is owned by the University Holding of Linköping, Mjärdevi Science Park AB, and Teknikbrostiftelsen (Technology Bridge Foundation).” However, in Spain, the number is often much larger: “There are 11 staff of whom 7 are professional or managerial (including offering advice outside the incubator) and 4 are secretarial.”

12 IBID 13 DORNELAS, p. 93. 14 GRECO, Mayor Dick A Tampa Technology Initiative Report 2001. 15 European Commission Enterprise Directorate-General. Benchmarking of Business Incubators. Centre for Strategy & Evaluation Services, 2002.


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In an article presented at the Expert Meeting on Best Practice Incubation in Geneva in 1999, Shelton and Margenthaler16 state that, while in the United States a minimum staff of full time employees composed of a director or manager and secretary is considered sufficient, incubators in the Ukraine require a larger organizational structure. According to the authors, this is partly due to the way business is done in that country, the general services that are available and inclusion of an intensive, integrated training program in the business sector required for each one of the clients. The composition and responsibilities reserved for each one of these components are presented below:

a) Executive Council or Board of Directors The Executive Council, also known as the Technical Council, Guidance Council, Curator Council or Deliberative Council, is composed of representatives of the management entity and those partners included in the incubator and that provided the resources required for putting the undertaking into operation, encompassing both financial and material resources (Madeiros et alii). There is no consensus as to the appropriate number of members on the Council. In his study of the best incubation practices in the transition countries, Szabó17 identified that “the members of the management team should represent both the local Government, local private business organizations, community organizations and local educational institutions. This team generally consists of up to 10 people. One person should be designated as the leader”. In Israel18, the criterion adopted for composition of the board of directors follows the same structure; “ITEK’s Board of Directors consists of scientists of the Weizmann Institute, business people, industrialists and the Mayor of Ness-Ziona all serving as volunteers”. In the case of Australia, the OECD study19 indicates: “although 42 per cent of incubators are incorporated as independent entities, most incubators operate under or with another organization. This integration enhances the benefits flowing to the local community. Typically organizations are formed from existing community groups, local economic development groups, enterprise development groups and universities. A board of committee governs 93 per cent of incubators, which is ultimately responsible for the financial and legal aspects of the incubator’s operations. The majority of these boards are comprised of business, community and government representatives”. Wolfe20 presents a study in which the size and composition of the board of directors must reflect the needs of the incubators at the various stage of development. “Initially, the board must have the minimum number of members required for performing its role of providing strategic support to the director or president of the incubator. However, it is important to calculate the time that will be

16 SHELTON, R. d. and Margenthaler, C.R. The Business Incubator Development (BID) Program in Ukraine, 1999. http://www.wtec.org/loyola/bid/old-page/ 17 SZABÓ, Antal. Best practices in Business Incubation in Countries in Transition. Entrepreneurship and SME development. http://www.unece.org/indust/sme/ace.htm 18 YERUSHALMI 19 Organization for Economic Co-operation and Development. Business Incubation: International Case Studies. 1999. http://cdnet.stic.gov.tw/ebooks/OECD/24.pdf 20 WOLFE


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needed for the director and staff to provide support to each additional member, as compared to the benefits that the person can provide to the incubator and its clients. In any successful incubator, the board will have a mix of individuals with varying characteristics and skills”. Also with regard to the composition of the board of directors or Council, Rice and Matthews21 suggest that the optimal composition would have the following members: • Leaders with a clear vision of the mission of the incubator and the capacity to motivate and

support staff’s commitment and mission; • Networkers or professionals with investment and professional services community connections; • Professionals that can aid the direct in operational and managerial activities; • Service suppliers and mentors who can provide companies with advice and facilitate the use of

resources; • Venture capitalists, angel investors and bankers who understand the concept of business risk

and provide enterprises with financing; • Entrepreneurs who developed successful businesses and are able to ensure that the incubator

services are important for their clients; • Technicians who can help the director of manager to evaluate the technical components of the

new businesses that are candidates for the incubator. The Council has the task of defining the policies of the incubator, elaborating strategic planning, evaluating performance and proposing improvements or alterations as required by the incubator’s services. Other Council responsibilities encompass the definition of criteria and parameters for selection of businesses that are candidates for admission to the incubator; managerial supervision and resolution of those administrative questions that are beyond the purview of management (Medeiros et alii)22. According to Dornelas23, the activities of the Council or board of director involve the prospecting of new credit lines, the pursuit of new partners and development of the network of contacts. Greco24 stresses, among other golden rules to be followed in incubator management, “the boards of directors are generally responsible for policy development and not day-to-day operations, which are left to the incubator manager. Bureaucracy, in the case of government-sponsored incubators, should be kept to a minimum”.

21 RICE and MATTHEWS, p. 57. 22 MEDEIROS at alli, p. 55. 23 DORNELAS 24 GRECO, p. 14.


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Among the other activities of the Council or board of directors, Rice and Matthews25 understand that the following should be included: • Develop and improve a strategic plan for incubator policies; • Develop policies regarding operation of the team and the role of the president; • Control the external relations of staff and the incubator: political interference; influence of

incubator marketing in the community; work with the president of the incubator to establish and manage a network of community knowledge;

• Support the business operations of the incubator; • Support development of incubator companies.

b) President or Director

The activities of a political and strategic nature that are targeted at involving different institutions in the incubator’s activities, monitoring the growth and consolidation of the incubator are included among the responsibilities of the director/president. In the broader sense, their task is to ensure that the incubated companies will obtain the incentives and support required for their development (Morais)26. Rice27, in turn, stresses the major tasks of the president director as follows: • Management of relationships – key

o Staff/sponsors o Network of knowledge

• Aid the incubated companies o Counseling/mentor o Networking external resources o Creating environment for business success

Among the responsibilities included under “best practices”, Rice and Matthews28 further emphasize the following as tasks set aside for the president or director of the incubator: • Prepare entrepreneurs to make advantageous use of external resources; • Create connections between companies and external resources; • Supply the intensity and persistence required for companies to make the best possible use of

external resources.

c) Manager According to Duff29, the manager of the incubator and other members of the incubator managerial team may perform roles of importance in aiding incubated companies to move into the market and

25 RICE and MATTHEWS, p. 49. 26 MORAIS, Ednalva F.C. Manual de Acompanhamento e Auto-avaliação de incubadoras e Empresas Incubadas (Manual for Monitoring and Self-evaluation of Incubators and Incubated Companies). Anprotec, 1987. 27 RICE and MATTHEWS, p. 73. 28 IBID, p. 74. 29 DUFF


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expand their businesses. It is normal for an incubator manager to have greater knowledge on the business process than the incubated company, since the manager has had the opportunity to gain experience in many different circumstances involving varied types of business risk. This experience is highly valuable. Aside from this, it is common for an incubator manager to have knowledge of the processes and stages of strategic planning for small companies and to be well connected to the resources of small businesses, while enjoying contacts to the business community that can be used as links to information and advice. Dornelas30 defends the position that managerial activities involving providing daily support to the activities of the incubator and incubated companies. “The manager is responsible for more direct contacts with the daily problems of the company in that which concerns physical space, demand for infrastructure and shared services. Furthermore, the functions attributed to the manager also have strategic importance in the sense that they identify and select undertakings, define procedures that facilitate interchanges among researchers and the businesspeople of the incubated companies as well as access on the part of the latter to the laboratories, equipment and human resources of universities; perform training services aimed at technological updating and management of the innovation process, collect and disseminate information on technological opportunities and markets – requiring that the manager have a clear vision of the totality of the operations of the incubator and the incubated companies” (Morais)31. Rice and Matthews 32 underscore the fact that “the manager of the incubator must be oriented to the task and have the discipline required to carry out tasks from start to finish. The person holding the managerial position must be proactive, while requiring only minimum attention on the part of the incubator’s president. Parallel to this, this professional must have exceptional human skills, since he/she will have closer daily contact than anyone else with both staff and representatives of the incubated companies with regard to a series of questions.” The authors further stress the following as being the major responsibilities of the managers of incubators: • Management of facilities; • Maintenance of shared services; • Management of staff and trainees; • Management of marketing for incubated companies; • Management of the accounting and finances of the incubator; • Procurements. Rubio33 adds that management has “the responsibility of putting the strategies into operation; monitoring the progress of the team, supervising the development of the enterprises; identifying the network of support and the exchange of products, services and information; doing business which strengthens the enterprises and promotes the start-up of new ones, and identifying and evaluating ideas in the university which form a set of initiatives with commercial possibilities and make up a portfolio of projects”

30 DORNELAS, p. 93. 31 MORAIS, p. 29. 32 RICE and MATTHEWS 33 RUBIO, Maria L. H.


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d) Administrative assistant, receptionist or secretary

According to Rice and Matthews 34, the secretary or receptionist is also vital to the success of the incubator. Generally, this professional is the first contact that people from the outside have with incubated companies. Many incubators supply companies with receptionist and secretarial services. According to the authors “the secretary or receptionist can help companies in preparing documents, providing equipment maintenance services, ordering supplies, performing such services as mail, fax, etc. Since the secretary/receptionist is in direct contact with the companies and their employees, it is probable that he/she will be among the first to know when things are going well or badly.” The major responsibilities are as follows: • Office functions; • Answering phones; • Receptionist services. Rubio35 describes the role of the administrative assistant as follows: “he is responsible for organizing courses for the training of the entrepreneurs and providing them with skills; administrating the support services for the entrepreneurs; channeling the assessment of the projects for the assessors; looking after the billing of the expenses made by each of the companies; and carrying out the control of the leasing contracts”. According to Chuck36, “the administrative assistant or receptionist performs administrative activities and the office work of the incubator, normally involving accounting, programming of events, clarification of the initial doubts of potential clients and aiding existent clients with basic and information services. Additional roles and responsibilities encompass providing support to the director and to the client’s business (with a service fee in the latter case). The person must be competent in varied tasks or, in order words an enthusiastic person able to perform the task of facilitation, and possess skills in the use of computers and the mother tongue. As the incubator develops, the receptionist tends to become almost totaling involved in such tasks as mail, office equipment and responding to questions raised by the incubated companies and public in general”.

e) Committee of Consultants or Professional Network No single person or even incubator manager can be an expert in all areas of activity. Thus, an effective mechanism available to incubator managers in attempts to increase their skill levels is to create connections and relations with others who have greater expertise in specific areas of activity (Duff)37. Consequently, the existence of this committee is fundamental to avoiding political influences and aiding the manager in the process of monitoring and supporting companies. This committee must be formed by an ad hoc body of specialists in the managerial and technical areas, who are qualified and

34 RICE and MATTHEWS 35 RUBIO 36 CHUCK 37 DUFF


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skilled in judging requests for admission of companies to the incubator. This group is also responsible for analyzing the performance of the incubated companies. Though there is no specified number, Medeiros et alii suggest that it be composed of a group of consultants, which would be utilized whenever necessary. In each specific case, those members with higher levels of specialization in relation to the theme in question would be indicated. Duff38 believes that “a network of incubator consulting services or a business development network consists of individuals drawn from the ranks of suppliers of professional business services, persons with business experience and educators who are willing to supply advice and assistance to businesspeople”. Chuck states that “the network of professional services is a coming together of experts from the region willing to supply services to incubator clients at no cost or at low rates. Typically, these networks consist of accountants, lawyers, marketing specialists, venture capitalists, professors, and specialists in technology and in other areas chosen to aid the new businesses. These individuals are not normally available to companies in the first stage of development and, consequently, the aggregate value of incubators is its ability to make these valuable individuals available to their clients. It is important to understand that not every individual in this group can aggregate additional value to the network. Thus, an incubator must focus on development of a pool of individuals recognized as experts in the specific areas of incubator clients. The process of attracting these individuals can take time, but it will become much easier as soon as the incubator establishes its own identity as a valuable source for sustaining highly successful business”. According to Chuck39, the persons included in this network “are required by the manager of the incubator to individually perform tasks, such as the role of mentor for a company. In this sense, the manager of the incubator can carry out a study of the members of the network so as to understand their areas of expertise”. In the opinion put forward by Dornelas40, the activities of this committee of consultants involve the providing of support to incubated companies and affiliated companies in the elaboration of development projects. “Initially, the skills demanded of members of the network can be related to the needs of new incubated companies or, in other words, principally to an appreciation of the start-up process, strategic planning and business planning, as well as questions in the areas of finance, accounting and marketing. Later on, the incubated companies will seek assistance in establishing their business systems and in searching out more detailed sources and interpretations of the market and specific technological information. Thus, the network will require additional skills” (Duff)41. “When the incubator manager becomes more familiar with the skills and experience of the network’s people, and the services are provided in line with company demands, the manager will play the role of seeking out net members for the network and filling in any gaps that may exist in the framework of

38 DUFF 39 CHUCK

40 DORNELAS, p.93. 41 DUFF


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the team’s skills. Parallel to this, some members of the network may not continue their commitments to the incubator. This will also require that the network seek new talents” (Duff)42.

f) Mentors According to the bibliography analyzed, this is a popular service provided by incubators, particularly in those that follow the management model inspired by the experiences of American incubators. According to Kumar and Kumar “the basic idea underlying a mentor program is to connect new entrepreneurs to entrepreneurs who have attained great success and experience (mentor), making the mentors available to provide advice and assistance to new entrepreneurs. There are various versions of the mentor program. In some cases, there may be one mentor for one entrepreneur, a shadow board of three to five mentors for an entrepreneur, or a combination of the two (…). These members are volunteers who supply their services free-of-charge. Mentor programs for the start-up of new companies can be structured differently from mentor programs for businesses that have gone beyond the initial stage and are moving into the growth stage”43. During the incubation process, the company may, at various moments, draw benefits from interaction with highly successful entrepreneurs who previously experienced circumstances similar to those of the incubated company. Though some may feel that the incubator’s staff may supply support to training services, the time available to staff is normally quite short and, externally, the outlook of a third party can emphasize the efficacy of the guidance provided by the team of employees. Consequently, the mentors offer additional value to the incubator’s clients. Normally, mentor programs work in pools of experienced entrepreneurs, including some that started out as incubator companies, and that, once they had achieved success in their own right now desire to share this experience with others. This nature of individualized interaction makes it possible for the mentor to become more familiar with the complexity of the business operations of clients at a level that, in practical terms, cannot be matched by the members of the staff of consultants or by the employees of the incubator (Chuck)44.

g) Counselors or Network of Advisors or Advisory Boards In regard to this subject, Chuck45 states the following: “during advanced stages of development, many new businesses do not have effective boards of directors. Consequently, an incubator adds aggregate value by providing assistance in the formation of a temporary council to perform this function until such time as the formal board of directors is established. The consultative bodies can be a good substitute, with the advantage that they are easier to recruit. The consultative body must be composed of volunteers with the expertise required by the client”.

2.3. TEAM PROFILE AND SKILLS – CHARACTERISTICS a) Counselors or Network of Advisors or Advisory Boards

42 IBID 43 KUMAR, Uma and KUMAR, Vinod. Incubating Technology: Best Practices, Federal Partners in Technology Transfer, 1997. http://www.fptt-pftt.gc.ca/kumar.html 44 CHUCK 45 IBID


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According to Rice and Matthews 46, “despite the difficulties with which the sponsors and staff may have to cope in selecting the president, this is one of the most critical tasks before them. The board of directors must employ a person who is involved in the process of helping entrepreneurs grow and who recognizes every task as a means to achieve the central mission. This is a person who stands out in a situation of risk and in the uncertainty of the start-up process and must understand the dual challenge of developing a highly successful incubator and successful incubated companies. At the same time, the president must be sensitive to the varied needs of companies, depending on their stage of development, and ready to help them come up with the resources needed for growth”. Rice and Matthews 47 believe that “the president must have the wisdom to understand and accept the realities of the process of business creation and development: most companies will be successful, but some large investments will fail, despite the considerable investment of time and effort on the part of the president, team of employees and incubator network. It is also important to recognize that success and failure are relative terms. Businesses that manage to go just slightly beyond simple survival can be considered a success from the viewpoint of the business incubator if the process of survival results in learning for the entrepreneur and growth in that person’s entrepreneurial skills that can lead to risk beyond survival”. In Chuck’s48 opinion, “the director must be a dynamic person with experience in the business area that the incubator supports. The director must be apt to promote the incubator at the level of the incubated companies, sponsors and stakeholders, including professionals and local industrial specialists, investors and CEOs. The director must be able to work with the board of directors and staff in order to impact the vision of the incubator and its mission for the general public and obtain support, by selling this vision. Aside from this, no one can expect to master all of the different aspects of the undertaking demanded to help companies. Consequently, the director must be able to recognize the need for outside assistance and be able to bring that assistance to the incubator in order to achieve its needs”.

b) Manager Since this is one of the preponderant factors for the success of the incubator, the manager should, according to the position defended by Pereira and Pereira49, present a series of the desirable skills from both the professional and personal points of view. In professional terms, the manager should have the following characteristics: business experience; planning experience; administrative experience in the coordination of diversified tasks, with defined time allotments, credibility and tenacity; verbal and written fluency; understanding of the language and referentials of the business environment and academic institutions; political skill. In personal terms, the desirable characteristics are empathy, creativity, initiative, persistence, commitment and self-confidence. According to Rice and Matthews 50, the desirable characteristics of this professional are as follows: • All the characteristics of the personality of an entrepreneur, including energy, the need for self-

46 RICE and MATTHEWS

47 RICE and MATTHEWS 48 CHUCK 49 PEREIRA and PEREIRA, p. 49. 50 RICE and MATTHEWS


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fulfillment, persistence, capacity to learn through errors, capacity to move steadily forward, adaptability, strong sense of work ethic, capacity to recommence and the ability to operate independently of orientation from upper levels;

• A personality that includes a high level of integrity; • Some experience as an entrepreneur or in an entrepreneurial undertaking and the ability and

wisdom that comes with such experience; • High level of tolerance in the face of the low probabilities of success added to a total

commitment to aiding entrepreneurs involved in growth processes; • High level ability to teach and provide advice; • Skill in leadership and motivational dynamics; • The required understanding of the business so as to be able to help companies to grow, including

knowledge on finances, staff building, sales and marketing, product development processes and business development strategies;

• Sufficient understanding of the business to aid the incubated company to develop its start-up process and become financially self-sustaining;

• Capacity to develop a strong community and an intense process of networking. Other authors highlight some of the skills required of the incubator manager: “Good managers also possess good social skills, which are much needed for building good relationships and consensus with the community around them, particularly with local political, industrial, commercial and trades union leaders” (OECD)51. “Many incubator managers stressed the importance of having strong ‘people’ skills as a factor contributing to the successful development of many small businesses” (Price Waterhouse & Coopers)52. “The incubation manager should be a highly motivated individual whose goal is to see his/her tenant firms succeed” (Duff)53. “…The manager of an incubator should have considerable personal and administrative skills to be able to motivate, communicate and energize young entrepreneurs with new ideas, understanding everything about the process, from the initiation of the activity to the full running of SMEs.” (Marques et alii)54

c) Administrative assistant, receptionist or secretary Rice and Matthews consider that the following characteristics are desirable in the Receptionist or Secretary of the incubator: • Energy and strong work ethic;

51 Organisation for Economic Co-operation and Development 52 PriceWaterhouseCoopers, p.35 53 DUFF 54 MARQUES, J.P.C. and alii. The macro and micro context of business incubators: a preliminary approach to incubation processes. Proceedings, XX IASP World Conference on Science and Technology Parks, p. 118


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• Personality, concerned with maintaining a high level of integrity; • Professional conduct and appearance; • Excellent communications skills and ability to carry on telephone contacts.

3. CRITICAL FACTORS TO SUCCESS IN THE TRAINING AND MANAGEMENT OF INCUBATOR STAFF

Much as occurs in other undertakings, performance of the incubator is, among other factors, a consequence of the performance of people. For example, in an incubator the relationship among the manager, staff and entrepreneurs is essential to ensuring the success of the incubation process. Thus, some key factors must be considered in the preparation of the team. In this specific topic, several factors considered vital to success must be observed by incubators in preparing its managerial and technical staff, including such aspects as team quality, work schedule and time dedicated to the business, training needs and payments and benefits.

3.1. IMPORTANCE OF TEAM AND CARE IN SELECTING AND RETAINING PERSONNEL In a study prepared for UNECE55, Szabó56 affirms: “considerable care should be taken in selecting the management. The manager or director has a key role in the success of the incubator. The success or failure of an incubator may depend on the qualities and performance of its director and also the amount of time he or she is able to spend with client businesses. An incubator director should be chosen especially for his or her ability to work with entrepreneurs and to help them grow their companies. The director should in particular be fully familiar with entrepreneurship and business development”. The ability to attract and maintain the interest of appropriately skilled and experienced individuals is one of the fundamental aspects of the incubator and must be present as early as the planning stage. Dornelas57 stresses that just as investors analyze not only the business portfolio of a company and the characteristics and resumes of the managerial team, the sponsors of the incubator will also analyze the experience and qualifications of the team before taking any decisions as to providing support to the program. In much the same way, Duff58 believes that the quality and growth rates of the incubated companies, the size of the program and its impact on the community, have direct implications as regards the proactive role and quality of the incubator’s staff. According to the author, this will interfere in the decision of volunteers and stakeholders who may desire to become members of the incubators staff of collaborators. Duff59 further adds that “the people selected to perform a role within the incubator must be chosen for their capacity to highlight the work of the incubator itself or, in other words, the incubator as a business, and to contribute to the development of the business of the incubator’s clients, the incubated companies”.

55 United Nations Economic Commission for Europe. http://www.unece.org/ 56 SZABÓ

57 DORNELAS, p. 92. 58 DUFF 59 IBID


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3.2. TEAM QUALITY The quality of the personnel involved in all aspects of the incubation process as well as the operation of the incubator itself, including management, mentors, employees, counselors, business networks and student trainees exerts an impact on the development capacity of the incubated company. Duff60 states that the incubator’s capacity to aggregate value to its services is related to two key parameters: how proactive the incubator is in working with its clients and the quality of the people and programs that are part of its business development network. One of the conclusions drawn by the study carried out by the European Commission Enterprise Directorate-General following a process of benchmarking in business incubator programs in Europe61 was that “Quality and professionalism of Business Support Services – Incubator management emphasized the overriding importance of having a professional management team with business experience. A commercial-oriented team builds credibility with the local financial and business community and this ‘sheen’ rubs off positively on tenant firms.” The concern with staff quality was also evident in a survey of the best practices adopted by such countries as Germany, Australia, the United Kingdom, Italy and the United States, in a survey carried out by the Organization for Economic Co-Operation and Development 62: “The expertise and commitment of incubator managers is critical to success. High-quality incubator managers are essential in selecting suitable tenant firms, in providing business and managerial advice to these firms and in creating links to investors and the wider business community. Some incubators make a direct investment in their tenant firms, heightening the need for financially skilled managers. Promoting the national and/or international networking of industry practitioners may strengthen the effectiveness of management. Indeed, business and technology incubator associations operate in all of the countries reviewed here. Such associations offer a forum for the dissemination of information on industry best-practices” (OECD). In order to exemplify the meaning of team quality, we could cite the rare ability required to operate a telephone switchboard. Many secretaries have office abilities and consider the switchboard a “prison sentence”. Someone who likes to interact through a telephone switchboard and has the gift of oratory is invaluable to a company (Meeder)63. Another skill that is desirable and helps to ensure the quality of the incubator is that of personal relations. This is an essential ability for the manager, mentors and consultants who deal directly with the companies involved.

60 IBID 61 European Commission Enterprise Directorate-General. Benchmarking of Business Incubators. Centre for Strategy & Evaluation Services, 2002. http://europa.eu.int/comm/enterprise/entrepreneurship/support_measures/incubators/summary_benchmarking_bi_2002.pdf 62 OECD, p. 63 MEEDER, p. 53.


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3.3. WORK SCHEDULE AND TIME SPENT BY MANAGER IN SUPPORTING INCUBATED COMPANIES

In regard to the schedule of the incubator team, studies of the best practices implemented in the management of these mechanisms indicate that the reasonable period of dedication of the manager and staff is full-time. In this context, it is considered advisable that the manager spends at least 40% of his/her time in direct contact with companies. However, this does not always occur in practical terms since, despite the fact that the manager works full-time, he/she is obligated to spend a great deal of time in a multiplicity of other functions. This occurs because it is common for incubator programs to have highly varied tasks or objectives, which are not always coherently focused. In Australia, for example, the incubator model was adopted with a great deal of enthusiasm by the state, since it was viewed as a tool for creating jobs and developing small business undertakings and, therefore, a component of the federal government’s efforts to resolve these problems. However, in light of the emerging conception of the best practices in incubator management, there would seem to be good reason to question whether focusing on these questions, as the preliminary objective of incubators is compatible with their development, as Duff 64. In his study, the author further stresses that, in order to maximize the entrepreneurial content of the incubator program, it is important to separate the programs projected with social objectives from the incubator’s function of stimulating economic development. According to his position, the option of whether to participate or not in fostering programs of a social nature, such as job generation programs, is in final analysis a strategic decision to be taken by those responsible for the incubator. Should those in charge opt to divide the incubator’s attention between social programs and the task of business development, there must be a very good reason for doing this. One justification could be that the social initiative could include components that could contribute positively to development of the incubator’s mission. However, one should highlight that the fact of paying a social program fee is not sufficient reason to agree to detour the institution’s time and other scarce resources to tasks that are not at the core of the incubator’s central mission. Insofar as this question is concerned, in 1993 Meeder65 noted that it is important to carefully balance the duties and responsibilities of the incubator manager with managerial facilities and distribution of managerial assistance to the incubated companies. Should the duties and responsibilities not emphasize the factor of managerial assistance in the equation, many managers will end up spending most of their time on the incubator’s premises while neglecting services that ought to be provided to clients. A survey carried out by the OECD66 demonstrated that, in Australia “only 30 per cent of incubators have a full time manager and 70 per cent of managers spend less than 50 per cent of their time on incubator activities. This reflects the high numbers of embedded incubators and the dual roles that many of these managers have – working for the incubators and also the incubator’s umbrella organization”. In much the same way, a survey carried out by Price Waterhouse & Coopers67, identified that “reveals that

64 DUFF 65 MEEDER, p. 53. 66 OECD. 67 PriceWaterhouse e Coopers, p. 35


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while just under 25 per cent of the time of incubator mangers is allocated to direct interaction with tenant businesses, the majority of their time (around 50 per cent) is spent on administrative functions including, property management, committee/board of management issues, fundraising and staff management, etc.” Facts such as what occurred in Australia often happen because the managers of incubator programs practice what Meeder 68 called economies of scale: attribute multiple functions and responsibilities to the manager and team aside from those that are connected to the central mission of the incubators, which is that of meeting the needs of the incubated companies. This is the task that must occupy the major share of their time. When one adds to this the fact that the wages paid to managers are often well below the median wage paid to managers in equivalent positions on the market, managers frequently tend to lose their enthusiasm and motivation and the result is a high level of staff turnover. Also with respect to the most appropriate work schedule for the incubator staff, Meeder69 stresses that all incubators should carefully consider the need for having a fulltime member staff member to operate the telephone switchboard and provide office services for the incubated companies. In his opinion, this is a key position. The telephone switchboard is a vital communications link between the incubator and the market. A client’s first impression of the quality of the incubator is a direct consequence of his/her satisfaction with the telephone services rendered.

3.4. EARNINGS AND BENEFITS Studies carried out by Coopers & Lybrand’s and Claggett Wolfe Associates noted that the median wages of incubator managers are significantly low, particularly when viewed in light of the level of professional responsibility inherent to the position and when compared to similar positions on the market. This is a result of a number of factors, including:

• The manager of an incubator is often contracted by a nonprofit organization characterized by low wage levels;

• It is assumed – normally, in an indirect manner and without any of the planning that could justify such expectations – that the incubator will soon generate rents and fees that will make it possible to raise the wage levels that depend on the incubator’s revenues. When these revenues are not forthcoming, wages do not keep pace with the development of positions in other areas of the market;

• The work is often seen as somewhat transitory, particularly when viewed in the context of the short-term goals of the projects that grant support/resources to the incubator. Consequently, many programs attract inexperienced professionals who are just beginning their careers or retired professionals in search of supplementary income and willing to accept lower wages;

• The project selects poor facilities and does not have a well-defined service program for the management assistant. This tends to act as a trap in which the manager and staff are subject to a chronic cash flow deficit. As a result, wage increases are normally found at the bottom of the ladder of priorities.

68 MEEDER 69 MEEDER


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According to Wolfe70, limited budgets, the public sector mentality and the nonprofit institutions to which most incubators are connected lead many directors to offer wages that are not competitive with positions in other areas of the market that require similar experience and skills. The lack of competitive wages has a significant impact on the performance of the incubator. In order to attract and retain the type of talent required to maintain a successful incubator, directors must be able to offer financial compensation and benefits to their staffs. For example, incubators that have royalty contracts with their clients are normally in a position to grant their managers and staff a percentage of the return on the incubator’s investment, in much the same way as the managers of important venture funds receive payment out of an investment pool.

4. STRATEGIC ALLIANCES AND NETWORKING This section will deal with some of the relevant aspects of the relations among the incubator’s managerial team, partner institutions, mentors, consultants and counselors.

4.1. RELATIONS WITH THE BOARD OF DIRECTORS One of the important rules listed among the ten best incubator management practices, according to Rice and Matthews71, is to structure the organization of the incubator in such a way as to minimize governance and maximize the assistance rendered to client companies. In this sense, the relationship between the management and operational team with the board of director must comply with some basic rules. The reason for this is that cases have arisen in which this relationship generates serious problems for the good operation of the incubator. By way of example, Meeder 72 cites the case that dates to the period of 1991-1992 during execution of a training program for incubator managers offered by the NBIA73, involving more than 240 people from the United States and Canada. In a survey taken during the event, it was noted that a very large number of managers listed their boards of directors as being their most pressing problem. Many of these participants described situations that were sufficiently serious to threaten the very feasibility of their programs. If this sampling is representative of the business incubator industry as a whole, one can conclude that the relation between the manager and board of directors is a factor of crucial importance to incubator management. According to the author, a closer examination demonstrates that these problems can be minimized or even eliminated through adoption of a number of different measures:

• When there is no consensus among those involved as to the mission and objectives of the incubator program: when there is no carefully defined mission, each member tends to create his/her own definition and begins operating on the basis of that definition. It is highly advisable that the project prepares a mission statement and involves the original staff members in this process. It is also recommended that staff members receive orientation on the mission and objectives of the program and that the entire group be consistently updated with respect to these

70 WOLFE 71 RICE and MATTHEWS, p. 47. 72 MEEDER, Robert A. Forging de Incubator: how to design and implement a feasibility study for business incubation programs. NBIA. 1993 73 National Business Incubation Association


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topics. • The board of directors allows those involved in the incubation process to become members of

the board and encourages them to play the nonofficial role of ombudsman between the board and the incubated companies: the incubated companies should be excluded from the board or given only a partial role. The participation of incubated companies on the board of directors creates potential conflicts of interest for those involved in the incubation process. At the same time, such an occurrence could restrict the ability of the board to discuss other questions related to those involved in the process, as well as such managerial information as financing, personnel changes or rejection of loans. A partial role for the members involved in the incubation process could specify that they are not allowed to participate in meetings when subjects related to the incubated companies are being discussed. Another solution is to create a committee or council in which the representatives of the incubated companies can be included. However, in this case they are not permitted to participate in board meetings.

• The board of directors allows a key leader to conduct the meetings and/or acts as a supervising manager: the board may act as a unit in which the individual members are not permitted to act alone or a single individual member or group of volunteers tends to dominate these meetings. It is recommended that the board specify the time period during which a member of the board is permitted to remain on the board and how many times that person can be named to the board.

• A large percentage of members tends to be absent from the meeting and shows little enthusiasm for participating actively in the benefit of the program put forward by the manager and other active members. In this case, the bylaws could define a system of automatic removal of a member from the board should that person be absent at a specific number of meetings over the course of one year.

4.2. RELATIONS WITH STAKEHOLDERS The involvement of stakeholders – institutions that provide financial and economic support to the incubator – is a necessity that starts at the program planning stage. Very often when the local community is receptive to the importance of the program, sponsors feel more motivated to invest resources in the incubator. This is a relationship that will last over the entire existence of the incubator. At the same time, to the extent that the incubator moves along its growth curve, its relationship with the stakeholders will evolve (Rice and Matthews) . This relationship is absolutely vital to the satisfactory performance of the incubator as well as to the quality of its team. Rice and Mathews created a listing of the ten best incubator management practices and included involvement of the stakeholders in the support provided to companies and in operational implementation of the program in fifth position in the ranking. In order to achieve a good relationship between the incubator and these actors, Rice and Matthews74 suggest that the following four rules be observed:

• Understanding of the costs and benefits of involvement of the stakeholders: have a network of stakeholders as large as possible during the various life cycles of the incubator. Even when it is structured to attain financial self-sufficiency in the first stage of development, the relationship with the network of stakeholders is still enormously important, since these partners – together with financial resources, offer access to the resources and knowledge that the entrepreneurs

74 IBID, p. 66-71


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require. However, one of the challenges to the incubator manager precisely knows how to maximize these benefits, at the same time in which the costs of this relationship are minimized. This has obvious implications, in the first place, for the time spent by the manager to develop, sustain and manage this network of stakeholders.

• Optimization of the relations among stakeholders, incubator management and the incubated companies: quite frequently, the stakeholders consume much of the president’s time and fail when the time comes to deliver the resources and expertise required to aid the development of the incubated companies. In most cases, this occurs for a variety of reasons: a) some members of this group seek political visibility or their own specific interests; b) some incubator managers do not develop the work required to facilitate contacts with the stakeholders – often because they do not have sufficient time and persistence; c) some institutions simply do not have the expertise or resources that they originally claimed to have or are not able to provide those resources when needed; d) some entrepreneurs are not interested or do not have the capacity to perceive the advantage of stakeholder participation. Thus, it is essential that one optimize the time and dedication of the stakeholders in supporting companies and the program itself.

• Definition of rules for the stakeholders: many of the roles identified for the members of the incubator staff can be appropriated for the stakeholders, including: a) the providing of advice as a member of the staff of consultants or as the mentor for a specific entrepreneur – serving in a legally established board of directors; b) investment in one or more incubator companies; c) conducting training programs.

• Implementation of effective stakeholder network management strategies: These strategies can be summarized in three points: a) encourage board members to coordinate the involvement of stakeholders; b) recognize and be responsive to the needs of stakeholders; and c) use a two-tiered approach in managing the stakeholder network.

4.3. RELATIONS WITH CONSULTANTS Wolfe75 suggests that the following points be observed in relations with the group of mentors:

• Develop a pool of volunteers who desire to serve as Counselors. They should be people previously involved in real business operations in the industrial sector at various levels of the development process.

• Ensure that the Counselors meet with clients on a regularly scheduled basis. • Meet periodically with Counselors in order to monitor the client’s progress and identify additional

needs. • Select mentors and establish a feedback mechanism in order to evaluate client satisfaction.

5. OVERVIEW OF THE INCUBATOR TEAM PROFILE IN THE WORLD Based on surveys carried out at the level of business incubators in Brazil , the United States and Australia , one can conclude that the staff profile is quite similar in all three countries. The items below present a general profile that takes due account of such factors as schooling, areas of training, age bracket, gender, work schedule/time of dedication to incubator:

75 WOLFE


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• Level of schooling: in general, those involved with business incubator programs have academic

formation and many hold masters or doctoral degrees. In Brazil, 78% of managers have university education and 17% of these hold graduate degrees (specialization), while 16% hold masters or doctoral degrees. This percentage is similar to the figures for Australia. In the United States, the numbers are much higher since 90% have university training and 55% of these have masters or doctoral degrees.

• Area of Training: in Brazil, more than a third of incubator managerial staffs, have their degrees in business administration. Another 19% are engineers and 11% are trained in computer sciences. The number of those with degrees in administration, economics, marketing and communications has been increasing year after year, while there has been a decrease in the participation of people trained in more technical areas, such as engineering and computer sciences. The surveys carried out in Australia and the United States did not focus on this item. However, it was noted that a majority of professional incubator managers have experience in marketing and sales (86% in the United States and 45% in Australia).

• Age Bracket: in Brazil, the distribution of persons in the age brackets from 26 to 35, 36 to 45 and more than 45 is balanced, with 27% for each of the groupings. In the United States, the majority is concentrated in the 41 to 55 age group (56%), which is equivalent to the total of the last two brackets in Brazil (54%). The Australian survey did not go into this matter.

• Gender: the number of women working in incubators is more significant in Brazil (41%) than in the United States (30%) and Australia (20%). In the United States, when one analyzes the participation of women by area of incubator activity, the final figures are quite similar to those found in Brazil: 47% in service sector incubators and 35% in the traditional sector are managed by women.

• Schedule/dedication: 58% of the incubator team works fulltime in Brazil (average of 44 hours/week). In the United States, the management team tends to have a weekly workload of 33 hours dedicated to the program’s activities.

6. CONCLUSION All of the studies of the best practices and benchmarking carried out in the incubators of a variety of countries identified that one of the aspects of fundamental importance to ensuring the success of incubation programs is to identify and select a management team with profiles and skills that are adequate for the activities of support to the development of new businesses. Furthermore, these studies highlight the importance of the role of the manager as the “animator” of the entire process, as well as the importance that must be attributed by incubator directors to involving the manager in the process during the planning stage of the program. However, though many authors affirm that the role of the incubator’s management team is important and crucial to the success of the incubator, there are relatively few studies and references that discuss this question in detail. Many aspects that are essential to human resources management, such as recruitment and selection, adequate training programs, career plans, wage criteria and distribution of benefits, motivation programs and team retention, among others, are not discussed in the existent bibliography on business incubators in many parts of the world.


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Thus, one concludes that there is an enormous field to be explored by students of incubation processes, particularly with regard to those persons who play executive and operational support roles.


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7. REFERENCES ANPROTEC, Associação Nacional de Entidades Promotoras de Empreendimentos de Tecnologias Avançadas (Brazilian National Association of Business Incubators and Technology Parks). Panorama 2001. Brasília (in Portuguese) ANPROTEC, Associação Nacional de Entidades Promotoras de Empreendimentos de Tecnologias Avançadas (Brazilian National Association of Business Incubators and Technology Parks). Panorama 2002. Brasília. (in Portuguese) DORNELAS, José Carlos Assis. Planejando Incubadoras de Empresas: Como Desenvolver um Plano de Negócios para Incubadoras (Planning Business Incubators: How to Develop a Business Plan for Incubators). Editora Campus, 2002 (in Portuguese) DUFF, Andrew. Best Practice in Business Incubator Management, AUSTEP Strategic Partnering Pty, Ltd . Available on line: http://members.iinet.net.au/~aduff/bestpracrpt.pdf DUFF, Andrew. State of the Industry Study Business Incubators in Australia, Available on line: http://members.iinet.net.au/~aduff/Incubator.pdf EUROPEAN COMISSION. Enterprise Directorate-General. Benchmarking of Business Incubation. Available online at: http://europa.eu.int/comm/enterprise/entrepreneurship/support_measures/incubators/benchmarking_bi_part_one_2002.pdf http://europa.eu.int/comm/enterprise/entrepreneurship/support_measures/incubators/benchmarking_bi_part_two_2002.pdf EUROPEAN COMISSION. Enterprise Directorate-General. Benchmarking of Business Incubation: Sweden. Available online at: http://europa.eu.int/comm/enterprise/entrepreneurship/support_measures/incubators/ sweden_case_study 2002.pdf, 2002. EUROPEAN COMISSION. Enterprise Directorate-General. Benchmarking of Business Incubation: Spain. Available online at: http://europa.eu.int/comm/enterprise/entrepreneurship/support_measures/incubators/spain_case_study 2002.pdf, 2002. EUROPEAN COMISSION. Enterprise Directorate-General. Benchmarking of Business Incubation: France. Available online at: http://europa.eu.int/comm/enterprise/entrepreneurship/support_measures/incubators/ france_case_study 2002.pdf, 2002. EUROPEAN COMISSION. Enterprise Directorate-General. Benchmarking of Business Incubation: Italy. Available online at: http://europa.eu.int/comm/enterprise/entrepreneurship/support_measures/incubators/ italy_case_study


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2002.pdf, 2002. GRECO, Mayor Dick A. Tampa Technology Initiative, 2001 - Available on line at: http://www.ig.org/govnews/monthly_docs/AnIndustryAssessment.pdf HARWIT, Eric. High-Technology Incubators: Fuel for China's New Entrepreneurship?. The China Business Review. Washington: Jul/Aug 2002. Vol. 29, Iss. 4; pg. 26, 4 pgs, 2002 HSU, SHYU, YU, YUO & LO, Po-Hsuan, Joseph Z, Hsiao-Cheng, Chao-Chen & Ta-Hsien. Exploring the Interaction Between Incubators and Industrial Clusters: The case of the Itri Incubator in Taiwan. R&D Management Vol. 33 Issue 1. 2003 JIN, JINRONG & MIAO. Chen, Yin & Zhu. Business Incubators in China. International Journal of Entrepreneurship and Innovation Management. Milton Keynes: 2003. Vol. 3, Iss. .2; pg. 67. 2003 KUMAR, Uma & KUMAR, Vinod. Incubating Technology: Best Practices, Logitech Systems Management Consultants – 1997. Available on line: http://www.fptt-pftt.gc.ca/kumar.html LALKAKA, Rustam. Lessons from International Experience for the Promotion of Business Incubation Systems in Emerging Economies - UNIDO – United Nations Industrial Development Organization, 1997 - Available on line: http://www.unido.org/en/doc/3495 LINDER, Sally. 202 State of the Business Incubation Industry. NBIA, 2003 LOUIS, G. Tornatzky et all. The Art and Craft of Technology Business Incubation – Best Practices, Strategies, and Tools From More Than 50 Programs. Southern Technology Council and National Business Incubation Association. 1996. MARQUES, J.P.C. et all. The Macro and Micro Context of Business Incubators: A Preliminary Approach to Incubation Processes. Proceedings, XX IASP World Conference on Science and Technology Parks, p. 118. Available online at: http://www.iasplisboa2003.com/papers/paralelas/5/jmarques.doc MEDEIROS, MEDEIROS, MARTINS, PERILO, José Adelino; Lucília Atas; Thereza & Sérgio. Pólos, Parques e Incubadoras: A Busca da Modernização e Competitividade (Centers, Parks and Incubators: The Pursuit of Modernization and Competitiveness). CNPq, IBICT, SENAI, 1992 (in Portuguese). MEEDER, Robert A. Forging the Incubator: How to Design and Implement a Feasibility Study for Business Incubation Programs. NBIA, 1993. MORAIS, Ednalva F. C. Manual de Acompanhamento e Auto-avaliação de Incubadoras e Empresas Incubadas (Manual for Monitoring and Self-evaluation of Incubators and Client Companies). Editora Universidade de Brasília, 1997. ANPROTEC ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT – OECD. Business Incubation: International Case Studies. Available online at: http://cdnet.stic.gov.tw/ebooks/OECD/24.pdf, 1999.


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PEREIRA, Edson. & PEREIRA, Tânia. - Planejamento e implantação de Incubadoras de Empresas (Planning and Implementation of Business Incubators), ANPROTEC & SEBRAE, 2002 (in Portuguese) PRICE WATERHOUSE and COOPERS, National Review of Small Business Incubators, Final Report, 1999. Available on line at: http://www.anzabi.com.au/display.jsp?template=search&content=national+review22 RICE, Mark P. E Matthews Jana B. Growing New Ventures, Creating New Jobs: Principles and Practices of Successful Business Incubation. Quorum Books, 1995. RUBIO, Maria L. H. Un Modelo Flexible de Incubación para Emprendimientos Innovadores (A Flexible Incubation Model for Innovative Enterprises). World Conference on Business Incubation, 2001 (in Spanish). SALOMÃO, José Roberto. As Incubadoras de Empresas pelos seus Gerentes: Uma coletânea de Artigos (Business incubators by their managers: a collection of articles), ANPROTEC, 1998 (in portuguese) SZABÓ, Aantal. Best Practice in Business Incubation in Countries in Transition. Entrepreneurship and SME development. http://www.unece.org/indust/sme/ace.htm Available online at http://www.unece.org/indust/sme/ace.htm, 2002.


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SHELTON & MARGENTHALER, Robert Duane & Charles Robert. The Business Incubator Development (BID) Program in Ukraine. Expert Meeting on Best Practice in Business Incubation, UN Economic Commission, Palais des Nations, Geneva, Switzerland. 1999. Available on line: http://www.wtec.org/loyola/bid/old-page/ WOLFE, ADKINS & SHERMAN, Chuck, Dinah & Hugh. Best Practices in Business Incubation. National Business Incubation Association, 2000. Available on line: http://www.marylandtedco.org/programs/PDF/NBIA-Best%20Practices%20Report.pdf YUNOS, Mohd Ghazali Mohd. Building an Innovation-Based Economy: The Malaysian Technology Business Incubator Experience. Journal of Change Management. London: Dec 2002. Vol. 3, Iss. 2; pg. 177, 12 pgs. 2002 ZEDTWITZ, Maximilian von. Classification and Management of Incubators: Aligning Strategic Objectives and Competitive Scope for New Business Facilitation. International Journal of Entrepreneurship and Innovation Management. Milton Keynes: 2003. Vol. 3, Iss. 1.2; pg. 176. 2003 YERUSHALMI, Shmuel. Ten Years of Experience Itek – Incubator for Technological Entrepreneurship Kiryat Weizmann Ltd. – Israel, Article. WCBI. Anprotec, 2001.

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