Peoria NEXT Innovation Center: Why a Technology Incubator?
Posted on April 7th, 2000

Technology incubators have gained prominence in recent years as communities seek to transition to new economic models of growth and job generation. Within these models, the role of small businesses and entrepreneurs has become particularly important for the continued prosperity of local economies. Nonetheless, studies show that the vast majority of small start-up enterprises fail within the first 2-5 years of operation. The limited success of small technology companies is attributable to an overall lack of capital funding and limited understanding of contemporary business practices. However, for companies associated with business incubators, the story is much different. Start-up enterprises that progress through business incubation programs and facilities have a 90 percent survival rate. In addition, almost 85 percent of firms locate within the community following their incubator graduation.

The completed Innovation Center will focus on the development of new technology companies by enhancing entrepreneurial skills, aiding the creation of business strategies, and acquiring venture funding.

The Innovation Center will provide a place for entrepreneurs and researchers to commercialize innovative ideas into successful free standing businesses. The incubator could also eventually house various facilitation groups providing valuable services for start-up companies.

Frequently Asked Questions

Why is this critical to our region?

Facts about incubators

Back to Peoria NEXT Innovation Center main page

Download the Peoria NEXT Innovation Center info sheet!