Speeding Up Growth and Success of Startup and Early Stage Companies
Since 1990 the Louisiana Business Incubation Association has been a resource to incubator managers providing an important tool for continued growth of Louisiana’s economy. Meeting quarterly, the membership comes together to discuss important state and federal legislation, economic incentives and incubation best practices.
The association has helped inform communities about the importance of incubation and remains one of the state’s strongest supporters of small business in Louisiana.
About LBIA
The Louisiana Business Incubation Association (LBIA) is a state association of business incubators and their supporters. LBIA was established to promote alliances among incubators, governmental agencies, and professional economic developers in order to promote the growth and diversification of our state’s businesses and economy. The International Business Innovation Association estimates that in 2005 alone, North American incubators assisted more than 27,000 start-up companies that provided full-time employment for more than 100,000 workers and generated annual revenue of more than $17 billion. (Source: 2006 State of the Business Incubation Industry)
The business incubators that are members of LBIA provide a comprehensive program of business services and guidance targeted to the needs of start-up and fledgling companies to speed them to market and increase their chances for success. Louisiana’s incubators help diversify the state’s economy by growing and strengthening small businesses.
Our country’s small businesses represent 99.7% of all employer firms and employ half of all private sector employees.
Did You Know...
Our mission is to establish a central hub for information, communications, and the exchange of ideas. This hub serves incubator managers, staff, and associate members, fostering a collaborative and supportive environment for innovation and growth.
We are dedicated to creating a foundation for mutually supportive business incubation. By providing business coaching, we aim to accelerate the development and growth of new businesses. This effort not only creates new and better jobs for Louisiana and its citizens but also nurtures the entrepreneurial spirit essential for economic progress.
Our objective is to forge strong linkages with other community and economic development organizations. Through these partnerships, we seek to enhance the support network available to incubators and their client firms, contributing to a vibrant ecosystem of business innovation and growth.
We are committed to improving the business climate for the incubator industry and its client firms. By working to remove barriers to growth, we aim to foster an environment where new companies can thrive. Our efforts are focused on making local economies more robust by supporting the emergence of new companies and facilitating their success.
Our Mission and Objectives:
LBIA is a state association comprising business incubators and their supporters, dedicated to diversifying and enhancing Louisiana's business and economic landscape. Our members provide comprehensive business services tailored to startups and fledgling companies, effectively accelerating their entry into the market and bolstering their chances for success.
Supporting Louisiana's Business Ecosystem
What is Business Incubation?
Overview
Business incubators are an economic development tool designed to accelerate the growth and success of entrepreneurial companies. By reducing the risk of small business failures, incubators provide essential support to startups. According to the International Business Innovation Association (InBIA), 87 percent of firms that have graduated from their incubators are still in business, highlighting the effectiveness of these programs.
Source: Business Incubation Works
The Role of Incubators
Incubators support the development of startups and fledgling companies by providing a comprehensive array of resources and services. These services, developed or orchestrated by incubator management, are aimed at producing successful firms that are financially viable and freestanding. Incubators offer management guidance, technical assistance, consulting, access to rental space with flexible leases, shared business services and equipment, technology support, and assistance in obtaining financing.
Impact on Economy and Community
For over 50 years, incubators have been pivotal in transforming economies by helping entrepreneurs turn their ideas into viable businesses. They play an increasingly important role in community economic development, focusing on building new businesses from the ground up rather than attracting existing businesses from other locations.
Economic Efficiency and Job Creation
A study conducted by Grant Thornton for the U.S. Department of Commerce Economic Development Administration in 2008 found that business incubators produce new jobs at a low cost to the government. The report, "Construction Grants Program Impact Assessment Report," revealed that for every $10,000 in EDA funds invested in business incubation programs, an estimated 47 to 69 local jobs are generated. This efficiency makes business incubators a more cost-effective option for job creation compared to traditional infrastructure projects.
Source: U.S. Department of Commerce Economic Development Administration, 2008