Feasibility Study: More Than a Report
Typically, clients engage us do an incubator feasibility study. The process includes interviewing entrepreneurs, service providers, and capital providers; evaluating the available real estate that might be utilized in a facilities-based program; estimating the demand for entrepreneur development services and local sources of support for entrepreneurs; and then stepping back and assessing the ability of the local entrepreneurial “ecosystem” to support entrepreneurial activities. Processing our findings through our incubator readiness assessment tool, we develop a quantitative, graphic illustration of how the project scores in comparison to other incubation projects with which we have been involved over the years and determine its likelihood of success. Ultimately, we report back to the client with our assessment, and recommendations for next steps using best practices to establish and manage a successful program.
Feasibility studies require that incubator developers invest time and money to lay the groundwork for a successful program. An effective feasibility study will help determine whether the proposed project has a solid market, a sound financial base and strong community support – all critical factors in an incubator’s success. Maximize the return on your investment by hiring our experienced professionals to do it for you.
Monitoring and Evaluation of Incubation Programs
You can’t manage what you don’t measure! Incubator mangers must periodically evaluate their programs in order to demonstrate their success to funders and other supporters. IPI’s team has participated in incubator M&E for several years and we have great respect for the value of this technique. In our research for the World Bank’s infoDev program we developed an incubator assessment that was both comprehensive and beneficial in understanding why the incubator is successful. Established incubation programs can call on us to work with them to assess their progress to date, identify areas in need of improvement, and reposition their program activities, to meet the challenges of a rapidly changing environment. If your organization is managing an existing facility shouldn’t you consider this service?