CIBER Focus: "Business Incubators in the U.S. and Abroad" with Mark Long
From IIB Institute for Intl Business on February 8th, 2016
Mark Long and Brenda Bailey-Hughes discuss business incubators in the United States and abroad.æLong is Lecturer of Management and Bailey-Hughes is Senior Lecturer of Business Communication, both at the Indiana University Kelley School of Business. First, Long defines the term ñbusiness incubator," emphasizing that the programs and services provided to entrepreneurs, such as financial networks and mentorship, are essential components of any incubator. He discusses the different factors that indicate a business incubator is needed in a certain location. Inflow of business and a good supply of entrepreneurs willing to take risks are important factors, as well as the existence of an entrepreneurial culture. Long next describes his experience with incubators in foreign countries. As in the United States, entrepreneurs abroad are motivated by a desire for a better standard of living, more exciting work, and the ability to provide a legacy for their families. Incubators are becoming more prevalent in countries like Russia and Malaysia. According to Long, culture plays a role in dictating how a business incubator is formed. He notes that in many countries, incubator funding from the national government leads to more government control, when compared to privately funded incubators in the U.S. Long uses China as an example. Long closes by discussing his work with retail incubators in Barbados and other Caribbean countries. Last, he encourages entrepreneurs interested in expanding internationally to hire expert help to avoid cultural pitfalls. *This video was recorded as a part of the Indiana University CIBER Focus Vodcast series.