Topic of the practice
Incubator managed by a city
Good Practice Information
MINC started in 2002 as a pilot approach to business support and to encourage the growth of new companies in the city. The City Council drove forward a future vision for the city at that time, included the development of a new university, indeed founded in the late 1990s, new housing, business space etc. Initially the university only provided training for teachers but their role has expanded in the last 12 years and now they provide courses in science, technology and finance/business. MINC operates now a 24-month programme of support to new start businesses. This includes a 3-month probation period followed by a 21-month support programme.
Evidence of success
MINC follows incubatees for three years after they leave the incubator. Part of them ‘fly out’ while others rent a working place at MINC. In total between 65 and 70 companies have left the incubator since the foundation in 2002, employing 870 people. Total turnover is 820 million SEK and total venture capital 150 million SEK (€97.2 million and €17.8 million respectively). There is a survival rate of 90%, which means the incubator provides good value for money
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