Development Economics ECN4169 L, Madumarov Eldar

… entity that nurtures and supports young companies until they become viable, providing them with affordable space, technical and management support, equity and long-term debt financing, and employment. The three basic objectives in creating an incubator are (1) to spur technology-based development; (2) to diversify the local economy; and (3) to assist in community revitalization.

… traditional approach to economic development to entice companies to relocate or to set up a new branch plant or operation in a state or locality; often referred to as “smokestack chasing.”

… systematic effort designed to keep local companies content at their present locations which includes helping companies cope with changing economic conditions and internal company problems.