Site Selection: Start-Up Support

Originally Published MX November/December 2004

BUSINESS PLANNING & TECHNOLOGY DEVELOPMENT

Business incubators can make a big difference in the success of early-stage medtech companies.

Steve Halasey

For medtech entrepreneurs, finding the right location for a new business means more than just picking a nice city. Locating where the company can receive support from university technology-transfer offices and regional incubators can give a start-up medtech firm a major boost.

According to the U.S. Small Business Administration, 50% of small businesses fail within the first five years. But that story is very different for companies that have had the support of a business or technology incubator. According to Dinah Adkins, president and CEO of the National Business Incubation Association (NBIA; Athens, OH), 60–70% of incubated companies are still in business after five years.