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Introduction
It has been found that business incubators support the durability and growth of new small firms as they provide managed business facilities ([3] Allen and McCluskey, 1990), attract external investors and professional support advisors ([19] Hannon and Chaplin, 2000). Moreover, the firms themselves are able to pool resources ([58] OECD, 1997), share knowledge and create a network of alliances with other entrepreneurs ([91] Wilcock, 1999). When first developed, incubator units were located in close proximity to universities with the aim of pursuing three key objectives; technology transfer, promotion of entrepreneurship and the commercialisation of leading edge research ([51] Mian, 1996; [70] Shane, 2002; [1] Albert and Gaynor, 2003). Furthermore, they provided a number of support services such as concept testing, technical information, intellectual property advice, access to seed capital and management guidance ([93] Zucker et al. , 2002; [11] Carayannis et al. , 2006). Enabling entrepreneurs to access contemporary research and development in a context of informed support and advice offers considerable advantage to new ventures ([20] Hannon and Chaplin, 2003).
The incubator per se is now found in a number of contexts apart from that of the university such as those cited in Table I [Figure omitted. See Article Image.]. A critical issue for new ventures is the lack of credibility with a range of key stakeholders including investors, suppliers, customers and employees ([54] McKee, 1992; [76] Smilor, 1997). Acceptance into the incubator unit is, in itself, a positive benefit in that it enhances credibility regarding the firms' potential for sustainability as entrance indicates that external, expert scrutiny has been applied to the venture and its potential ([21] Hansen et al. , 2000; [38] Lender, 2003). As such, incubator placement can assist in overcoming the liabilities associated with newness and smallness whilst enabling the development of co-operative relationships which support the early start-up and development stages of the firm ([11] Carayannis et al. , 2006; [53] McAdam and McAdam, 2006).
From an overview by Lender ([11] Carayannis et al. , 2006; [53] McAdam and McAdam, 2006), the extant literature concerning the advantages of incubator placement tends to relate primarily to the technology transfer issues and the ensuing income opportunities ([83] Thursby and Jensen, 2001; [70] Shane, 2002) or, the commercialization of research...