University incubators as agents for technology transfer and economic growth: case studies in USA, Ukraine and Finland

It is estimated that there are 4500 incubators worldwide; growing at an annual rate of 30%, and that approximately 1500 are connected with universities. However, due to the lack of reliable statistics, there are valid questions concerning the contributions of university incubators to: technology transfer and commercialisation; and to regional economic development. To answer these two questions, we utilise the case method and describe the history and contributions of university-based incubators started by authors in the USA (1982), Ukraine (1992) and Finland (1996). We conclude with 'lessons learned' and guidelines that may be useful to national economists, government officials, university administrators and faculty, and to regional economic development agencies that are planning or managing new business incubators as agents for technology transfer and economic growth.