Evolving a Successful University-Based Incubator: Lessons Learned From the UCF Technology Incubator

:This article contributes two models for evolving a successful university-based technology incubator. The first model describes the necessary steps and actions required to evolve the incubator. The second model describes the elements of a successful incubator. A case study using the technology incubator at the University of Central Florida (UCF) is used to understand and describe these models. The UCF technology incubator was the winner of the 2004 Incubator of the Year from the National Business Incubator Association. An engineering manager, economic development organization, entrepreneurship support organization, or technology incubator manager can use this article to develop specific approaches to building and running an incubator.