Relationship Among the Startup Incubation Process Phases: A Structural Equation Model

This article quantifies the relationships among the different phases of the business incubation process. A total of 89 surveys coming from business incubators in Spain in the period 2022–2023 have been collected. A structural equation model (SEM) is applied to determine the association among incubation phases 1, 2, 3, and 4. The results show that the “spreading entrepreneurship” phase has a strongly positive significative influence on preincubation, phases 1 and 2 (hypothesis 1) basic incubation, phase 3 (hypothesis 4), and advanced incubation phase 4 (hypothesis 5). Besides, a moderate positive influence was found between preincubation and basic incubation (hypothesis 2) and between preincubation and advanced incubation (hypothesis 6). In this context, spreading entrepreneurship will be a useful tool to determine the success of entrepreneurship during the incubation process. Improving variables, such as counseling, channels, and training, will positively impact incubation. Therefore, taking action at the spreading entrepreneurship stage to improve the business incubator results and evaluate the structural deficiencies of entrepreneurs to improve their training level and technicians’ specialization is recommended. Applying SEM models in business incubators to evaluate their influence on graduation rates will also be of great interest.