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The paper focuses on conceptualizing the value of business incubation services for early stage start-ups that are typical of university-based entrepreneurial ecosystems. The challenge of such conceptualization consists in two main issues. The first issue is taking into account the specificity of the needs of early stage start-ups since they: i) do not have a well-articulated business model but work towards establishing one; ii) operate under conditions of significantly high risks and uncertainties; and iii) have not developed the minimum viable set of partners that would enable them to demonstrate that they could create value for the different stakeholders involved in their business ecosystem. The second issue is the need to categorize the various types of business incubators before examining the way they create value for early start-ups. In most national or regional entrepreneurial ecosystems there are different types of business incubators that do not necessarily offer the same types of services neither share a common vision about the way they should create value for their client companies. At the same time, early stage start-ups rely on the services provided by incubators and accelerators and need to figure out a specific incubation strategy that could use a combination of incubation environments in order to maximize their ultimate chances for success. There is a need therefore for a more systematic study of the value of incubation services for early stage start-ups as well as their perception of the benefits from engaging in specific incubation programs. The objective of this paper is to investigate the value dimensions of specific types of business incubation services for early-stage start-ups in a way that may help such newly created firms to maximize the benefits from their participation in specific incubation programs. The findings should contribute to existing literature within the topic of business-incubation, as well as provide managers of both incubators and start-ups with actionable insights about the ways of maximizing the value of incubation services.
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