Do startup incubators enhance new venture performance? Evidence from a meta-analysis

Abstract Incubators have become prominent institutional vehicles for fostering entrepreneurial activity, yet empirical evidence on their effectiveness remains inconclusive and fragmented. This study addresses this gap by conducting a meta-analysis on the impact of incubator participation on new venture performance. Synthesizing data from 22 original empirical studies and 65 effect sizes, we find a statistically significant and positive overall effect. Beyond this main effect, our analysis reveals that program specialization, public sponsorship, and regional context moderate the relationship between incubation and startup performance. This paper contributes to the theoretical understanding of incubators by providing new insights of their role in enhancing financial, operational, and strategic dimensions of new venture performance. Our findings provide a robust empirical foundation for future theorizing on entrepreneurial support systems.