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This article explores the various elements of assessing the feasibility of developing a college or university-based business incubator. It is a narrative review of seven incubator feasibility studies, one of which is directed by the author. The purpose of the article is to outline the common elements of these studies, assess the goals of these studies and provide a framework by which institutions of higher education in other communities can utilize in assessing the viability of an incubator in their area. Given the sparse academic research conducted prior to an incubator’s formation, this article is meant to complement prior research that explores the operational aspects of established incubator programs and assist higher education administrators in the exploratory stages of establishing a business incubator. This article looks at seven community efforts prior to their launch of a business incubator and seeks to identify thematic areas and common processes that were used to determine whether or not sufficient conditions existed to warrant the establishment of a new business incubator.