This paper addresses the role of incubators in supporting new venture creation. A mapping of four different types of incubator is proposed: corporate private incubators (CPIs), independent private incubators (IPIs), business innovation centres (BICs) and university business incubators (UBIs). This mapping is exemplified through case studies of one incubator for each of the four categories. The authors argue that one interpretative key to explain the dynamics of the incubation industry is the evolution of company requirements and consequently of the services offered by incubators. In this context, two different incubating models are described which provide incubators with useful indications as to how they should position themselves strategically.