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A study of technology-based business incubation was conducted to investigate and contrast the differences and similarities between private, university, and government incubation. Sample operating models from existing universities are explored demonstrating the various permutations and combinations of operating philosophies. The operating models are reviewed in light of their broader fit within the realm of technology entrepreneurship, commercialization, and management in the United States. Using these results, a 9-step checklist for creating an incubator is promulgated with the intention of being used at each stage of incubator development, including the feasibility study stage, the launch stage, and the maintenance, operation, and improvement stage.. Finally, a series of recommendations are made for establishing a technology-based incubation program in the Canary Islands in response to their desire to move the region from a purely tourism-based economy to a more diverse economic make-up that includes technology-based business incubation spinning off from Canary Island universities.