Surely the vast majority of incubators fail? Running an incubator is high status so it attracts peacocks not busy beavers, plus it is an extremely difficult business to be successful at. The incubator in New Zealand that I had experience of was government funded, so that incubator also had perverse non-financial incentives. A bit more on my opinion of the problems with being a company at an incubator: https://news.ycombinator.com/item?id=30130572