In March 2001, the Baiada Institute opened its state-of-the-art entrepreneurial environment at Drexel University in Philadelphia. The Baiada Institute contains incubation space for student teams creating businesses while at Drexel, including private, dedicated workstations that are awarded to teams based on winning the Business Plan Competition and/or exceptional merit and progress in turning ventures into realities. Baiada Recently, the Baiada Business Incubator Competition launched a pre-incubation program for up to five teams made up of current or former students who are interested in competing in the Incubator Competition.