The options for conventional graduate careers have become more limited in the last 20 years. This has stimulated an increase in university programmes and modules designed to encourage students to start their own businesses. The recent global COVID-19 pandemic is likely to make the job market even more difficult for those graduating from universities in the next few years. A career as an entrepreneur is a realistic alternative to employment in the 'gig' economy for many young graduates. University-based incubators can provide a sheltered learning environment for those wishing to develop business ideas without incurring a large financial burden. In this paper, the authors draw on a range of literature (business incubation, entrepreneurial learning, human capital and communities of practice) to develop a model of a university-based incubator that will support young people in their transition to becoming real entrepreneurs.