Recent policy initiatives evidence a vigorous interest in arts-based community development. Arts incubators are one means for such development, as well as a means for supporting artists and arts organizations. Literature suggests wide variance across arts incubator objectives: some aim “to produce successful firms that will leave the program financially viable and freestanding,” while others pursue such diverse goals as supporting individual professional development, providing gallery space, or advocating for social change. There is also a diversity of organizational forms, governance structures, and funding models. This article offers a typology of arts incubators based on organizational objectives through the lens of stakeholder theory.