Verb, apparently. American version of the much simpler root word "incent".
Why they can't seem to cope with this much simpler word, I don't know.. obviously doesn't sound important enough.
Synonyms for incentivize
On this page, you will find 30 slang terms related to incentivize. Some of the top words include: Der, get your neck, backflip, aight, pluh, and 25 more.