Enterprise Development through Incubation Management

Abstract

This paper examines incubation management as a veritable growth stimulus vitally needed by the emerging economies with emphasis on the business and technology incubators. It discusses the need for management incubation, incubation models, the goals of business incubation, best practices for incubation processes, students’ participation in the activities of the business incubator, characteristics of it’s managerial structure among others.

The term ‘Incubation’, with its etymological roots in the Latin word incubatio, which referred to a practice by the ancient Romans of carrying rudimentary ideas with them for developing them into visionary dreams over a period of time. Incubators shared business services and equipment, technology support services, and assistance in obtaining financing necessary for company growth. It is recognized as a way of meeting a variety of economic and socio-economic policy needs which can include:Employment and wealth creation,support for small firms with high growth potential Transfer of technology Promoting innovation Enhancing links between universities, research institutions and the business community Industry cluster development and assessment of a company’s risk profile Business incubators accelerate the successful development of entrepreneurial companies through an array of business support resources and services. It’s main goal is to produce successful firms that leave the program financially viable and freestanding. These incubator graduates have the potential to create jobs and wealth, revitalize neighborhoods, commercialize new technologies and strengthen local and national economies. Technology Incubators bring about the development of technology-based firms. These are mainly located at or near universities / polytechnics and science and technology parks. Given the multitude of challenges being faced by entrepreneurs in emerging economies, there is a strong case for fostering incubation systems. The mentoring and business assistance provided by incubators are especially useful to individuals who are not part of business communities and/or do not enjoy support from families. Established businesses and promotional organizations associated with incubators would provide the latter’s clients with the much needed know-how available in such networks.

Keywords: Economic growth, Entrepreneurship, Business start – ups, Incubation management, Technology transfer and  Job creation,