University Incubators: A Gateway to an Entrepreneurial Society

Abstract

The paper argues that universities would enhance their participation through an effective and well-integrated incubation system for the development of sustainable entrepreneurial society. This study reviews the shifting trend of universities in society from teaching to research and development, innovation, entrepreneurship, and recently to facilitate an entrepreneurial society by promoting entrepreneurial culture and institutional development. It is categorically accepted by researchers that the 21^st century will rely on knowledge, innovation, entrepreneurship, and business incubators. However, universities are lacking to contribute with full strength in research commercialization, entrepreneurship and economic growth. In this study, the strengths and weaknesses of university incubators are highlighted to enhance their efficacy for a better economic output. University incubators provide a facilitative environment for revenue generation by ensuring a cloud with financial, legal and technical support for a win-win interaction between universities, business tycoons, government and community. The ideas of human capital, knowledge and, research and development have evolved the economies towards knowledge based economies by having creativity, innovation, knowledge transfer, information access and supportive infrastructure. In an entrepreneurial society, universities move one step ahead by structuring the mechanisms to facilitate entrepreneurial culture and, creating institutes and leaders. Finally, the study presents some future directions for university incubators with policy recommendations.

Keywords: University incubator; Entrepreneurial society; Knowledge transfer; University industry linkages; Commercialization; Entrepreneurship; Spinoffs; Institutional Development.