Business Incubator Feasibility Study
Salient features of Business Incubator
Incubation, by definition, is a unique business support model that contains inbuilt capacity to contribute valuable interventions for enterprise creation and development (Eshun, 2009). The concept of incubation has achieved worldwide popularity for its efficacy in enabling a conducive environment for nurturing and supporting small and medium enterprises (OECD, 1997).A typical incubator stimulates creation and development of SMEs by providing physical work-space, shared office facilities, counseling, information, training, access to finance and professional services etc. at affordable prices(Lalkaka, 2001).
Role of Incubators
Basically social incubators main role and aim is to provide essential support
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Successful incubation, as applied by various countries, involves a supportive environment that facilitates the creation of new ventures and fulfillment of potential growth and giving such ventures the access to a wide range of business development resources. It also entails providing new ventures with tailored services. Therefore, business incubation is significant in seeding and developing new business ventures alongside technology transfer to facilitate potential growth in most economic sectors within a country (Pappas, …show more content…
The National Business Incubation Association (NBIA) also argues that business incubator programs are useful in ensuring that entrepreneurs have the ability to translate their ideas into sustainable and highly successful and functioning business investments by guiding them through the startup period and throughout the growing and development stages. As mentioned earlier, the most crucial importance of business incubator programs is provision of support to entrepreneurs during the vulnerable startup period. This ensures that there is a reduction in failure rate of new businesses during the initial stages of entrepreneurial process (Peters et al., 2004). In this regard, business incubator programs provide entrepreneurs with an upper hand in ensuring the success of new
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