Innovate to Elevate: Understanding the Nexus of Entrepreneurship, Business Incubation Centers (BICs), and Economic Growth. A Review of Literature

Abstract

Purpose: This comprehensive review delves into the multifaceted impact of Business Incubation Centers (BICs) on economic growth and the broader startup ecosystemDesign/Methodology: Drawing on various research streams, encompassing entrepreneurship, BIC practices, geographical analysis, performance measurement, and theoretical developments, the study employs the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) methodology to enhance transparency and effectiveness in the review process. The central focus is on elucidating the critical role of BICs in fostering innovation, providing crucial support to startups, and ultimately contributing to economic prosperity.Findings: The review identifies the significance of cultivating an entrepreneurial attitude among founders and emphasizes the proactive role of marketing in ensuring the success of startups within BICs. Striking a delicate balance between providing support and promoting excellence emerges as a key theme in the analysis. In conclusion, the review affirms that BICs play a pivotal role in driving economic growth and fostering innovation within the startup ecosystem.Originality: The future outlook for BICs is promising, with the potential for significant economic transformation. The study suggests that future research should hone in on critical areas such as startup selection, incubator roles, comparative survival rates, and accountability. Additionally, leveraging technological advancements and conducting in-depth analyses can further strengthen the overall incubation ecosystem. This review serves as a comprehensive resource for scholars, policymakers, and practitioners interested in understanding the dynamic interplay between BICs, economic growth, and innovation in the contemporary business landscape.