Technology business incubators to help build an innovation-based economy

Abstract

In this age of exponential technology development and relentless globalisation, innovation and entrepreneurship have become the prime drivers of economic growth. Measures to build an innovation-based economy are outlined. One such measure is the establishment of technology business incubators to nurture nascent ventures by providing focused counselling and facilitation services together with smart workspace and shared office facilities. An incubator, often sited within a technology park and affiliated to a technical university or research institute, provides a platform for convergence of support in a synergistic system. The state, business, venture capital and community each have special roles to play in stimulating the venture creation process. Examples are given of incubation arrangements in the USA and in China, Brazil and India — each customised to the local conditions and culture. The performance of this modality has now to be enhanced by identifying and applying good practices through systems of benchmarking and continuous learning. With some 3,500 incubators worldwide today, the need is felt — and the e-capability exists — to establish a virtual World Incubation Network.