ENTERPRISE DEVELOPMENT
THROUGH INCUBATION MANAGEMENT.
BY
Raheem Shefiu
CENTRE FOR
ENTREPRENUERSHIP DEVELOPMENT, CED,
YABA COLLEGE OF TECHNOLOGY, YABA, LAGOS.
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,
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