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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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