The Role Business Incubators Play in Entrepreneurship Development
In a study titled, Role of Business Incubators as a Tool for Entrepreneurship Development, the researchers discuss the role that business incubators play in business development. It examines the services that incubators provide to small businesses which include the following: networking services, capital support, and training programs (Li et al., 2020).
Critical Role of Business Incubators
Most small businesses do not survive past a few years as a result of many challenges. (Li et al., 2020) states "In this situation, business incubators can play an essential role in ensuring the growth and development of small businesses. Several studies conducted throughout the world clearly show the critical role played by business incubators in economic growth and entrepreneurship development.
According to (Li et al., 2020), "business incubation can provide resources for
start-ups such as networking services, office space, training programs, consultancy, and other essential services, but it also aims to promote intranets and knowledge transfer between start-ups.
The results of the study found that promoting entrepreneurship development is essential for a weak economy, and also to improve entrepreneurship development. Lastly the findings of the study indicate that "government regulations and services of business incubators including training programs, capital support, and networking services play a crucial role in supporting entrepreneurship development" (Li et al., 2020).
Listed below is a couple of small business Incubators:
1. Hello Alice
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Nadine Muhammad has a Master of Science in Economic Development and Entrepreneurship. She is the owner of an online bookstore Nation's Products and NLM Economic Development Services. For a consultation with business plan writing or developing an economic development strategic plan for your community send an email to nlmeconomicdevelopmentservices@gmail.com
Li, C., Ahmed, N., Qalati, S. A., Khan, A., & Naz, S. (2020). Role of business incubators as a tool for entrepreneurship development: the mediating and moderating role of business start-up and government regulations. Sustainability, 12(5), 1822. https://www.mdpi.com/2071-1050/12/5/1822
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