| Introduction |
Business Incubation is a business support process that accelerates the successful development of start-up and fledging companies by providing entrepreneurs with an array of targeted resources and services. These services are usually developed or orchestrated by incubator management and offered both in the business incubator and through its framework of contacts. A business incubator’s main goal is to produce successful firms that will leave the program financially viable and freestanding. These incubator graduates have the potential to create jobs, revitalize neighborhoods, commercialize new technologies, and strengthen local and national economies.
It is apparent that incubators have a greater impact on the economy when they maintain ties with the university because of the impact on three important groups i.e. entrepreneurs, students, and universities. Higher Education Commission (HEC) has taken this initiative to form Incubation Centers at Public Sector Universities. The purpose of Business Incubation Center (BIC) is to provide an atmosphere where small businesses can grow and prosper. HEC is accentuating on establishment of BICs in Public Sector Universities to support researchers/young entrepreneur /startups, who are intended in developing promising early-stage business ventures.
This program is designed to:
- promote the commercial research culture through the strong venture of university-industry Tag.
- boost the economic development by verge of Industrial Research output.
- foster the formation and development of start-up businesses to the point of obtaining significant, third-party investment support.
- educate startup companies/entrepreneur about the process of new venture development to improve their potential for future entrepreneurial success.
- create an entrepreneurial community to give students the experience of learning through mutual support, a process critical for successful entrepreneurship.
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