Business Incubator for local Economic Development

Abstract

Local Economic Development is the process by which public, business, local government and non-government sector partners work collectively to cerate better conditions for economic growth and employment generation in a defined administrative area. In this process, the local area will provide a conducive environment for economic growth of the public. This may be. creating appropriate wage or self employment. There are various mechanism to create sustainable employment avenues such as investment subsidy, infrastructure development, business incubator. etc. Business incubator will provide infrastructure facilities to the upcoming entrepreneurs in a given area. This will reduce the investment burden of the entrepreneurs. In addition to this the incubator will also give business process support, such as technology, developing systems, marketing, etc. This paper illustrate the importance of business incubator in promoting entrepreneurship and employment avenues in the local area.