Technology Business Incubators: Enablers for Creating Knowledge Based Enterprises

Abstract

The concept of Business Incubator, which evolved in the last 30 years, plays a vital role as a common platform, which brings together the four major dimensions - individual, organisation, environment and process. The "first generation" incubators in the 1980s were essentially offering affordable space and shared facilities to the entrepreneurs. The "second generation" business incubators, evolved during the 1990s, supplemented the space and shared facilities with counselling, skills enhancement and networking services to access professional support and seed capital. The process of globalisation, scientific and technological advancements, newer development in information and communication technology and emergence of knowledge based industries led to the development of "third generation" model-Technology Business Incubators (TBI) from the year 1998. TBI is an economic development tool designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services. TBI is a place where new knowledge based ideas, methods, process or products are inspired and introduced.