Posts

Showing posts with the label start up incubators

Using Business Incubators for Economic Development

Image
The United States, Europe and Asia are trying to spark their economies by encouraging national development. A paper by Al-Mubaraki and Busler (2013) explores the concept of how business incubation supports diverse economies, commercialization of new technologies, improves the job market, and creates local wealth. They further discuss how local decision-makers can foster new economic activity in their regions to develop future sustainable wealth.  Business incubation is part economic and part social. The goal is to encourage start-up businesses to find economic and social footing among like minded individuals to leave them free standing and viable. It is a seeding process that eventually leads to higher levels of local innovation and growth oriented companies that further the economic and social needs of the area. It is through local development that national interests can be secured. Economic development is a process of wealth generation that takes into consideration the