Globalization and liberalization of economies and the growth of ICT has created enormous opportunities for knowledge based ventures. Innovation and entrepreneurship are critical drivers of social and economic development. With increasing awareness around the world, especially in developing economies, about the need to promote Innovation and Entrepreneurship, policymakers and other stakeholders increasingly view business incubation as an important tool to unleash human ingenuity, enable competitive enterprises and create sustainable jobs. This has resulted in the growth of Business Incubators to support new ventures, overcome the challenges faced by entrepreneurs and establish an ecosystem for the venture initiation process so that the start-ups are successful.
The challenges of developing an effective business the incubator can be met only by preparing and equipping the Incubation Managers in all the functional areas of the business incubation process. This can be done only through sharing of knowledge between incubation managers who have learned these processes by experience.
Engaging in international networking will also allow the incubators in developing countries to more rapidly adapt internationally recognized best practices. These programmes will also make the incubation managers understand the commonalities among the business incubators across regions and draft a strategy for the effectiveness of the incubator, based on the local conditions and environment.