The Role of Business Incubators in Creating an Entrepreneurial Ecosystem: A Study of the Sultanate of Oman
Keywords:Business Incubators, Entrepreneur, Ecosystem, Economic Development, Sultanate of Oman
A start up entrepreneur faces several hurdles and challenges including sources of funding, rigid labour regulations, finding a market for products and social and cultural issues. These problems are compounded due to the lack of an effective and supportive entrepreneurial ecosystem and lack of support, especially in developing countries like Sultanate of Oman. In this scenario, business incubators can play a crucial role in supporting and helping budding entrepreneurs in setting up their business. Business incubators are facilities that provide shared resources for young businesses, such as office space, consultants and personnel. They function as advisory boards for start-ups and may also provide access to financing and technical support. Most incubators are not – for – profit enterprises set up by universities, companies or communities of entrepreneurs. According to the National Business Incubation Association, around 17000 incubators existed around the world in 2017. This paper throws light on how incubators are critical in building an entrepreneurial ecosystem in developing countries like Oman. The researchers conclude that while there is a vibrant start up community in Oman, but a lot remains to be done to encourage business incubators especially in educational institutions. The paper throws light on the present state of the incubation industry in Oman and discusses how the incubators are contributing to the economic development of the nation.
Adegbite O, (2001). Business Incubators and Small Enterprise Development: The Nigerian Experience, Small Business Economics, vol. 17, pp.157–166.
Aernoudt R., (2004). Incubators Tool for Entrepreneurship, Small Business Economics, Vol. 23, No. 2, pp. 127-135.
Aerts K, Matthyssens P. & Vandenbempt K, (2007). Critical role and screening practices of European business incubators. Technovation, Vol 27, No.5, pp. 254-267
Al-Mubaraki, H.M. & Busler M, (2001). Incubator successes: Lessons learned from successful incubators towards the 21st century, World Journal of Science, Technology and Sustainable Development, Vol. 11, Issue 1, p. 3-3
Bessant, J. & Tidd, J, (2009). Innovation and Entrepreneurship. 2nd Edition. Chichester: John Wiley and Sons, Ltd, Great Britain, pp. 255-297.
Bøllingtoft and Ulhøi, (2005). The Networked Business Incubator — Leveraging Entrepreneurial Agency? Journal of Business Venturing, Vol. 20, No. 2, pp. 265-290.
Burns, P. & Dewhurst, J., (1996). Small Business and Entrepreneurship, London: McMillan Press Ltd, United Kingdom, pp. 37-73
Deborah M, & Kevin M. (1995). Economic and Fiscal Impacts of a Business Incubator, Economic Development Quarterly, Vol.9, Issue3,
Grimaldi R & Grandi A, (2005). Business incubators and new venture creation: an assessment of incubating models, Technovation 25 (2), pp. 111-121
Hackett, S. M & Dilts, D.M. (2004). A systematic review of business incubation research, Journal of Technology Transfer, vol. 29, pp. 55–820. https://doi.org/10.1023/B:JOTT.0000011181.11952.0f.
Jorge M. & Rivera C., (2007). An Ex Post Comparative analysis of SME formation in Brazil and Mexico, International Journal of Emerging Markets, Vol. 2, No.2, pp. 144-165.
Lalkaka, R. (2002). Technology Business Incubators to help build an Innovation-Based Economy, Journal of Change Management, Vol. 3, No.2, pp. 167-176.
Lalkaka, R., (1997). Lessons from international experience for the promotion of business incubation systems in emerging economies. Vienna: UNIDO
Mahmood, N. Jianfeng C, Jamil F, Karmad J, Khan M, (2015). Business Incubators: Boon of boondoggle for SMEs and Economic Development of Pakistan, International Journal of u-and e- Service, Science and Technology, Vol.8, No.4, pp.147-158.
Masutha, M. and Rogers, C. M. (2014). Small Enterprise Development in South Africa: Role of Business Incubators, Bulletin of Geography, Social – economic series No. 26, Turin: Nicholas Copernicus University, pp.141-155.
Meru A.K & Struwig M, (2015). Business – Incubation Process and Business Development in Kenya: Challenges and Recommendations, Journal of Entrepreneurship and Innovation in Emerging Economies, Vol.1, No.1
Ogutu, V. O. & Kihonge, E. (2016). Impact of Business Incubators on Economic Growth and Entrepreneurship Development, International Journal of Science and Research, Vol.5, Issue 5, pp.231-241.
Seoane, F.J.F., Rodriguez, G. R. & Rojo, D. A. (2014). The Influence of Training and gender in entrepreneurship through Business Incubators in Galicia (Spain), International Journal of Social Science and Entrepreneurship, Vol.1, Issue 9, pp. 611-623.
Shanfari, D. (2012). Entrepreneurship in Oman: A Snapshot of the Main Challenges, Paper presented at the United Nations Conference on Trade and Development: Multi-year expert meeting on enterprise development policies and capacity-building in science, Geneva.
The State of Small and Medium Enterprises in Slovakia in (2009). Bratislava: National Agency for Development of Small and Medium Enterprises, 94 p.
Wagner, K. V. (2006). Business development incubator programs! An Assessment of performance in Missouri. A Dissertation presented in partial fulfilment of the requirement for the degree of Doctor of philosophy. Capeila University