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 OmanAbstract
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.
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