The role and the contribution of business incubators in supporting economic developments

Abstract

This paper reports, explores and investigates on the initiatives whereby incubators were used to stimulate the economy. Initially the study pursued the role of business incubator organisations and their impacts on the economic developments in the United States of America and the benefits in the Gulf Cooperation Council (GCC) member states. Incubation programs support diversify economies, commercialise technologies, create jobs and build wealth. According to the National Business Incubation Association (NBIA), business incubators help entrepreneurs translate their ideas into workable and sustainable businesses by guiding them from the beginning to being able to achieve a growing and thriving business. Business incubation provides entrepreneurs with expertise, networks and tools that they need to make their ventures successful. This paper provides evidence which based on current literature concerning business incubators as an effective and innovative tool of economic developments. The research methodologies adopted in this research study are desk-research and case study of 5 incubator organisations in the GCC member states. However, the paper provides guidance, suggestions and recommendations to change the adoption of such programmes in order to stimulate