Technology Incubators… Creativity and Innovation Support

Creativity and Innovation

Creativity and Innovation

The establishment of a startup company usually begins as an individual task. It will also usually be accompanied by challenges and a lack of a clear definition of the short-term steps needed to be taken to ensure the success of the startup. this is due to the absence of the financial and moral support that the startup may need, support like consultations and assisted access to funding. The role of business incubators arises in this framework to achieve the goals set by young entrepreneurs, and even put them on the right path to turn their creative ideas into tangible productive projects.

 

Incubators are a key part of the business ecosystem, which help entrepreneurs transform their innovative ideas into viable projects. Incubators provide an integrated range of services aimed at supporting and stimulating start-ups, especially in the early stages of the establishment, enabling the entrepreneur to focus on the core of the work during those shaky early stages. As the company grows, its dependence on the incubator is greatly reduced until it eventually no longer needs its services.

 

Business incubators are a basis to the supportive environment which supports projects and young people’s creative ideas. These incubators are enabled and enhanced through integrated mechanisms to ensure the success of their new projects. The main inputs of these incubators are the creative youth, financing and supporting parties, while their outputs are to establish economically feasible, technical, creative and unconventional projects. The process of incubation includes an integrated and comprehensive package for all types of support and assistance required by the projects and by the new creative ideas.

 

This is the reason why a great number of potential entrepreneurs bring their “own ideas” to business incubators and accelerators to facilitate the launch and the management of new projects. These incubators provide incubation programs during the early critical years of the project to increase the chance of success by providing a range of services including for instance, the provision of office space to work, assistance in developing action plans, education and training, legal, administrative and marketing consultancy, making it easier for these projects to accomplish the establishment phase and shorten the time needed to operate, and thus reduce the chances of failure.

 

The concept of incubators is not fortuitous. It arose a long time ago. The business and micro-projects incubators dated back to the seventies, though the oldest was set in Batavia – New York, USA, in 1959. The real support and thriving of incubators was achieved through the U.S. Small Business Administration that have strived to increase the number of incubators, from 20 in 1984 to more than 70 in 1987. This endeavor was also adopted by the EU countries and then by Southeast Asian countries, where incubators were the most important drivers of the economic growth.

 

Incubators prevailed and thrived in many regions of the world, especially in developed countries, alike the United States and the United Kingdom and others, as well as in many Arab countries. This concept also extended to the Saudi market, to reach approximately eight business incubators within the official or semi-official institutions.
The entrepreneurial environment in Saudi Arabia is bursting with a number of  business incubators, which represent the starting point for many emerging companies. Governmental entities consider the small and emerging companies as the core of the entrepreneurial sector, and it is very important to ensure their stability and success, and to continue to support and guide them through business incubators.

 

Specifically, in the technical field, King Abdulaziz City for Science and Technology (KACST), represented by Badir Program for Technology Incubators and accelerators, shows a special interest in supporting entrepreneurial technology incubators in the Kingdom in order to establish new technology projects, provide promising investment opportunities and offer various facilitations that help Saudi entrepreneurs transform their technical ideas into successful investment projects that contribute to the income sources diversification and provide more job opportunities for young saudis.

 

Badir program offers a number of services to business entrepreneurs, such as assistance in developing business plans for the incubated projects, preparing workshops of different subjects to develop the individual skills of the incubated startup owner, offering legal, administrative, and marketing advice, developing research, marketing, and promotional skills, building relationships with the commercial parties in the Saudi and world commercial market, assistance in getting the necessary funding by facilitating access to financial support sources, along with the ongoing follow-up, support to develop the project and make it a success.

 

All business entrepreneurs and owners of innovative startups who would like to convert their ideas into successful technical companies, can communicate with the program, and the latter will support them.

Tuesday 7 March 2017
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