September 10, 2017 -
Technology incubators, a variant of more traditional business incubation schemes, assist technology-oriented entrepreneurs in the start-up and early development stage of their firms by providing workspace (on preferential and flexible terms), shared facilities and a range of business support services.
Small – Medium enterprise (SME) play important role in economic development, entrepreneurship and employment. Most SME, especially in beginning, because of inexperience and unskillful in management, marketing, sale and …, also high start up costs, non profitability and low financial strength, are very vulnerable.
Technology Incubator is facilities, established to nurture young (start up) firms during their early months or years. It usually provides shared offices and services, training of management and marketing and, often, access to some form of financing. Also it provides support services for risk reduction of start ups.
IUST Technology Incubator was established in 2002, and deployed the first technology unit in august 22, 2007, after obtaining the necessary permissions. Now, more than 25 companies, start ups and technology units deployed in this incubator.
IUST has two stage supports:
Pre-incubation stage (P.I. Stage)
In beginning, SMEs and startups spend an average of 6 to 9 months at this stage. It refers to the periods of establishment, stabilization, and legal registration of newly initialized businesses.
At this stage, entrepreneurs and talented people are supported by Incubator to conduct preliminary studies and research, implementation of innovative and entrepreneurial ideas, company registration and configuration of a perfect business plan.
At this stage, SMEs provides with the nurturing environment needed to develop and improve their business plan and to be able to commercialize their prototype. This is a period during which early-stage companies would be able to compete in the global market place.
Here, private technology companies initialize their independent business activity and consume the benefits of B.I. along with technological and financial supports. This stage takes 3 to 5 years according to the screening committee evaluation of incubator.