Guiding Economic Innovation Through Business Incubators: Critical Elements of Successful Business Incubation Guiding Economic Innovation Through Business Incubators: Critical Elements of Successful Business Incubation

Author: Takis Damaskopoulos
Series: Study
Publication Date: July 2003
Category: Premium Membership



Abstract
Innovation today constitutes the primary driver of economic development. The importance of innovation is increasing in the context of the transition from a resource-based economy to one focused on the creation and application of knowledge toward improved economic and business performance. In this context, the commercial management and application of knowledge has profound impacts on how economic systems establish and develop new business. Business incubation and acceleration have an essential role to play in how these businesses are established and how they develop both as individual business entities and as parts of wider regional economic strategies of economic development.

This study presents the findings of international primary empirical research in dynamic innovation systems in countries such as France, Denmark, Finland, Spain and insights drawn from existing research on incubation systems in the United Kingdom, the United States and Australia. The main objective of the study was to identify international best practices, the key actors, organisational and management models, financial and marketing models and strategic positioning that underpin successful incubation and acceleration systems in order to identify the conditions for setting up an incubator in alignment with the developmental requirements of the region of Umbria, Italy.