Technological incubators are supportive frameworks that enable entrepreneurs with innovative concepts to translate those ideas into commercial products and to establish their own companies.
Entrepreneurs are provided with subsidised premises, financial resources, project tools, professional guidance, and administrative assistance, and their start-up companies work to develop products of proven feasibility, innovative advantage, and competitiveness in the international marketplace.
Incubators offer a sense of legitimacy to entrepreneurs and considerably enhance their prospects of raising the financial investment for locating strategic partners and emerging with viable businesses.
Azione supports public sector agencies on their establishment, hence supporting the earliest stages of technological entrepreneurship that is not yet ready for private investors and preventing commercially viable technological ideas from going to waste due to a lack of resources.
Where the public sector is a full partner in the incubator process, rigorous acceptance procedures can keep success rates high. Projects are reviewed by technical experts to investigate its feasibility and business experts to examine every aspect of the project’s commercial implications, including potential markets, pricing, investment overheads, and competitors.
The typical incubator organisation comprises of:
- Support for companies to develop products that can attract private investors
- A skilled and experienced general manager and a board of directors
- Suitable facilities for R&D activity and administrative and logistic support to projects
Incubators are structured to handle several projects simultaneously and should assist in the following: determining the technological and marketing applicability of the ideas, drawing up R&D plans and organising the R&D teams, raising capital and preparing for marketing, provision of secretarial and administrative services, maintenance, procurements, accounting, and legal advice.
By the end of each project, there would be a prototype and a business plan, and the project should be ready for further commercial investment and/or the involvement of a strategic partner.