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Adelowo Caleb M. , Olaopa R. O. , Siyanbola W. O.
National Centre for Technology Management (Federal Ministry of Science and Technology) PMB 012, Obafemi Awolowo University, Ile-Ife, Nigeria Correspondence to: Adelowo Caleb M. , National Centre for Technology Management (Federal Ministry of Science and Technology) PMB 012, Obafemi Awolowo University, Ile-Ife, Nigeria.Email:
Copyright © 2012 Scientific & Academic Publishing. Embed picture in mp3. All Rights Reserved.
Corruption of champions image pack. Abstract
SMEs form sizeable proportion of enterprises of most developed and rapidly developing countries because of their contribution to GDP, employment and socio-economic development. Given their limitations of size and resources, SMEs need special attention and assistance to survive and compete in the global market place. Technology Business Incubation (TBI) therefore becomes a constructive intervention process to establish a positive environment that can nurture technology-based SMEs for sustainable development. The success of TBI depends on how the incubators are designed and managed. This paper discusses some of the challenges facing TBIs in Nigeria followed by requisite policy measures to resolving them.
Keywords: TBIs, SMEs, Nigeria, incubatees, Programmes
Cite this paper: Adelowo Caleb M. , Olaopa R. O. , Siyanbola W. O. , ’Technology Business Incubation as Strategy for SME Development: How Far, How Well in Nigeria?’, Science and Technology, Vol. 2 No. 6, 2012, pp. 172-181. doi: 10.5923/j.scit.20120206.06. Article Outline1. Introduction1.1. What then is Technology Business Incubations (TBIs)?1.2. Incubation Process2. Best Practices around the World 2.1. The United States2.2. China2.3. Israel’s Technology Incubator Programme2.4. Nigerian Case3. Making TBIs work in Nigeria 4. Policy Options for Enhancing and Strengthening Technology Incubation in Nigeria5. ConclusionsAppendix I1. IntroductionSmall and Medium Enterprises (SMEs) constitute a significant part of most economies and make valuable contributions to its growth through innovation and competition[1,2,3,4,5]. They are major, indeed disproportionate, employers of labour and deployers of capital. They do, however, suffer size related disadvantages in access to finance, especially long-term finance and in management, SMEs have only limited management time available for extramural activities. They cannot benefit from scale economies both from the output and input side. Small size is an important constraint for process and product innovations, which are the core of recent competitiveness[2]. Moreover, difficulties in gaining access to tangible and intangible resources, limited access to scientific knowledge, poor management skills, and lack of know-how hamper survival rates among (high tech) new ventures [6,7,8,9,10,11]. These drawbacks that are common to entrepreneurs and new ventures in most developed countries are exacerbated in developing countries due to additional impeding factors, such as lack of human capital, high macroeconomic volatility, and poor functioning formal institutions. Compensation for these disadvantages could level the playing field and enhance the commercial effectiveness of small enterprises. Many of them could also benefit from closer contact with relevant university departments and research institutions. Support programmes range from technical assistance to tax incentives, from direct supply of capital to regulatory provisions, training support to innovation and other types of incentives are important contribution to the survival of small firms in this keenly competitive and knowledge-based economy. Two of the mechanisms employed to nurture and provides these services to small firms for more than two decades are ‘business incubation’ and/or ‘technology parks’. Incubators provide an attractive framework to practitioners in dealing with the difficulties in the process of entrepreneurship summarized above. They can be considered as a remedy for the disadvantages that small and new firms encounter by providing numerous business support services and they are useful in fostering technological innovation and industrial renewal (6,7,12,13). They can be viewed as a mechanism (i) to support regional development through job creation[14,15,16,17], (ii) for new high tech venture creation, technological entrepreneurship, commercialization, and transfer of technology[15,18,19,20], (iii) an initiative to deal with market failures relating to knowledge and other inputs of innovative process[21]. Studies have shown that one third of new firms do not survive the third year and about 60 per cent do not survive the seventh year[22]. This number considerably falls to 15–20 per cent among incubator tenants[23,24,25,26]. For these reasons many countries have increasingly been engaged in establishing incubators.In general terms, tenant firms of technology incubators are start-ups or spin-off firms, which are established specifically to exploit technologies that are develop in the nearby tertiary institutions/research institutes or private laboratories. The proximity of the incubators to the knowledge sources enables the firms to have adequate interactions required to sustain the exploitation of the emerging technologies.1.1. What then is Technology Business Incubations (TBIs)?
Value of local and state government non-residential construction 2000-2019 Value of local and state government commercial construction 2008-2019 U.S. Private construction: value of new. Packaging fresh fruits and vegetables is one of the more important steps in the long and complicated journey from grower to consumer. Bags, crates, hampers, baskets, cartons, bulk bins, and palletized containers are convenient containers for handling, transporting, and marketing fresh produce. The Emergency Management Guide for Business & Industry was produced by the Federal Emergency Management Agency (FEMA) and supported by a number of private companies and associations representing business and industry. The approaches described in this guide are recommendations, not regulations. There are no reporting requirements, nor will. The Importance of Sustainable Business Practices in the Viennese Accommodation Industry Submitted by Marita Raderbauer to the University of Exeter as a thesis for the degree of Master of Sciences September 2011 This dissertation is an original piece of work, I acknowledge that I have read and understood the university rules concerning plagiarism. May 28, 2017 Problems with clarity in a situation. It is extremely. Important that managers clearly state goals and objectives up. Encompasses anything from monetary resources to equipment. It is the responsibility of management to aide the. If required resources. This refers to the motivation of the employee to. Managers must remember that.There are several definitions and approaches to business and technology incubation. Conceptually ‘incubation’ is a more diligent and planned process than clustering or `co-location’ and therefore needs careful attention to the problems of prospective occupants, extending well beyond providing infrastructure and office services (27,41). According to the National Business Incubators Association (NBIA), “Business Incubation catalyses the process of starting and growing companies, providing entrepreneurs with the expertise, networks and tools they need to make their ventures successful. Incubation programmes diversify economies, commercialise technologies, create jobs and create wealth”. The technology incubators generally focus on nurturing technology intensive enterprises and knowledge-based ventures. The technology incubation system (TIs) is variously represented by entities such as Technopolis, Science Parks, Research Parks, Technology Parks, Technology and/or Business Incubators. These entities operate as separate organisations but are mostly integrated with other players in the innovation system. The terms Science Parks, Research Parks and Technology Parks as well as Technology Incubators (TIs), Technology Innovation Centres (TICs) and Technology Business Incubators (TBIs) are used interchangeably in many countries depending on the level and type of interaction between R&D community, venture funding and industry. In this paper the term business incubator will be taken to mean a controlled environment-physical or virtual- that cares, and helps new ventures at an early stage until they are able to be self-sustained through traditional means while TI will apply generically to all the organizational forms for promoting technology-oriented SMEs respectively. The attributes of various constituents of TIs are indicated (see Table 1 of the appendix).The organizational format of TIs also varies and could generally be categorized as public or not-for-profit incubators, private incubators, academic-related incubators and public/private incubators which are referred to as hybrid in most literatures (see table II).Also, TIs may thus have a wide range of goals and objectives giving rise to different forms of incubators specializing in accessing diverse resources as depicted in Figure 1(see Appendix).1.2. Incubation ProcessThe incubation process involves a number of stakeholders and operates in terms of a simple input-output model. The “inputs’’ mainly consist of the inputs made by stakeholders (e.g. provision of finance), management resources, and projects put forward by entrepreneurs; the middle process is known as the “Reactors’’ where various inputs are brought together in the business incubation process through the provision of incubator space and other services to companies while the “outputs’’ is the last process where successful companies graduate with positive job and wealth creation impacts on local economies (see figure II of the appendix). Incubation process, if properly followed, could lead to many benefits. In theory, TIs stimulate the innovation process by linking technology development to market demands, while providing capital for innovation, particularly in start-up enterprises that are deemed too risky for many investors[28,7]. They foster effective interactions among the elements of the National System of Innovation (NSI) and facilitate the commercialisation of research results as well as the acquisition and use of state-of-the-art technologies. Not only this, TIs promote the exploitation of domestic resources which equally lead to the improvement of international competitiveness of national industry. In summary, the benefits of TIs to respective stakeholders are synoptically presented figure III of the appendix.2. Best Practices around the World 2.1. The United StatesIn the year 2000, according to NBIA there were about 900 incubators of all types and models in the United States (Peters et al, 2004) (and as at 2009, it has increased to about 7,500 with almost half in Asian countries[29]). American incubators have had a lot of impacts on their economy over the past fifty (50) years. As per the NBIA estimates, since 1980 the North American incubators have generated 500,000 jobs and every 50 jobs created by an incubator has generated another 25 jobs in the community. Incubator graduates create jobs, revitalise neighbourhoods and commercialise new technologies, which strengthen local, regional and even national economies. The survival rates of the U.S. incubators graduates are in the average of 87% and it have also brought down the start-up cost by nearly 40-50 per cent. Similarly, OECD countries have also reported high survival rate ranging from 80-85 per cent as against 30-35% survival rates of non-incubators start-up firms[30]. Specifically the ‘Silicon Valley-Innovation machine’ has generated 7,000 electronics & software companies; 300,000 top scientists (1/3 born abroad) and many new firms and new millionaires are made almost every month. What makes Silicon Valley work is that there is critical mass of scientists, Technical infrastructure, venture Capital, Risk-taking culture, competition, ethnically diverse and world-class research universities[25]. These resources are very critical for the survival of incubator and the incubatees.2.2. ChinaAccording to Korean Business Incubation Association (KOBIA) there are over 1,500 incubators in some of the countries of the Asia Pacific region as at 2003 (Table 3). Japan has established nearly 200 incubators, the Republic of Korea has around 330 incubators and China is leading in the region with a figure of 460 while the number has increased to over 1,050 in 2009. India has also established more than 30 S&T entrepreneurs’ parks (STEPs) and TBIs apart from 35 software parks. Hong Kong, China, Singapore, Taiwan Province of China and Malaysia have also invested in technology incubators and parks with the major focus on ICT and biotechnology. In addition, countries such as Philippines, Indonesia and Thailand have also established few technology incubators and other developing countries in the Asia Pacific region have also shown keen interest in the TI programmes. Nearly 80% of the incubators in the region are TIs (see Table 3 in the appendix).The incubators in most of the developing countries are in the early stage of development and the majority of them are supported by the Federal and/or local governments. Some support has also been extended by multilateral and bilateral donor organisations. In some countries such as China, Malaysia, Republic of Korea and Singapore a few high-tech companies have now started investing in incubator programs to foster their R&D activities[31]. The details of incubator graduates (firms) in selected Asian countries are shown in Table 4 (appendix).China has been one of the early protagonists of TBIs. The technology incubation policies and programmes in China basically evolved from the `Torch’ programme initiated in 1988 by the State Council and is implemented by the Ministry of Science and Technology (MOST). The Torch programme is truly all-embracing. The core mission of the Torch Program is to give scope to the advantages and potentials of China’s scientific and technological forces and accelerate commercialization of high and new technology achievements, industrialization of high and new technology products and internationalization of the high and new technology industry with market as the orientation[32]. The focus of the Torch Program is to create an environment favourable for the development of high and new technology industry, which include such initiatives as formulation of related policies, laws and regulations, establishment of a suitable management and operation system for high-tech industry, exploration of new financing channels including venture capital investment mechanism, developing domestic and foreign information sources, building information networks and formulate long and mid-term development plans as well as implementation plans consistent with objective reality.The programme administration, in consultation with the MOST and other ministries formulate the policies, laws and regulations for the development of high-tech industries, establishes operational mechanisms for the development of high-tech industries, promotes financing sources and venture capital mechanisms, creates information and business networks and also prepares the medium and long term implementation plans. The national government is also supporting high-tech enterprises involved in the implementation of Torch Programme through preferential policies[33]. The Torch programme also implements specific projects for the development and commercialization of new technologies in specialized fields. Most of the high-tech incubators have been established by the administrations for Science and Technology Industrial Parks (STIPs) coordinated and administered by the Torch programme office. Priority areas include new materials, environmental technologies, biotechnology, and aerospace and information technology. Tenant companies are mostly spin offs from universities, R&D institutions, state owned enterprises but ownership typically remains with the parent institution. The Chinese SME Promotion Law has also been a positive development that has enabled the growth of SMEs in China.There are now other incubator types and forms being set up in China with the support from various sources such as government, universities, self-financing and also through public-private partnership. China has been proactive in formulating specific fiscal policies and incentives to encourage both the incubators and their tenants such as providing tax exemption, reduction of income tax, low rentals to attract talented entrepreneurs and start-up companies and also to facilitate international cooperation and financing mechanisms. Besides the national, local governments have also formulated policies and enacted laws for encouraging technological innovation, commercialization of R&D results and promotion of technology intensive SMEs which tacitly support the development of technology business incubation in China[34]. As a result, China is only next to USA in the number of operational TIs. This is the result of strong government back-up, proactive policies, programmes and extensive networking. In China the emphasis is increasingly on the development of technology based SMEs through TIs. At present China’s technology incubators are in a transitional phase from government-owned, non-profit institutions to mixed non-profit and profit ownership. In China, the first TBI formed in 1987 was modelled after best practices used in developed countries and adapted to specifically suit China’s unique business conditions. The objectives are to:i. offer hi-tech start-ups with optimal incubation servicesii. offer an environment for market exploitation and international cooperationiii. training founders of companies to become mature entrepreneursiv. form part of major measures to help develop China’s hi-tech industryChina’s TBIs strengths are as a result of: • Strong government investment (over $2billion) has enabled rapid expansion to 1,600 incubators • Introduction of International Business Incubators (1997) in China, and abroad in UK, USA, Russia, Singapore• Promoting cultural changes from ‘socialist’ to ‘market’• Now becoming vast Real Estate & virtual opportunities• The national development strategy- ‘Torch programme initiative’• Critical mass of scientist and technical infrastructure.The result of the effort of government of People’s Republic of China to develop a virile incubator through the Torch programme generated the result in table 5 of the appendix;In 2008, China earmarked US$3 billion for in
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Adelowo Caleb M. , Olaopa R. O. , Siyanbola W. O.
National Centre for Technology Management (Federal Ministry of Science and Technology) PMB 012, Obafemi Awolowo University, Ile-Ife, Nigeria Correspondence to: Adelowo Caleb M. , National Centre for Technology Management (Federal Ministry of Science and Technology) PMB 012, Obafemi Awolowo University, Ile-Ife, Nigeria.Email:
Copyright © 2012 Scientific & Academic Publishing. Embed picture in mp3. All Rights Reserved.
Corruption of champions image pack. Abstract
SMEs form sizeable proportion of enterprises of most developed and rapidly developing countries because of their contribution to GDP, employment and socio-economic development. Given their limitations of size and resources, SMEs need special attention and assistance to survive and compete in the global market place. Technology Business Incubation (TBI) therefore becomes a constructive intervention process to establish a positive environment that can nurture technology-based SMEs for sustainable development. The success of TBI depends on how the incubators are designed and managed. This paper discusses some of the challenges facing TBIs in Nigeria followed by requisite policy measures to resolving them.
Keywords: TBIs, SMEs, Nigeria, incubatees, Programmes
Cite this paper: Adelowo Caleb M. , Olaopa R. O. , Siyanbola W. O. , ’Technology Business Incubation as Strategy for SME Development: How Far, How Well in Nigeria?’, Science and Technology, Vol. 2 No. 6, 2012, pp. 172-181. doi: 10.5923/j.scit.20120206.06. Article Outline1. Introduction1.1. What then is Technology Business Incubations (TBIs)?1.2. Incubation Process2. Best Practices around the World 2.1. The United States2.2. China2.3. Israel’s Technology Incubator Programme2.4. Nigerian Case3. Making TBIs work in Nigeria 4. Policy Options for Enhancing and Strengthening Technology Incubation in Nigeria5. ConclusionsAppendix I1. IntroductionSmall and Medium Enterprises (SMEs) constitute a significant part of most economies and make valuable contributions to its growth through innovation and competition[1,2,3,4,5]. They are major, indeed disproportionate, employers of labour and deployers of capital. They do, however, suffer size related disadvantages in access to finance, especially long-term finance and in management, SMEs have only limited management time available for extramural activities. They cannot benefit from scale economies both from the output and input side. Small size is an important constraint for process and product innovations, which are the core of recent competitiveness[2]. Moreover, difficulties in gaining access to tangible and intangible resources, limited access to scientific knowledge, poor management skills, and lack of know-how hamper survival rates among (high tech) new ventures [6,7,8,9,10,11]. These drawbacks that are common to entrepreneurs and new ventures in most developed countries are exacerbated in developing countries due to additional impeding factors, such as lack of human capital, high macroeconomic volatility, and poor functioning formal institutions. Compensation for these disadvantages could level the playing field and enhance the commercial effectiveness of small enterprises. Many of them could also benefit from closer contact with relevant university departments and research institutions. Support programmes range from technical assistance to tax incentives, from direct supply of capital to regulatory provisions, training support to innovation and other types of incentives are important contribution to the survival of small firms in this keenly competitive and knowledge-based economy. Two of the mechanisms employed to nurture and provides these services to small firms for more than two decades are ‘business incubation’ and/or ‘technology parks’. Incubators provide an attractive framework to practitioners in dealing with the difficulties in the process of entrepreneurship summarized above. They can be considered as a remedy for the disadvantages that small and new firms encounter by providing numerous business support services and they are useful in fostering technological innovation and industrial renewal (6,7,12,13). They can be viewed as a mechanism (i) to support regional development through job creation[14,15,16,17], (ii) for new high tech venture creation, technological entrepreneurship, commercialization, and transfer of technology[15,18,19,20], (iii) an initiative to deal with market failures relating to knowledge and other inputs of innovative process[21]. Studies have shown that one third of new firms do not survive the third year and about 60 per cent do not survive the seventh year[22]. This number considerably falls to 15–20 per cent among incubator tenants[23,24,25,26]. For these reasons many countries have increasingly been engaged in establishing incubators.In general terms, tenant firms of technology incubators are start-ups or spin-off firms, which are established specifically to exploit technologies that are develop in the nearby tertiary institutions/research institutes or private laboratories. The proximity of the incubators to the knowledge sources enables the firms to have adequate interactions required to sustain the exploitation of the emerging technologies.1.1. What then is Technology Business Incubations (TBIs)?
Value of local and state government non-residential construction 2000-2019 Value of local and state government commercial construction 2008-2019 U.S. Private construction: value of new. Packaging fresh fruits and vegetables is one of the more important steps in the long and complicated journey from grower to consumer. Bags, crates, hampers, baskets, cartons, bulk bins, and palletized containers are convenient containers for handling, transporting, and marketing fresh produce. The Emergency Management Guide for Business & Industry was produced by the Federal Emergency Management Agency (FEMA) and supported by a number of private companies and associations representing business and industry. The approaches described in this guide are recommendations, not regulations. There are no reporting requirements, nor will. The Importance of Sustainable Business Practices in the Viennese Accommodation Industry Submitted by Marita Raderbauer to the University of Exeter as a thesis for the degree of Master of Sciences September 2011 This dissertation is an original piece of work, I acknowledge that I have read and understood the university rules concerning plagiarism. May 28, 2017 Problems with clarity in a situation. It is extremely. Important that managers clearly state goals and objectives up. Encompasses anything from monetary resources to equipment. It is the responsibility of management to aide the. If required resources. This refers to the motivation of the employee to. Managers must remember that.There are several definitions and approaches to business and technology incubation. Conceptually ‘incubation’ is a more diligent and planned process than clustering or `co-location’ and therefore needs careful attention to the problems of prospective occupants, extending well beyond providing infrastructure and office services (27,41). According to the National Business Incubators Association (NBIA), “Business Incubation catalyses the process of starting and growing companies, providing entrepreneurs with the expertise, networks and tools they need to make their ventures successful. Incubation programmes diversify economies, commercialise technologies, create jobs and create wealth”. The technology incubators generally focus on nurturing technology intensive enterprises and knowledge-based ventures. The technology incubation system (TIs) is variously represented by entities such as Technopolis, Science Parks, Research Parks, Technology Parks, Technology and/or Business Incubators. These entities operate as separate organisations but are mostly integrated with other players in the innovation system. The terms Science Parks, Research Parks and Technology Parks as well as Technology Incubators (TIs), Technology Innovation Centres (TICs) and Technology Business Incubators (TBIs) are used interchangeably in many countries depending on the level and type of interaction between R&D community, venture funding and industry. In this paper the term business incubator will be taken to mean a controlled environment-physical or virtual- that cares, and helps new ventures at an early stage until they are able to be self-sustained through traditional means while TI will apply generically to all the organizational forms for promoting technology-oriented SMEs respectively. The attributes of various constituents of TIs are indicated (see Table 1 of the appendix).The organizational format of TIs also varies and could generally be categorized as public or not-for-profit incubators, private incubators, academic-related incubators and public/private incubators which are referred to as hybrid in most literatures (see table II).Also, TIs may thus have a wide range of goals and objectives giving rise to different forms of incubators specializing in accessing diverse resources as depicted in Figure 1(see Appendix).1.2. Incubation ProcessThe incubation process involves a number of stakeholders and operates in terms of a simple input-output model. The “inputs’’ mainly consist of the inputs made by stakeholders (e.g. provision of finance), management resources, and projects put forward by entrepreneurs; the middle process is known as the “Reactors’’ where various inputs are brought together in the business incubation process through the provision of incubator space and other services to companies while the “outputs’’ is the last process where successful companies graduate with positive job and wealth creation impacts on local economies (see figure II of the appendix). Incubation process, if properly followed, could lead to many benefits. In theory, TIs stimulate the innovation process by linking technology development to market demands, while providing capital for innovation, particularly in start-up enterprises that are deemed too risky for many investors[28,7]. They foster effective interactions among the elements of the National System of Innovation (NSI) and facilitate the commercialisation of research results as well as the acquisition and use of state-of-the-art technologies. Not only this, TIs promote the exploitation of domestic resources which equally lead to the improvement of international competitiveness of national industry. In summary, the benefits of TIs to respective stakeholders are synoptically presented figure III of the appendix.2. Best Practices around the World 2.1. The United StatesIn the year 2000, according to NBIA there were about 900 incubators of all types and models in the United States (Peters et al, 2004) (and as at 2009, it has increased to about 7,500 with almost half in Asian countries[29]). American incubators have had a lot of impacts on their economy over the past fifty (50) years. As per the NBIA estimates, since 1980 the North American incubators have generated 500,000 jobs and every 50 jobs created by an incubator has generated another 25 jobs in the community. Incubator graduates create jobs, revitalise neighbourhoods and commercialise new technologies, which strengthen local, regional and even national economies. The survival rates of the U.S. incubators graduates are in the average of 87% and it have also brought down the start-up cost by nearly 40-50 per cent. Similarly, OECD countries have also reported high survival rate ranging from 80-85 per cent as against 30-35% survival rates of non-incubators start-up firms[30]. Specifically the ‘Silicon Valley-Innovation machine’ has generated 7,000 electronics & software companies; 300,000 top scientists (1/3 born abroad) and many new firms and new millionaires are made almost every month. What makes Silicon Valley work is that there is critical mass of scientists, Technical infrastructure, venture Capital, Risk-taking culture, competition, ethnically diverse and world-class research universities[25]. These resources are very critical for the survival of incubator and the incubatees.2.2. ChinaAccording to Korean Business Incubation Association (KOBIA) there are over 1,500 incubators in some of the countries of the Asia Pacific region as at 2003 (Table 3). Japan has established nearly 200 incubators, the Republic of Korea has around 330 incubators and China is leading in the region with a figure of 460 while the number has increased to over 1,050 in 2009. India has also established more than 30 S&T entrepreneurs’ parks (STEPs) and TBIs apart from 35 software parks. Hong Kong, China, Singapore, Taiwan Province of China and Malaysia have also invested in technology incubators and parks with the major focus on ICT and biotechnology. In addition, countries such as Philippines, Indonesia and Thailand have also established few technology incubators and other developing countries in the Asia Pacific region have also shown keen interest in the TI programmes. Nearly 80% of the incubators in the region are TIs (see Table 3 in the appendix).The incubators in most of the developing countries are in the early stage of development and the majority of them are supported by the Federal and/or local governments. Some support has also been extended by multilateral and bilateral donor organisations. In some countries such as China, Malaysia, Republic of Korea and Singapore a few high-tech companies have now started investing in incubator programs to foster their R&D activities[31]. The details of incubator graduates (firms) in selected Asian countries are shown in Table 4 (appendix).China has been one of the early protagonists of TBIs. The technology incubation policies and programmes in China basically evolved from the `Torch’ programme initiated in 1988 by the State Council and is implemented by the Ministry of Science and Technology (MOST). The Torch programme is truly all-embracing. The core mission of the Torch Program is to give scope to the advantages and potentials of China’s scientific and technological forces and accelerate commercialization of high and new technology achievements, industrialization of high and new technology products and internationalization of the high and new technology industry with market as the orientation[32]. The focus of the Torch Program is to create an environment favourable for the development of high and new technology industry, which include such initiatives as formulation of related policies, laws and regulations, establishment of a suitable management and operation system for high-tech industry, exploration of new financing channels including venture capital investment mechanism, developing domestic and foreign information sources, building information networks and formulate long and mid-term development plans as well as implementation plans consistent with objective reality.The programme administration, in consultation with the MOST and other ministries formulate the policies, laws and regulations for the development of high-tech industries, establishes operational mechanisms for the development of high-tech industries, promotes financing sources and venture capital mechanisms, creates information and business networks and also prepares the medium and long term implementation plans. The national government is also supporting high-tech enterprises involved in the implementation of Torch Programme through preferential policies[33]. The Torch programme also implements specific projects for the development and commercialization of new technologies in specialized fields. Most of the high-tech incubators have been established by the administrations for Science and Technology Industrial Parks (STIPs) coordinated and administered by the Torch programme office. Priority areas include new materials, environmental technologies, biotechnology, and aerospace and information technology. Tenant companies are mostly spin offs from universities, R&D institutions, state owned enterprises but ownership typically remains with the parent institution. The Chinese SME Promotion Law has also been a positive development that has enabled the growth of SMEs in China.There are now other incubator types and forms being set up in China with the support from various sources such as government, universities, self-financing and also through public-private partnership. China has been proactive in formulating specific fiscal policies and incentives to encourage both the incubators and their tenants such as providing tax exemption, reduction of income tax, low rentals to attract talented entrepreneurs and start-up companies and also to facilitate international cooperation and financing mechanisms. Besides the national, local governments have also formulated policies and enacted laws for encouraging technological innovation, commercialization of R&D results and promotion of technology intensive SMEs which tacitly support the development of technology business incubation in China[34]. As a result, China is only next to USA in the number of operational TIs. This is the result of strong government back-up, proactive policies, programmes and extensive networking. In China the emphasis is increasingly on the development of technology based SMEs through TIs. At present China’s technology incubators are in a transitional phase from government-owned, non-profit institutions to mixed non-profit and profit ownership. In China, the first TBI formed in 1987 was modelled after best practices used in developed countries and adapted to specifically suit China’s unique business conditions. The objectives are to:i. offer hi-tech start-ups with optimal incubation servicesii. offer an environment for market exploitation and international cooperationiii. training founders of companies to become mature entrepreneursiv. form part of major measures to help develop China’s hi-tech industryChina’s TBIs strengths are as a result of: • Strong government investment (over $2billion) has enabled rapid expansion to 1,600 incubators • Introduction of International Business Incubators (1997) in China, and abroad in UK, USA, Russia, Singapore• Promoting cultural changes from ‘socialist’ to ‘market’• Now becoming vast Real Estate & virtual opportunities• The national development strategy- ‘Torch programme initiative’• Critical mass of scientist and technical infrastructure.The result of the effort of government of People’s Republic of China to develop a virile incubator through the Torch programme generated the result in table 5 of the appendix;In 2008, China earmarked US$3 billion for in
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