Technology Business incubator (TBI) is an entity, which helps technology-based start-up businesses with all the necessary resources/support that the start-up needs to evolve and grow into a mature business. Typically, TBIs provide budding entrepreneurs all necessary infrastructure support, technology/prototype development support, research assistance, help in getting funding, business consulting assistance, marketing assistance and do whatever is necessary to make the start-up a success.
The primary goal of a business incubator is to facilitate economic development by improving survival and growth of new entrepreneurial units. Incubators accelerate the development of young entrepreneurial units from ‘idea stage’ to independent self-sustaining successful business. The phenomenal growth of the incubators has taken place world over in last two decades. The concept has benefited many countries in utilizing technology as a means for their economic development.
In the form of a business centre, the TBI provides incubatees an initial place of operation equipped with supportive environment in which services such as assistance in technology, hands-on management, mentoring, business plan development, exposure to Venture Capital and Institutional Capital and all other operational business/finance related needs involved in starting and growing a technology company.