Incubation business set to hit growth highway: ISBA

THIRUVANANTHAPURAM: Business incubation in the country is poised for a strong growth with both government and private sectors seeing good prospects in promoting ideas that have robust commercial potential.

According to the Indian STEPS (Science and Technology Entrepreneurs’ Parks) and Business Incubation Association (ISBA) the entry of private players into the business incubation fray has given extra momentum for setting up incubation centres.

"Earlier, it was only the ministry of science and technology that was funding business incubation, but now other ministries too have begun the practice and with private players also supporting commercially-viable ideas, the incubation business is set for a significant growth," ISBA chairman PKB Menon told ET.

ISBA, which is the apex professional body supporting business incubators across the country, has about 100 incubation centres, and the numbers are expected to double within the next two years, while the private incubation centres are about a dozen at present.

Mr Menon said these numbers did not match up to global levels, considering that the US had about 1,500 incubation centers, China had about 800 and even South Korea had about 400 such centers.

He said the technical competence of a country virtually hinged on its ability to bridge the time gap for an idea to be taken from the laboratory to commercial utilisation, adding that the conversion of ideas into workable products had been considerably enhanced in India with incubation centres providing management, funding and other inputs to entrepreneurs.

ISBA is holding its second annual conference here, with the focus on creating a platform for all stakeholders to find ways on how business incubation can contribute towards the equitable creation of wealth and thereby benefit all sections of the society.