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BUSINESS INCUBATORS HAVE THE POTENTIAL TO ENHANCE BANK/BUSINESS SECTOR RELATIONSHIPS

As countries confront the challenges of increasing productivity, economic growth, employment, innovation etc there is a constant search for effective tools and mechanisms to facilitate achievement of these objectives. One possible tool/mechanism increasingly being discussed is business incubation.

The formal concept of business incubation is said to have began in the United States of America in 1959 as a one-stop-shop for Entrepreneurial support. The concept then spread to the United Kingdom and Europe in the 1980’s. In the Caribbean there have been notable efforts by eg The World Bank Group with a number of Caribbean countries who in 2009 initiates a Caribbean Business Incubator Association (which did not last), and the Technology Innovation Centre/The University of Technology in Jamaica.

Business incubators can enable businesses to share services, reduce costs and risks and increase opportunities for business success especially when resources are limited. The International Journal of Economics, Commerce and Management, September 2016 says: The experience to date confirms that there is no unique business incubator model. Rather, there is considerable diversity in the types of incubators, their modes of operation and the objectives they pursue – most incubators tend to be either physical incubators providing work space for clients, virtual incubators which utilize computer technology to deliver services or a hybrid approach incorporating elements of the two main types. A number of theories have been put forward to explain the incubator system including: The Structural Support Theory, The Cluster Theory, The Social Network Theory and The Resource-based theory.

There is little doubt that Tourism and New Technology are playing important roles in global economic development and will continue to do so in the future, and that business incubators' contribution in that process is likely to grow. However, to do so, the tourism industry (e.g hotel and travel products) and systems of data analysis and forecasting, and business incubation systems have to improve their efficiencies and effectiveness of operation which means, raising productivity levels. Incubator organisations ought to strive to be sound organisations enabling themselves and their client businesses to develop national, regional and international linkages (including with financial institutions) with the help of which, development constraints may be overcome.

SUMMARY

PANDEMIC declared over as a global health emergency as many areas of social and economic life return to normal or near-normal and confidence is returning. Yet, the risk of new variants and future surges emerging remain a possibility because the pandemic is said to be in a transition state. 

Weak growth, inflation and the cost-of-living crisis continue to make unemployment a huge challenge which is evident in parts of the Eurozone, Africa, Latin America and the Caribbean etc as rising fuel prices, transportation, food and other supply chain costs cause rising inflation. 

The Organisation for Economic Co-operation and Development (OECD) reported that growth in 2022 was slowing. Growth is also projected to remain below trend in 2023 and 2024. 

Innovative measures are needed to address the problems of weak growth, low productivity, unemployment and lack of inclusiveness. 

Ghana, which has been exemplary in many areas of economic management was in July 2022 the focus of a World Bank youth employment challenge report. The report encourages, among other things: intervening in the labour market to limit mismatches of skills, ensure productive job matches, comprehensive support to self-employed youth etc. 

The social and economic challenges which the world faces are many, varied and complex - low productivity, economic growth, unemployment, skills shortages yet, new technology is constantly advancing. Our experience in enterprise and economic development and our strategic/comprehensive approach make us well suited to assist individuals and organisations navigate the challenges which they face.

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Discovering Growth: Journey into Skills and Inclusion

We encourage research and discussion on social and economic matters which promote training & skill, enterprise development and support mechanisms to foster job-creation, growth social and economic inclusion for the benefit of all in society and for young people in particular.

Through this medium we hope to help promote global charitable endeavours.

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