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Business incubation is a business support process that helps speed up the successful development of newly formed and emergent companies by providing entrepreneurs with a selection of pro-active concentrated guidance, value-added support, and access to critical tools, information, coaching/training, networking opportunities, resources and services. These services are especially developed and coordinated by the incubator management and offered both in the business incubator and through its network of contacts. A business incubator’s main goal is to produce successful firms that will leave the program financially viable and freestanding. The graduates of these incubators have the potential to create jobs, revitalize neighborhoods, commercialize new technologies, and strengthen local and national economies.

Crucial to the definition of an incubator is the provision of management guidance, technical assistance and consulting tailored to the needs of the young growing companies. Incubators usually also provide clients access to appropriate rental space and flexible leases, shared basic business services and equipment, technology support services and assistance in obtaining the financing necessary for company growth. All this assistance would be provided by Cubator 1ne at COMSATS Institute of Information Technology, Islamabad. Ideally, a company would be ready for graduation for the program in approximately 2 years.

The earliest incubation programs focused on technology companies or on a combination of light industrial, technology and service firms – nowadays referred to as mixed-use incubators. Recently, however, new incubators have been targeting a much more diverse array of industries such as food processing, medical technologies, space and ceramics technologies, arts and crafts, and software development. Incubator sponsors have also targeted programs to support micro enterprise creation, the needs of women and minorities, environmental endeavors and telecommunications.

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Cubator1, Park Road, Chak Shahzad, Pakistan
Tel: +92-51-8738197, Email: abdulmajid@comsats.edu.pk

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