In addition, McAdam and McAdam ( 2008) indicated the most important element of incubators in the early stages is tangible incubator services and networking. Also, Wagner ( 2006) confirmed the positive impact of business incubators on job creation. Many scholars discussed the importance of the incubator process (Al-Mubaraki, 2008 Bearse 1998a Culp, 1996 Kuratko & LaFollette 1987 Lumpkin & Ireland, 1988 Merrifield, 1987). The remainder of the paper is as follows: “Literature review” provides a thorough review of the literature in “Research methodology,” the authors briefly discuss the research methodology used to facilitate the objectives “Results” shows the findings of an international survey conducted by the authors and “Conclusion” is the conclusion of the study. The objective of this research is to analyze and identify the challenges and opportunities of innovation and incubator programs and their potential use worldwide. The knowledge based on an economy defined by Campbell and Carayannis ( 2014) is a process of economic learning to catalyze and accelerate the sustainability of economic growth. A developed country can be defined as a highly developed economy, high industrial base with advanced technological infrastructure, and a high Human Development Index (O’Sullivan et al., 2003). Technology transfer can be defined as the development of technologies through research programs of universities including research tools and formal licensing of inventions and software (Hardy, 2010). The OECD ( 2010) defines innovation as the implementation of a new or significantly improved product, service, process, a new marketing method, or a new organizational method in business practices, workplace organization, or external relations. Hackett and Dilts ( 2004a, 2004b) define business incubation as shared services such as office-space facility that seeks to provide its incubatees with a strategic, value-adding intervention system of monitoring and business assistance.įurther, the authors defined several key words such as: innovation is the process of making change, difference, and novelty in the products, services, add value, and business practices to create economic and social benefit (EC, 2010). There are other definitions for business incubation as effective talent links, technology transfer organizations, capital movement systems, and technical know-how groups for leveraging entrepreneurial talent and accelerating the development of new companies (Kuratko & LaFollette 1987). The Business and Innovation Center is a physical place aimed at economic development through supporting start-up companies and their business development as well as existing small and medium companies (InfoDev, 2009). Several research studies on incubators have been defined. Most popular international organizations include United States (US) National Business Incubator Association (NBIA, 2007), United Kingdom UK Business Incubation (UKBI, 2007), InfoDev–an arm of the World Bank Group (InfoDev, 2009), Organisation for Economic Cooperation and Development (OECD, 1997), The European Business and Innovation Network, and European Commission (EC 2002) focused on the execution of incubation and innovation programs to strengthen the successful growth of economic and social development. The authors believe that this paper demonstrates an added value to the current literature on innovation and incubators and fills the gap in the case studies in the literature of developed and developing countries and presents a more comprehensive analysis of progress and challenges to knowledge-based economies. This paper provides value-added knowledge for both academics and practitioners who are interested in the successful adaptation of innovation and incubators. This paper provides several recommendations for the international implementation of innovation and incubators outcomes. The methodology is based on quantitative approach (survey questionnaire) and literature review. The results are part of the ongoing research project funded by a grant from the Kuwait Foundation for Advancement of Sciences (KFAS-2012-1103-01). Prior workĭiscussed innovation and incubators as a powerful tool for knowledge-based economy from different perspectives using different criteria to measure the key performance indicators of best practices for innovation in the United States (US), United Kingdom (UK), and Gulf Cooperation Council States (GCC). The purpose of this research is to analyze and identify the challenges and opportunities of innovation and incubators programs and their potential use worldwide.
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