This chapter examines the role of technology business incubators (TBIs) in improving the effectiveness, viability, and overall development of startups. The chapter attempts to establish a connection between the support offered by these TBIs and its effects on the overall operational effectiveness of these startups by referring to various available relevant literature. Further, the chapter investigates the assistance offered by these TBIs as well as the challenges encountered throughout the process from the ideation and commercialization of funded ideas. Through the empirical analysis of Gujarat's entrepreneurial ecosystem, a comprehensive framework is given that can be used to improve the existing support system.
TopDefining Entrepreneurial Environment And Entrepreneurship Ecosystem
The entrepreneurial environment, as defined by Spigel, (2017), consists of eleven traits that give entrepreneurs security, encouragement, and access to resources. Aspects include supporting culture, entrepreneurial history, investor talent, networks, advisers, and successful businesses, as well as academics, virtual infrastructure, and market support (Spigel, 2017; Spigel & Harrison, 2018). Researchers have put forth various frameworks for explaining the role of the entrepreneurial journey which should be a combination of different elements including affirmative culture, streamlined policies and leadership, access to exclusive funding, fair utilization of labor, user-friendly product markets, and a variety of institutional and infrastructure support (Isenberg, 2014). Further, the interaction of stakeholders in the physical environment as well as access to a variety of intangible resources, such as skill set, services, and capital, interconnected in cutting-edge settings further contribute to the ecosystem (Feld, 2012).
In one of its investigations, Oxford Global Innovation Consultancy recommends a simple method for identifying ecosystem gaps. The business ecosystem consists mostly of academic and research institutions, government agencies, business and industrial groups, and other non-profit organizations. A framework for ecosystem support based on the Babson Entrepreneurship Ecosystem Project seeks to develop world-class entrepreneurs (Isenberg, 2010) Babson Business Entrepreneurship focuses on six key areas that are essential for creating a strong business case at the national level, including a corporate governance culture characterized by social trends and success stories, a financial infrastructure that is accessible to entrepreneurs, and a high level of staff due to the quality of the educational systems used and the character of the staff. Each modern business environment is as distinct as the environment we are in because hundreds of ecosystems interact in complicated and polarising ways (Isenberg, 2011).