A Collaborative Framework between Industry and Academia to Stimulate Entrepreneurship through Business Incubation

Abstract

Entrepreneurship development has increasingly become a global solution to address the problem of rising unemployment. Science, Technology and Innovation (STI) have become important tools in improving the economic performance and social well-being of nations. When universities and industry work together to push the boundaries of knowledge, they become a powerful engine for innovation and economic growth. This paper is based on focus group interviews and discussions conducted with key players involved in the HIT-Sandown-UNDP Business Incubation Programme in Harare Zimbabwe. The business incubation project sought to support young Zimbabweans to transform their technical prototypes into commercially and socially viable ventures. As a result, a total of 10 prototypes were refined and investor ready business plans were developed for capital sourcing purposes. It was only through the coming together of the partners that real transformation of the lives of the participants was achieved through learning valuable business skills, coaching and mentoring. University-industry partnerships are a useful vehicle of setting up sustainable business incubation centres.