The Role Of Business Incubators In The Economic Development Of Saudi Arabia

Abstract

Business incubators are perceived to be a mainstay of economic development programs. They create value by combining the entrepreneurial drive of a startup with resources generally available to new ventures. Among the primary objectives of business incubators are creating employment opportunities in the local economy and commercializing technologies. Saudi government has put high-growth, innovative businesses at the heart of its economic agenda.

The aim of this paper is to enhance understanding of how business incubators function and their impact on national development and growth of a developing nation. First, the paper reviews the literature on the relationship between business incubators and economic development; then the paper provides an analysis of the characteristics and objectives of business incubators in Saudi Arabia. The paper also examines the significant contribution of business incubators in promoting economic growth and development of Saudi Arabia. The paper points out the importance of introducing business incubator strategies and programs and the role of such important moves in ensuring sustainable value creation and building of wealth.