Improving mechanisms to facilitate start-ups

Monday, 2017-02-20 04:37:22
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NDO - In recent years, the number of working areas, technology incubators and business promotion organisations have witnessed significant growth, showing the necessity of fostering and developing start-up businesses.

According to the National Agency for Technology Entrepreneurship and Commercialisation Development (NATEC) under the Ministry of Science and Technology, there are currently seven State-owned technology incubators, with three incubators belonging to universities and 11 others operated by private or foreign organisations.

State-owned technology incubators have supported start-ups in terms of public services; however, due to the small number of them along with their short operating times, most of them are yet to be highly efficient, nor have they made a great influence on start-up enterprises. Furthermore, the technology incubators have only provided support activities related to working spaces, facilities and laboratories for product research and testing.

There is still a lack of financial support as well as suitable mechanisms to connect businesses. State-owned technology incubators usually do not rely on investments and instead provide supportive services in exchange for shares of enterprises.

Many experts believe that it is necessary to provide services and facilities to support start-up businesses from idea shaping to developing them into successful businesses.

More effective established incubators should be set up to link centres, research institutes, and universities with groups and individuals in an effort to create a business start-up environment to help new entrepreneurs overcome the initial difficulties and development issues.

The Government should have incentives for advanced technology business incubation establishments and incubated businesses such as long-term stable funding or preferential loans to carry out incubation, production and product testing, as well as favourable conditions to attract international donors and non-governmental organisations. Meanwhile, advanced technology business incubation establishments should strengthen mutual linkages.