Business Incubation


Business Incubator ZNTC provides comprehensive support to entrepreneurs seeking to commercialize the results of its developments in nanotechnology and other tech industries by creating their own companies.

During the business-incubation period ZNTC specialists help to formulate a project to prepare a business and marketing plans, prepare applications for grants.

At the initial stage entrepreneurs provide jobs, equipped with furniture, technological equipment, Internet access, and office equipment.

Basic components of the business-incubator


Value to entrepreneurs

Infrastructure (office space, meeting room, lab facilities, phone , Internet)

Economies of scale decrease the cost of starting a business + benefits from a professional look and brand.

Business services (help with registration, licenses, accounting, strategy advice, market research, partner search, internationalization)

Help with non-core business activities saves time and money.

Financing (equity investment, credit and guarantees)

Leveraging the credibility of the incubator and the portfolio of entrepreneurs to overcome financing gaps.

People connectivity (coaching and interaction with fellow entrepreneurs (a micro cluster), market linkages.

Learning, exchange of ideas, psychological support, partnerships, business relationships.

As far as businesses in their early development phases are concerned, very common challenges efficiently tackled by business incubation are:

1. Lack of business knowledge and experience. The incubator informs and guides the start-up entrepreneurs through the process and steps of setting-up a business by providing them with information, examples, tools, and relevant contacts to successfully carry out these required activities. Examples of support could include the registration of the business or help in finding an appropriate business partner.

2. Unrealistic expectations regarding the time required to start, secure and grow a business.

Besides the advice provided by the incubator staff, the incubator offers networking opportunities between entrepreneurs (within the incubator and externally) who, even though they may operate in different sectors, go through the same doubts and difficulties. Sharing experiences about these challenges can help with overcoming the problem of unrealistic expectations, for example regarding the time needed to reach breakeven, for generating the first income from sales, and for acquiring additional finance.

3. Lack of management awareness and experience. Management needs to evolve as a business develops (there are differences in managing a business as a single entrepreneur /a small start-up team /or a small, growing business with numerous employees). The incubator provides information and support at different stages of the incubatee’s development, for example in attracting, recruiting and retaining the required staff for the success of the business.

4. Lack of social capital (contacts and networks). Incubators offer access to relevant contacts and networks, which are important to ensure the businessesí growth and success.

Key Principles of Business Incubation:

1. Realize the incubator itself is a dynamic model of a sustainable and efficient business operation, and must be managed as a business-like organization.

2. Focus the energy and resources of the incubator on assisting companies throughout their growth process, thereby maximizing the companiesí chances of success and their positive impact on the communityís economy.

3. Develop a sophisticated range of services and programs directed at companies according to their needs and stage of development.

4. Develop a network that the incubator can rely on.

*Basic components of business incubation, challenges of entrepreneurs and key principles of business-incubation were taken from InfoDev materials and are in accordance with classical understanding of international business-incubation.