Benchmarking of Technology Park/Incubator: the new paradigm for SMEs

The introduction of new or improved processes, products or services based on new scientific/technical knowledge and/or organizational know-how, is a powerful and fundamental determinant of firm competitiveness of enterprises in fast growing high-tech sectors1. The Incubator is often the first building block for a future technology park. Both Park and Incubator are workplaces, which share some features both typically require initial subsidy and a good business environment. But they are quite different in significant respects the park is essentially a major real estate development for existing research and technology related organizations, while the incubator is for start-up and early-stage ventures that still needs concept proof and require nurturing. Both are evolving to meet the challenges of commercializing of technology and supporting enterprise creation, within the framework of the technological revolution and the liberalizing global markets. Benchmarking is a dynamic process of identifying good outcomes in Technology Park/Incubator, which could be attributable to their successful practices, and adapting these to another groups operations. Technology Business Incubator is a mechanism to provide life-line support, training and information services, management & marketing skills, mentoring, linkages to research & development facilities including access to capital, under one stop shop thereby greatly enhancing the chances of success of the early stage technopreneur. It is a cost-effective instrument for technology transfer and the development of knowledgebased and high-tech enterprises.