STPs as a Key to: Unlock, Innovation and Entrepreneurial Potentials for Economic Development

Entrepreneurship and Innovation are essential elements for the success of knowledge based economy\ndevelopment. In its commercialization phase, new technology based product, faces difficulties and\nuncertainties, because either the product or the market is unknown and undefined.\nSMEs have increasingly important role in the global economy and it is suggested that firm's size and its\ngrowth rate are negatively correlated, because :\n1- SMEs can significantly enhance their competitiveness and can respond faster to market change by establishing\nan adaptable manufacturing control system.\n2- SMEs have an innovation rate larger than in other sector, especially in high-technology.\nAt the same time, some problems might put the SMEs at risk of being unable to take advances of any\nbusiness opportunities, and maintaining right balance between creativity and commercialization of\ninnovation. Attempts were made to create the entrepreneurial and innovation environment through a variety\nof means, among them, Science and Technology Parks (STPs) are most important and significance.\nSTPs may be seen as a supportive area to influence the entrepreneurial environment by access to capital,\nflexible and low cost space sharing of overhead expence, and management and technical assistance. In fact\nSTPs are essential drivers for the success of business and assumed to act as a key to unlock innovation and\nentrepreneurial potential for knowledge based development.\nThis study was conducted to address how Incubator boosts economic performanc and what elements are\nneeded to support and maintain an entrepreneurial environment for SMEs.