Technological development & globalisation: the importance of incubators and science parks for the generation of new interprises

Incubation policy and practice: building practitioner and professional capability

“…Research of technological development in the context of new enterprises suggests ventures move through five stages from “embryo” to “nurture” and “fledgling” into a “maturing” phase and then consolidating as a “business” (Bolton, 1996). A more comprehensive approach, in borrowing from the biological sciences, suggests a detailed process‐oriented model of growth (Cardozo et al , 1995), as presented in Table I.…”

A conceptual development framework for management and leadership learning in the UK incubator sector

“…One particular model (Bolton, 1996) based upon research of technological development in the context of new enterprises suggests ventures move through the following stages: Embryo : the product moves from a demonstration unit into a fully working prototype which can be shown to potential clients. Nurture : the product moves on to the point where it can be sold and the business begins to trade. Fledgling : the business develops and moves into profit, the market expands and the company offers a range of products. Maturing : the business grows to a size that is operationally viable and it achieves an established position in the market place. Business : this stage is generally a sequence of consolidation and expansion phases.More simply, in considering the early development of high‐tech small firms only, Koschatzky (1997) divides the process into three phases: Initiation : the formulation of the product idea, market research and the development of the business plan. Development : testing of prototype products, development of links with potential customers and the establishment of the management team. Market introduction and build‐up phase : securing the financial and other resources required, launching the business, and managing the production and marketing effort.Borrowing from the biological sciences, Cardozo et al . (1995) suggest a process‐oriented model of growth that proposes there are a number of elements that occur: conception and gestation : the process begins with a business concept or vision; assembling : resources are needed to turn the vision into reality; reaching, exploring and attaching : finding appropriate niches in order to attach itself – these may be defined in terms of products/services and markets and may involve iterative trial‐and‐error or experimentation; expansion : once attached, it expands (from the first sale); replications : sales made to similar customers that require no change in product or marketing; replicating with modification : departing from original customers and products or services; varietizing and proliferating : adding new customer segments, product lines, models; differentiating : specialisation with the firm rather than the marketplace; identification : reaching out to new prospective acquisition targets; annexing : some targets may be annexed to the growing firm; absorbing : some of these annexed targets may be absorbed by the growing firm.Finally, and more recently, UKBI[3] has been undertaking a project to develop standards for the benchmarking of incubators in the UK.…”

“…One particular model (Bolton, 1996) based upon research of technological development in the context of new enterprises suggests ventures move through the following stages:…”