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Business Incubation: Sustainable Wealth Creation

In a globalized economy, the only way for a country to increase (or maintain) the standard of living of its population is to grow the private sector; all wealth creation starts here. Businesses employ people, who pay taxes, that fund social programmes.

And innovation and entrepreneurship are two of the most important factors that help stimulate economic development.

Governments in themselves are not wealth creators. But, they are vital catalysts of wealth creation by creating the right environment for entrepreneurs to thrive, and by investing in effective schemes such as business incubation. And when successful, incubators become a source of positive feedback the generate the taxation for self-sufficiency.

In the model, initial government support helps establish the incubator. The incubator supports the entrepreneurs to create new businesses that employ people. The businesses pay income tax, corporation tax and VAT back to the government, who can then reinvest in new incubation activities. As Giordano Dichter said in his Last Word, the ROI time for incubation is very short, and governments everywhere should be pushing hard for incubator establishment.

A further spin-off from incubation is an increased number of people who have either started a business, or worked in a very early stage company. Such experience will encourage more people to set-up a business of their own, increasing the number of new ideas to be incubated.

These positive feedback loops enables a sustainable wealth creation process to be built which in turn enables the social programmes required by all societies to be implemented.
Published on 29-10-2012 13:16 by David Tee. 1649 page views

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