Business Incubators: Exploring the Graduated Incubates Entrepreneurs’ Experiences in the Context of Pakistan

Abstract

Business Incubation centers (BIs) have emerged a popular tool for promoting
entrepreneurship and economic development worldwide. The study adds to literature by exploring
the dynamics and significance of incubation to help new entrepreneurs establish businesses.
Specifically, this research delves into the experiences of graduated entrepreneurs from the National
Incubation Center (NIC), an esteemed public Business Incubation (BI) center in Lahore, Pakistan.
It is a crucial hub for innovation and entrepreneurial growth in the region. NIC provides a vital
ecosystem where aspiring entrepreneurs and startups move to receive extended support,
mentorship, and resources. The study aims to analyze the facilities offered by NIC and their result
on the personal and practical lives of the graduated incubates. The research intends to determine
the motivating factors for entrepreneurs to join Business Incubation Center, which comprise
networking, mentorship, investment, learning, and personal development. This study employed a
qualitative research design, and data collected through semi-structured interviews with 30
incubated entrepreneurs and analyzed thematically using the approach proposed by Braun and
Clark (2006) and assisted by NVivo (version 12 plus).The study uncovers several challenges faced
by graduated incubates, including a lack of anticipated networking and mentorship, inadequate financial
support, insufficient technical assistance, a scarcity of sponsorship initiatives for entrepreneurs, a shortage
of legal assistance, and the impact of the pandemic on the incubation process. The study's findings
may help policymakers to recognize the most effective institutions and initiatives for supporting
entrepreneurial growth and expansion, both domestically and internationally. Furthermore,
regulatory support for entrepreneurs can reinforce existing institutional frameworks.