A Preliminary Qualitative Assessment of the University of the Philippines Visayas’s Technology Business Incubation Project in Western Visayas, Philippines
Abstract
The primary role of business incubators is to provide a variety of services, resources, and facilities in support of start-ups or enterprises in the early stages of their ventures. While business incubator success indicators have been studied elsewhere, knowledge is scarce regarding incubator processes and how their support programs are organized to achieve their goal of helping out start-ups thrive and survive. This study presents an assessment of the University of the Philippines Visayas’s traditional business incubation facility based in Western Visayas, Philippines, highlighting the activities involved, outputs, and outcomes. Primary data were gathered to describe the project’s activities, outputs, and outcomes, while secondary data were sought from secondary data sources. The key success factors of the incubation project were derived from key informant interviews participated by 16 incubated enterprises. Incubatees underwent six activities throughout the project that led to the formulation of a business plan and improved incubatees’ enterprises. The project’s outcomes gauged through hard (definable and quantifiable results) and soft measures (subjective and unquantifiable results) were highlighted. The most prominent outcome based on hard measures is the growth of their enterprise. The effectiveness of the partnership has the highest impact among the soft measures. Results of the study show that incubatees deemed connections and/or partnerships as crucial to the growth of their enterprises and affiliations with other institutions serve as a window of opportunity to secure financial assistance, marketing services, and technical support. Moreover, gaining trust and establishing good working teams with individuals who are passionate and highly committed were also identified as important factors for the project’s success.
Keywords: business incubation · entrepreneurship · partnership
Copyright (c) 2023 Frediezel G. De Leon, John Lorenz R. Belanio, Fredelino A. Galleto Jr., Thereze Pauline V. Capaque
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