Business incubators play a vital role in nurturing and fostering the growth of new startups. Numerous international organizations have recognized the importance of these incubation programs, such as the United Kingdom Business Incubation (UKBI), The European Business and Innovation Network, United States National Business Incubator Association (NBIA), and others. These organizations have focused on implementing incubation and innovation programs to stimulate economic and social development.
One of the key areas where business incubators have made a significant impact is in technology business incubation (TBI). This approach has been widely adopted by developed and emerging economies as well as developing countries due to its remarkable success rate in creating new technology-based firms. The benefits of TBI extend beyond new venture creation, encompassing technology and knowledge transfer, employment generation, and wealth creation.

Industrialization is a fundamental component of economic success, and business incubators contribute significantly to this process. By providing a nurturing environment for new business startups, incubators serve as crucial players in the entrepreneurial ecosystem, facilitating the connection of talent, technology, capital, and know-how. Business incubators offer resources like counseling and office space while also fostering internal networking and knowledge exchange among entrepreneurial start-up firms.