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INTERNATIONAL JOURNAL OF SCIENTIFIC DEVELOPMENT AND RESEARCH International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2455-2631 | Impact factor: 8.15 | ESTD Year: 2016 open access , Peer-reviewed, and Refereed Journals, Impact factor 8.15 |
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| Paper Title: | A Framework for Structured Incubators and Economic Emancipation |
| Authors Name: | Wynand Goosen |
| Unique Id: | IJSDR2306018 |
| Published In: | Volume 8 Issue 6, June-2023 |
| Abstract: | This study aims to investigate the possibility of creating structured, entrepreneurial incubators to address macroeconomic problems. Various countries face Macro Economic problems such as Energy, Pollution, Water Shortage, and Unemployment. Formal SMEs contribute up to 40% of GDP in emerging markets and provide 70% of employment. The possibility of incubating SMEs to address Macro Economic Problems should be investigated to stimulate the Economic Emancipation of the youth. The principle of a "Structured Incubator" is born from the problem that the formal economy can no longer supply the required growth in "jobs" that our society needs. Instead, economies must create "Marginal" capacity and new industries to facilitate the "Economic Emancipation" of its people. Business incubation is one of the most viable tools for increasing the number of small businesses. South Africa needs a new Framework to develop the Structured Incubators' role in creating small businesses. Such Structured Incubators would need to capacitate themselves to take entrepreneurship to scale. New SMEs can be developed in Construction, Catering, Water Saving, E-Waste, Hairdressing, Plastic Recycling, Retail, Trade, Solar, and many other industries if individuals can be capacitated in cohorts to become SMEs/. Methodology - The need for structured incubators is supported by a literature review, a survey of youth needing economic emancipation, an Industry Analysis and the researcher's experience in training young entrepreneurs. The Grounded Theory approach is used to identify concepts and categories that inform the themes in support of structured incubators. Findings- Given the above, we must equip people with skills to become less dependent on the State. Macroeconomic problems should be viewed as the source from where SME opportunities emerge. A Framework for capacitating Structured Incubators that can develop large numbers of young people in cohorts must be developed. Such incubators must be capacitated, as current incubators are not developing entrepreneurs at scale. Individuals in need of economic emancipation could be trained to operate as SMEs and provide more employment. Recommendations - The study suggests that structured incubators could solve macroeconomic problems, like poverty, unemployment, and the need for economic growth. A new structured incubator Framework should aim to identify and develop young people into successful small enterprises (SMEs) over three to four years through training and support from a team of business advisors. This approach could create new industries and jobs, reduce poverty, and promote economic stability. The study highlights the importance of job creation and the need for people to be equipped with the skills required to become self-sufficient and less dependent on the State. However, structured incubators would have to be capacitated themselves in order to train potential young people as SMEs. Keywords: Macro Economic Problems; Structured Incubation; Scaling; Unemployment; Entrepreneurship; Economic Emancipation. SMEs. |
| Keywords: | Keywords: Macro Economic Problems; Structured Incubation; Scaling; Unemployment; Entrepreneurship; Economic Emancipation. SMEs. |
| Cite Article: | "A Framework for Structured Incubators and Economic Emancipation", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.8, Issue 6, page no.104 - 117, June-2023, Available :http://www.ijsdr.org/papers/IJSDR2306018.pdf |
| Downloads: | 000337351 |
| Publication Details: | Published Paper ID: IJSDR2306018 Registration ID:206991 Published In: Volume 8 Issue 6, June-2023 DOI (Digital Object Identifier): Page No: 104 - 117 Publisher: IJSDR | www.ijsdr.org ISSN Number: 2455-2631 |
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