Business incubators mean resource centers that provide comprehensive technical, organizational, administrative, and logistics services to ensure efficient operations of business start-ups, including those of young entrepreneurs.
First business incubators in history emerged in the USA in the 1950s. Currently, business incubators successfully operate all around the world.
Business incubators offer variety of services to business start-ups, and each incubator’s services differ. Primary business incubator services are mainly provision of necessary office equipment, maintenance of accounting and filing, advice on business development strategy, exploration of investment opportunities, various training workshops and seminars on successful business operations, etc.
In accordance with the instructions of the President of the Republic of Azerbaijan on support to young entrepreneurs’ initiatives, provision of opportunities for new businesses establishment and job creation, strengthening government support to young entrepreneurs, enhancing business activities among young entrepreneurs in the regions, since 2013 the Ministry of Economy has proceeded with the establishment of business incubators for young entrepreneurs.
At present, business incubators operate in Guba-Khachmaz Regional Development Center and Aran Regional Development Center located in the town of Yevlakh.
The business incubator envisages phase-by-phase supporting activities for business initiatives development and business startups:
Phase 1 - three-month training on business initiatives development (business planning, business basics, organization, and corporate governance, marketing, management, use of electronic services, etc.);
Phase 2 – provision of advisory and information services within eight months (business incubation process – accounting, employment, and ownership relations, tax calculation and online payment, marketing, and advertising, the establishment of business contacts, etc.);
Phase 3 – monitoring, outcomes analysis, and evaluation of knowledge acquired by the young entrepreneurs in the previous phases.
The following privileges are envisaged for business incubator participants:
Free training and advisory services;
Minimal rental fees. The fee includes room allocation, furniture set, computer, printer, fax, phone, Internet connection, electricity supply, HVAC system.
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