A Collaborative Framework between Industry and Academia to Stimulate Entrepreneurship through Business Incubation

According to the International Labour Organisation (ILO’s) report, World Employment and Social Outlook Trends 2015, more than 212 million people will be out of work by 2019, up from 201 million in 2015. Young people, especially young women, continue to be disproportionately affected by unemployment across all regions of the world. In fact, the youth unemployment rate is practically three times higher than for their adult counterparts. It is therefore not surprising that entrepreneurship development has become a solution to address the scourge of rising youth unemployment. However, key factors undermining the growth of entrepreneurship in Africa have been the risks and costs associated with establishing and sustaining business ventures (UNDP, 2014). Young people (15-24 years), in particular, lack access to capital and credit markets, while the majority of the technically gifted individuals are not equipped with entrepreneurship skills that are vital to establish and run viable businesses. The OECD (2000) argues that Science, Technology and Innovation (STI) have become important ingredients to improve the economic performance and social well-being of nations. Knowledge-driven industries now account for a major share of global economic growth. Evidence exists that many developing countries have, in recent decades, become global economic giants by adopting innovations in the agriculture, Abstract Entrepreneurship development has increasingly become a global solution to address the problem of rising unemployment. Science, Technology and Innovation (STI) have become important tools in improving the economic performance and social well-being of nations. When universities and industry work together to push the boundaries of knowledge, they become a powerful engine for innovation and economic growth. This paper is based on focus group interviews and discussions conducted with key players involved in the HIT-Sandown-UNDP Business Incubation Programme in Harare Zimbabwe. The business incubation project sought to support young Zimbabweans to transform their technical prototypes into commercially and socially viable ventures. As a result, a total of 10 prototypes were refined and investor ready business plans were developed for capital sourcing purposes. It was only through the coming together of the partners that real transformation of the lives of the participants was achieved through learning valuable business skills, coaching and mentoring. University-industry partnerships are a useful vehicle of setting up sustainable business incubation centres.