Case Study Analysis Report.docx

Innovation can be defined as a function of

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innovation. Innovation can be defined as a function of entrepreneurship, a means of creating a new product/service in the market or enhancing a already existing product/service in the market (Drucker 2002). Mahemba and DeBruijn (2003) argues that “innovation can be a key factor in stimulating small firm development”, therefore, the low level of innovation in Subotica will present challenges for businesses to be competitive in the market. Another problem that affects the competitiveness of businesses in Subotica is the lack of entrepreneurial spirit. Entrepreneurship is essential for economic growth as it creates new businesses, which in turn, creates new jobs for people as well as aiding in strengthening competitiveness (Shrivastava 2013). Therefore, a positive entrepreneurial spirit is extremely important for Subotica in improving its high unemployment rate and economic development. Stakeholders The supports of stakeholders combined with a quality management team are key factors in the establishment and operation of a successful business incubator. Major stakeholders within the Business Incubator Subotica include tenants (residents of the incubator), government agencies, R&D organisations and universities, the business community, the local community and interest groups, the EU and/or international community. Stakeholder problems and concerns - Lazaro Differences in stakeholder objectives for incubators, admission and exit criteria, the knowledge intensity of projects, and the précis configuration of services distinguish one business incubator from another, hence, no two incubators are exactly the same (Bollingtoft & Ulhoi 2005). Problems may arise from differences in goals and objectives of stakeholders within the same incubator. A study has shown that challenges arise from differences of goals and objectives where stakeholders such as board members and managers are satisfied with the business’s direction and believe they are achieving their goals, whereas tenants indicate that their goals are not being met (Trewartha 2012). Another concern that affects all stakeholders is the economy. The Internet Bubble occured in 1999- 2000 where a market downturn caused over 300 new economy incubators to collapse. A lack of Business Incubators Subotica
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funding for these incubators forced them to close or scale down operations, or switch to revenue- generating services such as consulting (CSES 2002). Conclusion The two main problems faced by Subotica are the high unemployment rates and low levels of economic sustainability. Through a critical analysis of these issues, it is found that the Business Incubator Subotica is extremely effective in helping reduce unemployment rates and boosting economic sustainability References Bawuah, K. (2006). REFLECTIONS ON ENTREPRENEURSHIP EDUCATION IN AFRICAN TERTIARY INSTITUTIONS . [ebook] Bergek, A and Norrman, C 2008, 'Incubator best practice: A framework', Technovation, vol. 28, pp.
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