Creating a new productservice in the market or

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creating a new product/service in the market or enhancing a already existing product/service in the market (Drucker 2005). Mehemba 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 &
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Shrivastava 2013). Therefore, a positive entrepreneurial spirit is extremely important for Subotica in improving its high unemployment rate and economic development. These challenges were recognised by the Strategy of Economic Development of Municipality of Subotica and in 2006, the Economic Development Program was adopted to: - Encourage successful SME establishment - Help unemployment rates by creating new jobs - Support start up businesses going through their most vulnerable phase, and - Contribute to the process of the municipality’s and its citizen’s long term and sustainable economic growth and progress. (textbook) Stakeholders The support of stakeholders combined with a quality management team are key factors in the establishment and operation of a successful business incubator. Some major stakeholders within the Business Incubator Subotica include: - Tenants (residents of the incubator) - Government agencies - R&D organisations and universities
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