Role and relevance of Business Incubators in ICT led global educational system: case for Eco-Enterprise Village

Following paper presents the case of Business Incubators (BIs) as future educational and learning centres. It explores the question of how feasible and relevant is this concept andt how they can be designed to deliver educational & training programmes that meet the requirement of knowledge economy by suitably preparing youth to face the challenges of the global market. Business Incubators are businesses aiming at nurturing and establishing other businesses. They are considered to be an excellent tool for Small and Micro Enterprises (SMEs) development. Targeted assistance at small entrepreneurs & start-up businesses- help them grow and graduate to mature enterprises. According to ILO estimates 300 million jobs have to be created world over in the next 5 years. As many as 45 million young people enter the job market annually, at a global level. There are three different kinds of BIs and they are public, private, and university based BIs and are commonly classified by ownership. In the IT-led global knowledge village, there are seamless potentials for study, earning a degree and education outside of the college campuses. Virtual campuses are the reality today. What are needed then would be centres for imparting practical lessons on commercialising the knowledge, innovative ideas, and technical skills. Also it is important to impart real training in starting, managing, making profit and pursuing the growth of enterprises & ventures that a youth entrepreneur could launch. In the knowledge economy, BIs can be real learning centres. Also, technological and academic oriented knowledge & literacy is not the only skill required for attaining success, set-up a business or getting a well-paying job in the new knowledge based global economy. But what is required are a set of skills called 21st century skills, which can be well delivered through BIs, when they are turned as educational centres. The paper also presents a BI model, which has an objective of building businesses with a strategic orientation towards environment and sustainable development. The BI design presented is called as Eco-Enterprise Village.